industry & research campusreview. com. au
Wanted: data scientists
Data science is one of the world’ s fastest growing fields, and a postgraduate qualification can translate into a big salary boost.
By Neil Fraser
Businesses around the globe are seeking a competitive advantage from the use of‘ big data’ – and the scientists who can unlock its secrets are reaping the benefits of this growing demand.
Nearly all key business processes and systems generate exhaust flumes of data. In addition, digitally enabled devices generate vast quantities of data from their innate characteristics of high availability, high throughput, multi-threaded and often continuous data streaming. These data streams that are left behind are often overlooked but provide a wealth of opportunity beyond their initial collection once they are aggregated, enhanced and linked. The internet of things will only accelerate this growth in data.
Data is an unusual factor of production as it can become the product itself, can be used to create the digital service, to understand the interaction with the digital service, to understand a wider set of relationships or even to predict a future state or need. The same data can then be used for further unrelated purposes, creating additional value by third parties. This is where data science and the skilled practitioners add value.
DEMAND FOR DATA ANALYSTS The new role of data scientist is one of the world’ s fastest growing professions. Harvard Business Review has labelled it the“ sexiest job of the 21st century”.
LinkedIn named statistical analysis and data mining as the Top Skills of 2016 in Australia and found data science was the second most sought-after job skill in 2016 globally.
The volume of data is growing exponentially due to the proliferation of new technology platforms such as sensory networks and augmented or virtual reality, as well as the shift to cloud computing and the exponential growth in internet data usage.
Working with these troves of information, data scientists use analytic tools to extract the insights that power business development. They scrutinise data for patterns of behaviour and employ their insights to predict future trends and improve productivity and sales.
Understanding this data life cycle, from acquisition to decision-making, is crucial for working with data in any industry or government body. Helping to define and implement a data strategy also requires a well trained workforce to ensure success.
EXPANDED WORKFORCE The volume and variety of data now available are prompting companies to integrate data analytics into their daily operations. This is driving demand for individuals with data science skills.
A new report by Deloitte Access Economics, The Future of Work: Occupational and Education
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