Something we have all been hearing is that 'Data Scientists are the new superheroes!' but with a superhero being defined as a benevolent fictional character with superhuman powers, does this juxtaposition of terms prophesise the impossible task that Chief Analytics Officers (CAOs) face?

CAOs regularly tell me that one of their biggest challenges is talent; Identifying, recruiting it and retaining it. In an industry where there is a significant shortfall in skills and an ever-increasing demand, companies are facing an uphill struggle. Interestingly, a McKinsey study predicted that by 2018, the U.S. alone may face a 50-60% gap between supply and requisite demand of deep analytic talent.

The Battle for Talent

When searching for your superheroes you need to be aware of the delicate balance of skills that is needed to be able to carry out the role effectively.  A CAO from a well known insurance company recently said to me that:

“It’s relatively easy to find someone who is somewhat quantitative from a technical perspective but excels at speaking the business language really well, or conversely someone who is extremely bright on the analytic approach/problem solving side who struggles a bit with communicating those ideas to business partners, but the real magic happens when you find those who are strong on BOTH dimensions. Data Scientists need to have the ability to bridge the gap between the math and the business problem and efficiently translate the solution back into practical recommendations that add tangible business value.”

Data Scientists need to have the ability to bridge the gap between the math and the business problem and efficiently translate the solution back into practical recommendations that add tangible business value.

Time to Close the Gap

This is where the gap lies, these are the superheroes of the data world, here to answer all of our questions and explain to us in a way that we understand, the solutions to our problems (as well as problems we didn’t even know we had!)

Data Scientists need to be approachable, understanding, smart and available. These are the types of qualities CAOs are looking for and need on their teams. Skills such as this also help to win over hearts and minds internally.

With more and more data science courses being introduced across North America and Europe, universities are listening, however, it is not growing fast enough. In fact, less than a third of U.S. News & World Report’s Top 100 Global Universities offer degrees in data science. With 29 universities offering data science programs, only 6 are available to undergraduates (the rest are reserved for graduates). It is also worth noting that the amount of students on these courses on average is only 23.

There are also concerns regarding the content on many of these courses as being too focused on the computer engineering aspects of data science, and not enough focus on statistical analysis, insights and strategy. However, with companies scrambling for new talent, and offering starting salaries upwards of $200,000 many students might be tempted to drop out early. Whether this is a positive or a negative, at the moment I’m not so sure…

Developing a New League of Superheroes

There are many ways in which the issue can be addressed. In terms of creating new talent, industry partnerships with universities, industry scholarships, mentoring schemes, and new courses at universities tackling the right topics for industry and being accessible to undergraduates is important, but don’t forget to look internally too. Consider asking – can traditional data and analytics personnel within my organisation be transformed into a data superhero via some form of training?

I am also told that it is not always the high salary which is the main driver for most candidates, it is the opportunity to work on interesting and challenging projects. Offering on the job training, formalised training and opportunities to grow within the role are also on the ‘want list’ for candidates so it would make sense to try these out.

With such a long list of needs and wants on both sides, combined with the small amount of talent and high demand, the road ahead is complicated.

The question of how to effectively fight the skills shortage and build a successful analytics team is of paramount importance and will be explored in greater detail during dedicated sessions at the Chief Analytics Officer Forum taking place in New York, London, Sydney and San Francisco throughout 2016.

By Vicky Anderson:

Vicky Anderson is the Content Director US/Europe for the CAO Forum. Vicky is the organiser of the inaugural CAO forum, consulting with the industry about their key challenges and trying to find exciting and innovative ways to bring people together to address those issues – the CAO Forum is launching in New York, London and San Francisco. For enquiries email: vicky.anderson@coriniumintelligence.com