Many companies from start-ups to large Corporates particularly in the Financial Services sector have some sort of short to medium term plans around them. But what is this ‘new kid on the block’ and does Ireland have the skills to fill this need?
There doesn’t appear to be an internationally recognised definition of Big Data but the term has been used to describe the massive increase in information; how we mine it and more importantly its use. We believe the driver behind the upsurge in big data has been the need for detailed information from companies, media, social networking and of course the internet. Data Analytics is the analysis of this data i.e. the mining, analysis, interpretation and utilisation of data including Big Data.
Today, there is more data being created on a daily basis than ever before where people and organisations now recognise the potential benefits and business value which can be extracted. Organisations are using this data to accelerate profit and growth opportunities while improving business performance and managing risk. In order to use this data; it has to be extracted by people and systems. The process of extracting and analysing this data to create value or indeed profit for some organisations is now a large area for IT professionals in Ireland and further afield.
Commonly the need for talent is broken down into 3 areas:
1. Deep Analytical Roles
2. Business & Management Roles
3. Support Technology Roles
Currently, there is no joint-up thinking between companies as to the level of qualification which would best meet the needs of analytical vacancies. Companies are looking towards a number of different academic courses to harvest talent, these include degrees in Analytics or Management Science or Masters and PhDs in Engineering and Maths, also Degrees in Economics Chemistry and Computational Social Sciences.
Given the breadth of relevant disciplines, graduates are also attracted to a range of other careers which means that only a small proportion of the country’s analytical talent will end up in analytical jobs. The overriding message here is that companies are experiencing a skills shortage in this area.
In Ireland, a Government and enterprise wide approach is required to serve the needs of these organisations for suitable skilled professionals. This should include talking to schools, adding new courses, up-skilling of talent, providing career paths in this area and understanding the opportunities this field can provide in the future.
Contributed by Jason McNeil
