The amount of data in our world has been exploding, and analysing large data sets will become a key basis of competition, underpinning new waves of productivity growth, innovation, and consumer surplus, according to research by MGI and McKinsey’s Business Technology Office. “Leaders in every sector will have to face the challenge of data, not just a few data-oriented managers. The increasing volume and detail of information captured by enterprises, the rise of multimedia, social media, and the Internet will fuel exponential growth in data for the foreseeable future.”
Most jobs will require analytical skills but there will be a talent shortage. The McKinsey Global Institute predicts that the US alone will face “a shortage of up to 1.5 million managers and analysts with the know-how to use the analysis of big data to make effective decisions“. At some point in the future ‘Analytics’ will probably not be considered a separate discipline, but simply integrated into other roles. Until the employee talent pool reaches this level, it is likely that companies will rely on outsourced skills to bridge the gap.
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