The Demand and Supply Gap in Business Analytics - Great Learning
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The Demand and Supply Gap in Business Analytics

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Wither or Thrive? Bloom or Gloom? Flourish or Perish?

Do any of these antonyms ring a bell? May be in the context of the changes brought upon by the Fourth Industrial Revolution?

The world has heard enough about IT layoffs and how it is inevitable for everyone in IT to either upskill or perish. IT guys think that they need to upskill or find alternate careers like management or a safer option for a government job through civil services or public banks. But what about the non-IT guys? Are they safe? If that were true, why would Amazon let go of 25000 employees or banks layoff more people than ever before? The truth is that disruption in the digital economy has caused a paradigm shift in the way all businesses function and churn revenues. There isn’t an industry, domain, or field that is not impacted by the big data boom and business analytics. Mohan Lakhamraju, Founder and CEO. Great Learning, often points that “Like all knowledge professionals in the 90s had to learn to use computers; today, they need to learn data-driven decision making.” That speaks volumes for the change the world has witnessed in the last decade or so.

Earlier business models and strategies for revenue growth were based on ideas from senior leadership backed by intuition and experience. But things started to change as we started to capture more and more data, not in gigabytes, but in petabytes and zettabytes. Organizations started using this data to draw meaningful insights that brought them profits, revenue, and astonishing growth. But this wouldn’t have been possible if for the human resources. Such a perfect scenario – companies invest more and more into analytics and professionals quickly try to adapt to business requirements. Then, why is it that there is a huge demand-supply gap when it comes to analytical roles? Let’s find out.

Why is there a human resource scarcity in Business Analytics Across Domains?

== Mismatch between organizational expectations and individual profile – Several organizations have positions in business analysis and data science that they are unable to close. According to a recent study, “HR departments of several firms take around 2-3 months to close one business analytics position.” This is an insane amount of time. Several candidates are taking up online and offline courses in order to upskill, then why is it that organizations keep on adding more and more number of job openings on portals? Individuals rely on learning a few techniques and tools whereas organizations are relying on finding people with developed business acumen, the ability to lead and drive instead of executing and performing tasks. Organizations are greatly focused on attracting and nurturing talent that understands the business model and requirements well. A lot of focus is hence on domain-knowledge. You may only know R, but you will still be a better candidate than someone who knows R, SAS, and Tableau if you have acquired the wisdom to get to the bottom of a problem and the business sense to bring solutions to the table.

Read Also: Why Professionals Are Moving to Business Analytics

== A Quick-Fix Approach on the Part of Professionals – We all have a tendency of taking shortcuts. Why invest a year when you can learn something in 3 months, right? This is exactly where professionals fail. A quick fix approach to propelling one’s career ahead has never worked for anyone. This is a major issue, especially with non-IT folks as they tend to believe that IT is the only sector that was swept off its feet by Industrie 4.0. Learning once and working off the same skillset for the next 20 years is no longer a viable option. Finding a higher package job or a meatier role and settling in are no longer the criteria for guaranteed success. Learning is a life-long process and every professional needs to understand the macro environment to know how the business world changes.

Why are we not able to bridge the gap?

== Lack of Quality Education – Most of the graduate courses offered in our country do not prepare the entry-level workforce to contribute from day one. 3-6 months of training period was the conventional approach IT companies would take and non-IT would also follow the same. Also, professionals would have no clue or real exposure to what an analytics role entails. Not just the undergraduate programs, but also advanced courses and post-graduate programs fail to meet the learning needs of professionals and synchronize with the current industry ask. Not every type of program is suited to everyone, especially when it comes to professionals with 2 or more years of professional experience. Matters get worse when most of the programs are trying to target IT candidates with a myopic approach.

== Lack of Learning Techniques That Actually Make an Impact – Another crucial factor is of course the learning method employed in programs and courses. Do you think you and other people with, let’s say, work experience in IT, finance, marketing, or manufacturing will all have the exact same learning needs? A program needs to cater to different groups. IT may sound tricky but take a look at the batch profiles of any of our programs and you will see huge diversity in all our batches. 90% of our learners still go ahead and recommend our programs to other professionals. Whether it is our weekend program PGP-BABI or completely online program BACP for business analytics aspirants, we ensure that their learning needs are met to the T.

Read Also: 5 Free Resources for Every Business Analyst

== Averse to the Idea of Continued Learning – Our Machine Learning course director Harish K Subramaniam states that a professional needs to learn every two years and add something to their resume. It could be a skill, or a project that required the effort of finding a holy grail, or simply facilitating out of the box ideas but one should constantly strive to reinvent. But Gen X is averse to the idea of continued learning. The mindset of reaping the benefits of learning once is nothing but the wall that separates you and a future-proof career. Harish recommends the following steps to an exciting future-proof career:  

  • o Inculcate the ability to pick up a new skill quickly and methodically
  • o Contribute to a community to develop reputational capital
  • o Work on an open source project you really enjoy
  • o Contribute to a community developed project
  • o Check out firsttimersonly.com to get started on a beginner friendly platform

Also read: Which Professionals will Benefit Most from Taking up Business Analytics Right Away?

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