While IT decision makers and influencers across the United States and Canada view data as an important part of their businesses (91.2 per cent), nearly 74 (73.8) per cent believe the data and analytics industry is facing a shortage of talent, according to survey findings released by Adastra, the global data and analytics solution provider.
Respondents working in the information technology vertical were more convinced about the talent shortage with 79 per cent in agreement. The online survey was conducted by Forum Research between December 2–14 and consisted of 882 IT professionals throughout the United States (589) and Canada (293).
Furthermore, 89 per cent of survey participants indicated their organizations will spend more (55.7 per cent) or the same amount (33.3 per cent) on data estate modernization in 2023 compared to 2022, a strong indication of greater reliance on data and data professionals in achieving operational efficiencies and profitability.
Spending expectations increase with survey respondents from the information technology (69.3 per cent) and financial sectors (69.8 per cent) reporting their companies will spend more on data estate modernization in 2023.
“As data is increasingly embraced by existing and emerging industries, the demand on the labor pool is daunting,” said Rahim Hajee, chief technology strategy officer at Adastra North America. “It goes far beyond data scientists, especially for larger corporations who often depend on teams of programmers, data visualization experts, project-specific coordinators and many more.”
By 2026, the number of jobs requiring data science skills is projected to grow by nearly 28 per cent according to the U.S. Bureau of Labor Statistics. The number of STEM graduates every year is not in sync with the burgeoning demand and veracity in which companies are pursuing data solutions.
“Organizations that are already leveraging their data are feeling more prepared than their competitors as the talent pipeline gap becomes critical,” said Hajee.
Companies that are not moving quickly enough to align their data and analytics with their business strategy risk falling even further behind their competition as employment needs go unfulfilled in the marketplace. While nearly four in five (87.6 per cent) IT decision makers agree that data utilization can distinguish an organization from the competition, almost 60 per cent (59.8) of respondents admitted their executive teams are too old to understand the benefits of data and 65 per cent agree their company is falling woefully behind their competition in utilizing data analytics.
Respondents aged 18–24 were even likelier to believe their companies are behind competitors, with 70.5 per cent agreeing. Moreover, according to those surveyed, 56.0 per cent of CEOs are worried their competitors are moving ahead with data estate modernization faster than their organizations though nearly half (47.4 per cent) of respondents believe their company is doing as well as their competitors when it comes to using data and analytics.
“The challenge in attracting new talent to a legacy business will become increasingly more difficult with each passing year,” said Hajee. “Innovative organizations will continue investing in data and analytics to leverage more value against accelerating costs in talent acquisition.”
Industry will continue to rely on external talent: 89.2 per cent of IT influencers surveyed are likely to reach out to data and analytics experts or consultants to execute data-based projects.
Cloud migration: 43.1 per cent of respondents report their organizations have fully embraced cloud environments while only 5.8 per cent believe their companies are satisfied with their legacy environments and do not plan to change them in the next two years.
Only 69.3 per cent of Canadian IT decision makers are satisfied with their organization’s progress utilizing artificial intelligence and machine learning in business problems compared to 85.6 per cent of their American counterparts.
For over two decades, Adastra has transformed businesses into digital leaders, helping organizations innovate, achieve operational excellence, and create unforgettable customer experiences, all with the power of their data. At the forefront of Artificial Intelligence, Data, Cloud, Digital and Governance services, Adastra delivers solutions to enterprises to leverage data they can control and trust, connecting them to their customers – and their customers to the world.
