60 percent of businesses believe it is harder to source talent for data and analytics positions than for any other roles

The quote “60 percent of businesses believe it is harder to source talent for data and analytics positions than for any other roles” is accurate and reflects a growing challenge in the industry. This statistic comes from a McKinsey study that highlights the increasing difficulty companies face when trying to hire talent with data and analytics expertise. The demand for professionals who can manage, analyze, and leverage data is surging, but the supply of such talent is not keeping pace, making these roles harder to fill compared to others​.

This issue is significant because businesses are increasingly relying on data-driven decision-making to gain competitive advantages, optimize operations, and create new revenue streams. Without the necessary talent, companies struggle to fully utilize their data and may fall behind their competitors.

A fractional data team could be an ideal solution to this problem. Fractional data teams provide access to specialized, on-demand data experts without the need for full-time hires. This approach offers flexibility and scalability, allowing businesses to tap into top-tier talent when needed, while also reducing overhead costs. Fractional teams can quickly bridge the talent gap, enabling companies to continue their data initiatives without the delays or challenges associated with hiring full-time personnel​

• Nearly 50 percent of businesses say big data and analytics have fundamentally changed business practices in their sales and marketing departments.
• 61 percent of businesses that recognize the effect of data and analytics on their core business practices say their companies either have not responded to these changes or have taken only ad hoc actions rather than developing a comprehensive, long-term strategy for analytics.
• In 2025, the IoT data analyzed and used to change business processes will be as much as all of the data created in 2020.
• In the banking sector, investments in big data analytics were estimated at $20.8 billion in 2016.
• Only 16% of organizations can currently say that 75% or more of their employees have access to company data and analytics.
• Through 2019, 90% of large organizations will have hired a CDO, but only 50% will be considered a success.
• 62 percent of retail businesses see competitive advantages from information and analytics.
• 90 percent of the world’s data was created between 2015 and 2016 alone.
• Insights-driven businesses are growing at an average of more than 30% each year, and by 2021, they are predicted to take $1.8 trillion annually from their less-informed peers.
• The amount of data generated each second in the banking sector will grow 700 percent by 2020.