Even with the increasing popularity of Data Science and Analytics in intelligent business decision making among other applications, there are still some challenges being faced by this domain. The demand and supply gap still pertains in the year 2019, and the lack of understanding by clients and stakeholders is still a concern. As a community, there is an immense need for creating awareness towards learning of data science and analytics skills to bridge the demand and skill supply gap along with an increased understanding of the concepts and their applications. Listed below are a few articles revolving around challenges and scope of data science and analytics.
The biggest challenge faced by the data science and analytics sectors is the lack of understanding by clients/stakeholders. Almost 46% of the respondents said that the best way to increase the talent pool in analytics is by regular upskilling, which is either sponsored by the companies or employees themselves. When asked about the best way to create or increase awareness about analytics at a management level, almost 46% of the respondents said that the management needs to be educated about the benefits of analytics through roadshows, events, etc.
Almost two-thirds (59 per cent) of both global and APAC enterprises surveyed have ranked prior job experience or a case study interview (where candidates are tasked with solving hypothetical business problems) as the top indicator of a candidate’s data literacy. By contrast, only 18 per cent globally and 15 per cent in APAC viewed a Bachelor’s or Master’s degree in science — let alone data science — or even a Doctorate as a primary consideration when hiring.
As per a recent report from Analytics India magazine, there is a rise in the number of analytics jobs in the banking and financial sector industry across the country. Hari Krishnan Nair, the co-founder of Great Learning speaks about the trend. As per the report, 97,000 analytics jobs were vacant in India this year because the companies have not been able to find the right talent. This presents a great opportunity for professionals who are willing to upskill and learn.
In collaboration with Cities 4.0 and Asia School of Business, Axiata Group Bhd announced that over 200 participants will battle it out in Urbanlytics 2019, a datathon for Smart Cities running over the September 21 to 22 weekend. The datathon challenges teams to come up with solutions to real business challenges, in 24 hours. Outcomes may include visualizations, insights into specific variables and predictions or analyses involving the complex, external datasets.
If you found these articles to be interesting then head over to our Data Science and Analytics blog for more such insightful articles.