The modern business world runs at a neck-breaking pace and data isn’t just an afterthought. It is the backbone that fuels smart decision-making, strategic planning, and business growth. There is a shift going on in the business landscape in which every action and decision that is being taken from defining business strategies to interacting with customers – is greatly informed by data. But without proper demand in the human workforce, the data can feel pretty worthless. Do you know that 60% of companies are now using data analytics to revolutionize the way they conduct business?
Analytics professionals are at the forefront of this transition, enabling firms to utilize data effectively and gaining the competitive edge. However, building the analytics-driven data strategy is only the tip of the iceberg; raw data needs to be processed and transformed into actionable information, and that requires a skilled team. Since the demand for skilled IT workers keeps rising, IT staffing agencies are coming in to help businesses by staffing them with IT experts, ensuring that companies are on top of the competitive offer in this new business world.
The Need for An Analytics Expert: Current Need for Every Business
Pondering the volume of information generated daily is baffling and trying to analyze it makes absolutely no sense! Recent study states that the number of data bytes generated every day is 2.5 quintillion with that number exponentially increasing due to the rise in the IoT. Surprisingly, most of the data available across the globe has been produced in the last few years. It is anticipated that by 2028, the total amount of generated data worldwide will exceed 394 zettabytes.
Firms today have tons of data available, however without having the capable personnel to understand and make use of the data on hand, it transforms into an untouched resource. The boom of “big data” or “predictive analytics” has been direly in need of skills throughout the COVID-19 pandemic and post it. An industry study revealed that 52% of companies were accelerating plans to adopt AI to help in the crisis. Post the pandemic, an astonishing 83% of data and analytics professionals reported that their organization consider data to be an asset. As per another study, 74% of the professionals believe data knowledge is a crucial part of successful analytics operations.
Because companies now rely more on data analytics for informed business decisions, the importance of trained analysts who can interpret data is at an all-time high. This need for expert level analysis is not confined to particular industries. In fact, all kinds of businesses like those in finance, healthcare, retail, and others are on the lookout for skilled data analysts and are making efforts to create teams which can transform data into insights. As per the earlier study, while 59% of data and analytics leaders are of the opinion that finance and accounting departments are the most data-driven in organizations, other areas such as sales and distribution (44%), marketing (29%), production (27%), logistics and supply chain (27%) and even purchasing (25%) also utilize data to streamline processes, boost decision making, and increase overall business productivity.
The rapid increase in the need for analytics experts is best illustrated by the growth rate of the data analytics market. From a valuation of USD 51.55 billion in 2023, it is predicted that the market will grow to USD 279.31 billion by 2030 at a staggering CAGR of 27.3% over just 7 years.
Experts suggest that approximately 1.4 million new positions will populate in the setting of data science and data analytics from 2023 to 2027. There seem to be increased opportunities for data analysts, data scientists, big-data specialists, business intelligence analysts, database and network specialists, and data engineers with a predicted growth rate of 30-35%. According to a survey conducted by the World Economic Forum, 60% of companies claim that big data and analytics skills are more important than ever and 58% believe that its data analytics is one technology most likely to create jobs in the next 5 years.
Business Intelligence v/s Data Science: Same Data Set, Distinct Conclusions
In business, it is a common phenomenon to use Business Intelligence (BI) and Data Science synonyms, but they actually have differences although they complement each other in the business setting. BI is the primary domain where historical data is analyzed in order to produce relevant reports and visualizations that help make decisions. People in this field use tools such as Tableau, Power BI, SQL, etc., to create useful dashboards that help businesses to evaluate their performance trends along with the causes. In simpler terms, it tries to help them understand as to what all has happened and reasons to it.
On the other hand, Data Science does not work only on reporting, rather it aims at deeper analyses by using predictive analytics, machine learning models, and statistical algorithms to gain insights and predict trends.
By employing Python, R, and big data technologies, data scientists work with businesses to identify potential challenges and opportunities. Business intelligence gives insight into historical performance, and data science complements that by providing insight into the future so that companies can leverage data to make informed decisions.
In short, business intelligence and data science function in tandem to convert data into information that has value. Together, they form a powerful unit that is responsible for modern analytics – helping organizations understand what is happening now and in the immediate future.
Finding the Right Talent – The Tech Staffing Solution
As the demand for analytics professionals grows, so does the challenge of finding the right talent. That issue is addressed with tech staffing solutions. Specialized staffing companies know the details and intricacies of roles within BI and data science, which ensures that organizations get candidates with the right set of skills and knowledge. Whether businesses are looking for permanent employees, contract-based analysts, or on-demand data science professionals, tech staffing agencies facilitate the hiring process to help organizations adjust to their data requirements.
Stride Digital is a best-in-class technology consulting, solutions, and staffing firm that assists organizations in fulfilling their IT requirements efficiently and effectively. With the demand for data analytics professionals on the rise, Stride Digital mitigates the talent shortage by providing tailored staffing solutions that help organizations build strong data savvy teams. From businesses needing actionable insights provided by BI specialists to those requiring data scientists to create predictive models, we guarantee the best talent. We help businesses effortlessly solicit, assess, and integrate top-tier analytic professionals with services like Team Extension, Specialized Talent Acquisition, and Tech Skill Assessment. Stride Digital fosters data technology assimilation so businesses can have access to industry experts who provide data-driven solutions, allowing organizations to gain a competitive advantage.
Conclusions
Data analytics needs to be embedded into every key function of the organization – sales or finance, marketing or human resources, in the current digital landscape. The rapid shift to becoming more data-centric and the push to promote a “data culture” across organizations has led to an unprecedented surge in the demand for data analytics professionals. As a result of this growth, data analytics has become a multi-billion dollar industry that provides software, services, and training that cater to every industry.
And with the growth of the IT staffing industry comes the increasing importance to having leading professionals onboard.
Now is the time to capitalize on data driven decision systems. This applies whether you are a business attempting to build a data driven team or an aspiring analytics professional looking for new opportunities.
Reach out today to build a data analytics team that performs exceptionally and delivers high impact.
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