Big Data could mean Big Bucks for the companies that know how to gather it and use it. However, since the discovery that big data can help drive up revenue the number of organizations that actually use it are few and far between.
What is Big Data?
As our world becomes more technology driven, large companies have been at the forefront of implementing new technologies and seen data management become an important part of business. High definition video, Tweets, Facebook, tags, SMS and intelligent chips do more than process information and accelerate communication, they also leave a digital trail. This trail, when analyzed properly, can be used to track what consumers consider important.
What Do You Do With Big Data?
This is the key question that many businesses are struggling with. But fear not, the business world has given us the Data Scientist. This new specialist position is not merely an IT guru or analyst, but leaders who forge a collaboration of sorts that combines the creativity of marketing aspects with the science of the numbers to turn out actionable data to drive new marketing strategies.
Why Aren’t More Businesses Using Data Scientists?
Indicative of technology; the idea of Data Scientists has spread fast and created a demand. The number of Data Science experts is not nearly great enough to meet the demands. Mashable reported in the largest-ever global survey of the data science community that:
- 63% of data science professionals believe demand for data science will outpace the supply of talent over the next five years.
- Lack of training (32%) and resources (32%) were identified as the two biggest obstacles to Data Science adoption.
- Only 1/3 of respondents report they are confident in their ability to make business decisions based on new data.
- 38% of business intelligence analysts and data scientists strongly agree that their company uses data to learn more about customers.
Results suggest that Data Science, as a field is still in its infancy and elusive to many companies. Some of which are oblivious to the growing necessity for Data Scientists.
No Matter the size of your organization, the utilization of Data Scientists could drive a huge boost in your bottom line. Being able to turn your tracking information into actionable data that results in profits is quickly becoming the new frontier of business. Implementing the Data Scientist concept to help streamline your marketing plan will not only generate mere income but it will also change the structure of today’s businesses.