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Skills in Business Analytics Wanted by Today’s Firms

Skills in business analytics wanted by today's firms. Published: 12/10/2012

Many small tech companies that are looking to grow have found that there is a massive skills shortage in the IT world. According to recent data compiled by IBM, only one in 10 businesses believes it has the necessary employees to take advantage of mobile devices, business analytics, cloud computing and social business.

Dr. WullianallurRaghupathi, a professor at Fordham University specializing in information systems, noted that the rapid changes to the overall disciple of technology, as well as constant upgrades to individual systems, presents an enormous teaching challenge. It is becoming increasingly difficult to keep up with educating students on current technology on top of “trying to guess what is coming down the pipeline."

Small firms can benefit from business analytics

The advent of big data and business intelligence has made the ability to make sense of the massive amount of information substantially more important at businesses of all sizes. The report differentiated three different types of businesses in need of skilled IT professionals: dabblers, followers and pacesetters, with the latter being the company that is most advanced.

Pacesetters believe the adoption of emerging IT skills is not only of utmost importance, but 28 percent of such firms believe that have all the skills needed when it comes to business analytics and 16 percent have identified a major skills gap. Sixty-nine percent of pacesetters expect to invest in those with social analytics, while 54 percent want their firms to have more knowledgeable employees in data mining. Despite the skills gap, small tech firms need to protect themselves with business insurance policies during the hiring process.

Decision Mangement Solutions CEO James Taylor had this to say: "Advanced analytics don’t work in silos; you have to break them down.” Experts from across business, IT and mathematical fields need to team up and combine their expertise to create produce actionable insights from relevant data.

Big data skills needed at today's organizations

The current climate of the economy is causing small tech firms and large corporations to compete more than ever, and with the ability to harness the massive amount of information available about their firm, companies with employees with the right skill sets will often come out on top. A recent article appearing in The Wall Street Journal discussed how companies can greatly improve their bottom line by having professionals with skills in understanding big data.

Michael Chui of the McKinsey Global Institute noted that skills in general data and analytics will certainly play into the competitive strategies of individual firms, whole sectors and even entire countries in the near future. Companies that can effectively utilize data for the best insights will be the companies most likely to edge out the competition.

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