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AcctTwo Blog

Talent: The Elusive Ingredient in Your Big Data Strategy

Data AnalyticsData is a priority for every organization these days. That could mean a full-blown big data initiative designed to capture all available data and analyze it as deeply as possible. Or it could mean a more modest effort simply aimed at organizing and leveraging data effectively. Either way, experience and expertise with data is invaluable.

With that in mind, recently released figures from the employment website Glassdoor make a lot of sense. Consider these eye-opening stats:

  • Data scientist has been named the best job in America based on salary and demand.
  • There are six data science and analytics jobs in the list of the 50 best jobs.
  • The median base salary for all the jobs on the list is $91,000. For the six data science jobs the average is even higher at $94,167.
  • There are 20 tech jobs in the list of 50, up from 14 in 2017.

Talent is considered crucial for the success of data-driven projects. Unfortunately, talent can be the biggest obstacle to success as well.

The Challenge of Recruiting Data Scientists

Skilled data scientists are already in high demand, but that demand is expected to grow 15 percent by 2020. At that point there will be 2,720,000 data science jobs in America, and companies are going to struggle to fill them quickly, competently, or completely.

Globally, the demand for data scientists is projected to be 50 percent more than the supply by the end of 2018. Already it takes 5 days longer than average for companies to fill data scientist jobs. The talent gap is going to become more pronounced moving forward, and that puts companies in a precarious position.

Neither option is ideal: Either operate without the necessary data talent, or compete with other companies to recruit and retain a limited pool of data scientists with six-figure salaries. The good news is that companies can mitigate this Catch-22 by simply minimizing the need for talent.

The Advantage of Choosing the Right Platform

The skills that data scientists bring to the table are valuable but not necessarily essential. As AI, analytics, and machine learning have become smarter, they've also become more accessible. Companies now have access to powerful data tools through platforms that are intuitive and well-organized.

Relying on technology that can reduce the required headcount has a number of advantages, but they all go directly to Return-on-Investment (ROI). A platform that consolidates and organizes data and handles the heavy lifting of analytics means that data delivers more value at a lower overall cost. It's like having an in-house data scientist who can work one-on-one with every employee at any time.

Adaptive Insights is the budgeting, forecasting, and analytics platform that accounting departments are turning to instead of the talent pool. This suite of financial planning solutions transforms data into insights into strategy and finally into results. Instead of worrying about how you're going to build out your data team, contact AcctTwo.

Topics: Business Intelligence / Analytics Big Data