The hip, modern, and tech-forward Convene venue near battery park was the perfect backdrop for the DATAx New York conference in New York this week. At the show, we joined hundreds of data scientists, analysts, and engineers for meaningful conversations about all things data. Many of the conference attendees were building out data science practices within their organizations and looking for advice on finding talent with the right skill mix, demonstrating the value of the practice to the business, and navigating increasing stakeholder demand.
A common theme at the event was that data should be leveraged as a strategic asset across the business. Data was even referred to as “the new oil” or “currency for the future.” However, there is a huge data chasm. Although data is viewed as extremely vital to businesses and key initiatives, we find 88 percent of businesses still face challenges leveraging their data for analytics. Business users tasked with data analysis are still spending a considerable amount of time preparing the data before any of the data modeling can even take place.
Our research shows that leveraging analytics to gain more insight from data is a top focus for 79 percent of businesses. And those that are successful are beginning to utilize data analytics to be more proactive and predictive with their customers’ behavior. Gaining insight into your data can empower you to personalize customer offers, and after all, we know happy and engaged customers are the key to bottom line profits. Without the right talent, it can be difficult to move these initiatives forward.
To address the data skills gap, businesses are investing in data practitioners, particularly data analysts, data engineers, a chief data officer, and data governance managers, among others. These data practitioners will be able to keep business objectives at the forefront while making accurate use of your data. They have the skills to understand, prepare, catalog, and analyze data in order to provide insights into the business. They can help to establish data science practices and identify platforms for automating data quality that your business needs to alleviate the time spent on manual data preparation.
If you are interested in learning more about how partnering with Experian can help you to gain further insight into your data with our comprehensive solutions, chat with our data experts today.