Just a few years back the demand for data scientists was primarily in the finance and tech sectors. Today it’s a different story. From retail to manufacturing, every industry is becoming data-driven and is leveraging data for business success. This shift propels the rise in the demand for data scientists. However, the shortage of data scientists is a chasm that organisations are finding hard to navigate. The LinkedIn Workforce Report shows that there is a shortage of 151,171 people with data science skills overall in the United States alone. This shortage is only going to increase as big data and AI proliferates deeper into the enterprise. As the volume of data increases and the shortage of data scientists continues what can you as an organisation do to leverage data?
Have you heard of Airbnb’s Data University? According to Techcrunch, Airbnb has developed its own university-style program with its own courses to train its employees in data science skills. This initiative was taken because, like many other companies, it is struggling to find qualified data scientists. Through this program, it also aims to make its workforce more data literate.
If you thought that ‘gamification’ was all about fun and games, then think again. Gamification in the enterprise is incrementally on the rise as a tool to motivate employees and increase their productivity and drive better business results. Be it employee onboarding, skill improvement, development of new skills or business training, gamification has proved to be a successful tool to engage employees in the learning process and consequently reach higher levels of knowledge acquisition.
For insurance companies that generate huge amounts of data on a daily basis, big data is enabling them to mine information for insights in innovative ways. Through such analysis, organisations are able to achieve intuitive insights and make more accurate decisions. It is helping them streamline claims procedure, make it more transparent while proactively monitoring risks and creating value for end customers.
AI is already very much interwoven with our personal lives. Everyone loves the way Amazon provides us with recommendations. Real-time google map updates prove to be extremely handy while traversing through busy city roads during rush hours. AI is slated to play a crucial role for autonomous cars and also in the healthcare industry. Very soon, Siri or Cortana will order food for us while we leave the office for home. In spite of its many advantages, its adoption by enterprises has been low and slow. According to PWC, by 2030 AI will add $15 trillion to the global GDP, but Deloitte Cognitive survey states that only 6% of the organisations have adopted AI for enterprise-level activity. Only 24% say that they are interested in and will have it in their roadmap in the near future.
Data collection, processing, and analytics are not new to the utility industry.
We have always been intrigued about what people think about us; rather how is an individual, a company, a brand, a product, or an idea perceived by the audience. With the digital age, it has become easier for people to review, comment, and provide feedback about a product or service online. The Internet has provided a platform for consumers to give instantaneous responses and a way for companies to tap into how their audience perceives them.
Today businesses are relying increasingly on data to gain quantified insights that can lead to positive business outcomes. Data takes the ‘guesswork’ out of a business approach and replaces that with hard facts that can make decision-making more efficient. Considering that people are generating more than 2.5 Quintillion bytes of data every day, it is hardly a surprise that ‘data’ is what everyone talks about. According to IDC, this data has grown ten-fold and crossed 44 zettabytes! The IDC report also revealed that the amount of useful data has increased from 22% in 2013 to 35% in 2020. The data explosion is only going to increase more as the number of smartphone users around the globe increase. We can see over 50 billion connected smartphones since the last five years. While we continue to marvel at this data explosion, it has to be stated that data is just data and nothing more unless it is made to work. It is only when data is made to work does it provide the business advantage it promises.
As a civilisation, we are going through times, as humanity struggles to cope up with this pandemic of Coronavirus, or scientifically termed as COVID–19.
There was a time when self-driving cars, voice-enabled communication systems, and smart cities etc. were things that you saw only in sci-fi movies… think Back to The Future, Minority Report, Her, etc. Life today, on the other hand, seems like a page out of these movies… Autonomous cars are becoming a reality, cities and homes are becoming smarter with more connected devices, our phones are talking to us (quite literally), eCommerce sites are telling us what we prefer before we even tell them. Everyday objects are becoming increasingly interconnected and responsive to achieve an understanding of context. Take the self-driving autonomous car. How does it know when to push the brakes and avoid a collision? How do street lights know when to switch off in the absence of people? The answer lies in Machine Learning and Artificial Intelligence, two technologies that are rapidly changing the world that we live in.