BI is changing how companies make decisions, cut costs and spot new opportunities.
Companies’ hunger for data & analytics has created an increased skill shortage. At the same time, predictive analytics are simplifying forecasting, while evolving technologies invite more non-data scientists to discover insights.
In this blog post, we summarized the most important industry trends that Hamid, our Team Lead for BI spotted at the BI Innovation Summit in Chicago, IL.
BI skill shortage keeps growing
The demand for BI professionals has led to a market shortage. From 2017 to 2020, data scientist jobs in the US will increase by 364,000 listings. This leaves companies with the difficult task of hiring talent.
To fill the gap, companies have turned to outsourcing. While providing a short-term fix, inevitably, this will result in missed opportunities for building internal knowledge.
An alternative to steep outsourcing cost is focusing on self-service tooling and frameworks to build internal knowledge. This can include bringing non-analysts up to speed on standardized dashboarding or conducting workshops on extracting meaningful data insights.
Setting new standards with predictive Analytics models
The growing amount of data has made managing it increasingly difficult. Predictive Analytics models built on AI and data mining improves data quality and simplifies forecasting. Without manual production, predictive analytics models use historical patterns to predict future outcomes.
Data governance is a prerequisite for future predictions. This means that organizations have to maintain and manage their historical data, now more than ever.
Other departments are becoming self-enabled micro analysts
Data is becoming more available across departments. In the past, data analysis was the sole domain of skilled analysts. Today, advanced analytics software simplifies the process and makes data more accessible company-wide. Self-service analytics enables other divisions to build their own reports and discover new opportunities for favorable outcomes.
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About the author
Hamid joined Qelp as the Team Lead for BI in 2018. With over 8 years of experience in data management and high-level strategy, Hamid has made it his mission to transform data into valuable business insights.