Most Companies Still Struggling to Capitalize on Big Data

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frustration-1081by Angela Guess

Matt Asay of ReadWrite recently wrote, “Data science remains the surest ticket to Big Salary nirvana. If only it paid equally large dividends for the companies paying those salaries. Part of the problem stems from getting enough qualified people into a market desperate for answers. But part of the problem stems from asking the wrong questions in the first place. Given the furor over Big Data, it’s not surprising to see companies clamoring to hire people with data science expertise. As LinkedIn’s annual analysis of 330 million user profiles shows, statistical analysis and data mining skills top the charts as the hottest of hot skills in 2014, with Big Data-related talents accounting for a third of the top-15 hottest skills.”

Asay goes on, “Given the law of supply and demand, it’s not surprising that data scientists make so much money. How much? Over $123,000 per year, on average, with that number sharply rising each year for the past several years. Students are hoping to satiate that demand, with record numbers of MBA and engineering candidates rushing to become certified data scientists. (Which, as Mitchell Sanders writes, is somewhat silly, given the unique blend of skills needed to do data science well.) Over time, as Gartner analyst Alan Duncan posits, salaries will even out. For now, however, the tools and knowledge needed to master modern data are so arcane that companies need to put out big money to have any hope of getting value from Big Data.”

Read more here.

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