- An Essential Skill
- The Era of Big Data Analytics
- Current State of Data Analytics
- Utilizing Managerial Skills
Big data analytics skill is essential to stay relevant in organizations today. Working professionals faced similar IT skills requirements during the 90s to prevent layoffs. In this article at Analytics India Magazine, Anand Teltumbde shares how big data analytics can make managers relevant.
The Era of Big Data Analytics
Infosys and Cognizant have recently sacked numerous employees. The market predicts more than 200,000 are waiting in the layoff line. The same happened twenty years ago when the internet changed how businesses worked in the past. Only people with the necessary skills retained their jobs. Business analytics skills that are in high demand might also be redundant in the future. Apart from acquiring new skills, the other way is the ability to utilize those skills. It is now that your managerial skills come into play.
The Current Handling of Big Data Analytics
Organizations have teams like strategy, data science, analytics, and user experience that use big data analytics. However, the majority of these teams work in silos because there are little to no efforts in intercommunication. The long-drawn serial communication from the strategy team to the user team to the analytics team results in outdated solutions. For instance, Gartner predicted in 2017 that 60 percent of big data projects have failed. In 2018, analyst Nick Heudecker raised the count to 85 percent. Following are some of the statistics that reveal the current scenario of big data analytics:
- In July 2019, VentureBeat AI reported 87 percent of big data analytics projects never materialized.
- In January 2019, a NewVantage study conveyed 77 percent of businesses failed to adopt big data and AI.
- In January 2019, Gartner claimed that 87 percent of analytics results would not be useful for business growth as far as 2022. Eighty percent of AI initiatives will ‘remain alchemy, run by wizards’ till 2020.
- In November 2017, CIO.com discussed the five surest ways to fail in analytics.
- In May 2017, Cisco revealed that only 26 percent of IoT initiatives were successful.
Utilizing Managerial Skills:
Teltumbde talks about his managerial experience regarding an ERP project. A study predicted that 80 percent of ERP projects would fail to derive business value in the Asia Pacific. His team did not fall prey to the predicament and focused on every project aspect. The end realization was that you must know how to leverage the technology to meet your goals.
Managers can propel business growth. For that, they should know the business inside out, are strategic, and have enough knowledge in big data analytics. Grow proficiency in statistics and math, along with coding capabilities in R, Python, and SAS. Learn ETL technologies, visualization tools, predictive and prescriptive analytics, AI, ML, deep learning, cloud computing, security, and IoT analytics. Acquire knowledge in economics, accounting, marketing, finance, operations, and OB/HR. Take strategy classes while developing skills in design thinking, data storytelling, data strategy, analytics project management, and data ethics. Go for industry-specific specializations, if necessary.
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