How Data Scientists and Other Big Data Jobs Drive Economic Growth Posted on : Dec 02 - 2016

Big data has done more than produce and collect massive amounts of data to help us solve problems in nearly every industry—it has also created a brand new field and new job opportunities for smart and ambitious people. Raw data isn’t useful unless it’s analyzed—and big data analysts are in high demand for the value they can bring to organizations. Because these positions are so new, it can be hard for businesses to find qualified candidates—and salaries are high. Talented data scientists are transforming the landscape of modern business, but their role is still evolving. What do data scientists do, and what is their role in economic growth?

What Do Data Scientists Do?

A data scientist is a person who has a knack for wading through large quantities of data collected by an organization, analyzing that data, and discovering patterns that are significant within the data’s context to shape business strategy. Data scientists today have the ability to code, crunch data, and to communicate with shareholders and executives—justifying their own position and providing business insights that can be implemented for greater efficiency or profit.

Data scientists aren’t the only key players in the big data field. Other support positions, such as big data engineers, analysts, project managers, administrators, architects, and developers all play roles in planning, executing, and maintaining big data systems. Large companies hire teams of big data specialists, leveraging as much data as possible.

What are the Traits of a Data Expert?

Some big data jobs require little more than a curious mind and a fascination with sifting through mounds of data, while others call for high-level programming skills. Nearly all big data jobs are best for people who are talented in mathematics and statistics, but as the field becomes more advanced, other skills, like creativity may become more valuable than technical know-how. Some executives, like Frank Lo of Wayfair, look for candidates who ask the right questions rather than those who are only interested in finding the answers. Lo believes that intellectual curiosity is the most important trait in prospective big data employees.

The Benefits to Businesses

Hiring the right big data team can be difficult, but the return on investment (ROI) can be huge for small and large companies alike. Big data can provide enormous benefit to businesses when the team behind the analysis can ask the right questions and use the data to find the answers.

UPS used big data to create a more efficient route mapping system, allowing drivers to deliver more packages more efficiently. By mid-2015, the company had saved over 39 million gallons of gas and 364 million miles. These reductions allowed the company to reduce their operating costs and save millions.

The IRS has been using big data to reduce fraud and stolen information, preventing billions in identity theft loss and recovering more than $2 billion.

The wide range of problems companies have solved with analytics showcases the versatility of big data. Considering the massive ROI that many big data projects achieve, companies can often save money by hiring more big data team members. All organizations have the ability to collect valuable information, and hiring an expert to analyze this information can result in a significant competitive advantage.

Fueling the Economy

Aside from the new job creation provided by the big data industry, these experts are helping to fuel economic growth by making businesses more efficient and providing valuable insights into the behavior of consumers. What’s unique about the value data experts provide is how they can be of use in every industry, fueling robust economic growth. There are opportunities for every company that chooses to invest in the people behind big data, setting them up for long-term growth and a legacy of success. Source