{"id":934,"date":"2015-12-11T23:16:37","date_gmt":"2015-12-11T23:16:37","guid":{"rendered":"https:\/\/firsteval.com\/?p=934"},"modified":"2020-06-17T00:13:29","modified_gmt":"2020-06-17T00:13:29","slug":"why-is-it-so-hard-to-use-data-analytics-and-are-data-scientists-really-as-elusive-as-unicorns","status":"publish","type":"post","link":"https:\/\/firsteval.com\/why-is-it-so-hard-to-use-data-analytics-and-are-data-scientists-really-as-elusive-as-unicorns\/","title":{"rendered":"Why is it so Hard to Use Data Analytics?  (And are Data Scientists Really as Elusive as Unicorns?)"},"content":{"rendered":"<p>A <a href=\"http:\/\/www.ironmountain.com\/Knowledge-Center\/Reference-Library\/View-by-Document-Type\/Infographics\/I\/Information-Value-Index.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">new report<\/a> shows that \u201conly 4% of businesses can extract full value from the information they hold.\u201d\u00a0 Yes, that\u2019s a single-digit percentage of companies who have the capacity to take full advantage of the data and information at their fingertips.\u00a0 Even for the big guys this is tough \u2013 only 15% of Fortune 500 companies use big data to gain a competitive advantage, as <a href=\"http:\/\/www.forbes.com\/sites\/teradata\/2015\/06\/24\/why-only-15-of-the-fortune-500-uses-big-data-analytics-to-look-beyond-the-known-knowns\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forbes and Gartner report<\/a>.\u00a0 That leaves 85% of Fortune 500 companies NOT using big data analytics to drive their decision-making.<\/p>\n<p>Companies and organizations are sitting on a gold-mine of data these days, given the ease of big and medium data collection.\u00a0 Yet, establishing data analytics to guide decision-making can be daunting, especially for small- to medium-sized companies.<\/p>\n<p>Why is engagement with analytics so low?\u00a0 Why are data analytics so hard?<\/p>\n<p>Here are my hypotheses:<a href=\"https:\/\/firsteval.com\/firsteval\/wp-content\/uploads\/2018\/12\/unicorn.jpg\" rel=\"attachment wp-att-935\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignright size-medium wp-image-935\" src=\"https:\/\/firsteval.com\/firsteval\/wp-content\/uploads\/2018\/12\/unicorn.jpg\" alt=\"unicorn\" width=\"300\" height=\"167\" \/><\/a><\/p>\n<ol>\n<li><strong>Who can do this and where will we find them?<\/strong>\u00a0 With all the hype about <a href=\"http:\/\/www.forbes.com\/sites\/theopriestley\/2015\/07\/01\/chasing-big-data-and-the-data-scientist-unicorn\/\" target=\"_blank\" rel=\"noopener noreferrer\">data scientists as unicorns<\/a>, it\u2019s hard to know who to hire for data analysis.\u00a0 Good data analysts come wrapped in various packages \u2013 statisticians, IT whizzes, business analysts, etc.\u00a0 My advice is to get some advice when hiring or retaining a consultant.\u00a0 If data science knowledge is not within your organization, look externally for help in choosing your data analyst or consultant.<\/li>\n<li><strong>We\u2019re stuck<\/strong>. For a lot of companies and organizations, data anything can sound intimidating. It can be hard to know where to start. Organizations can start slowly, dipping a toe in the analysis waters without a full-on dive in.\u00a0 Start by assessing the data you do collect and already have \u2013 what\u2019s in there that is useful and could guide decisions you already make?\u00a0 Diving in will entail getting to predictive and prescriptive analytics with one\u2019s data, but there\u2019s no rush.\u00a0 It\u2019s ok to start slow.<\/li>\n<li><strong>Too expensive<\/strong>. While data scientists command high pay, you may not need a statistician \/ programmer \/ analyst \/ data story-teller all in one package.\u00a0 Similar to starting small, you will likely derive meaning from your data with a data analyst, or even part-time consultant, who can advise on what your current data and information may reveal.\u00a0 A smart analyst or consultant can also help you determine how much your range of analytics options will cost.\u00a0 Keep in mind the ROI on data analytics is huge \u2013 an investment well worth making.<\/li>\n<\/ol>\n<p>While comprehensive data science skills all in one person seem to be as elusive as unicorns, you don\u2019t need a unicorn to get started down a data analytic path.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A new report shows that \u201conly 4% of businesses can extract full value from the information they hold.\u201d\u00a0 Yes, that\u2019s a single-digit percentage of companies who have the capacity to take full advantage of the data and information at their fingertips.\u00a0 Even for the big guys this is tough \u2013 only 15% of Fortune 500 &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/firsteval.com\/why-is-it-so-hard-to-use-data-analytics-and-are-data-scientists-really-as-elusive-as-unicorns\/\"> <span class=\"screen-reader-text\">Why is it so Hard to Use Data Analytics?  (And are Data Scientists Really as Elusive as Unicorns?)<\/span> Read More &raquo;<\/a><\/p>\n","protected":false},"author":3,"featured_media":6162,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[50],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why is it so Hard to Use Data Analytics? 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(And are Data Scientists Really as Elusive as Unicorns?) - FirstEval-Melissa Kovacs\" \/>\n<meta property=\"og:description\" content=\"A new report shows that \u201conly 4% of businesses can extract full value from the information they hold.\u201d\u00a0 Yes, that\u2019s a single-digit percentage of companies who have the capacity to take full advantage of the data and information at their fingertips.\u00a0 Even for the big guys this is tough \u2013 only 15% of Fortune 500 &hellip; Why is it so Hard to Use Data Analytics? (And are Data Scientists Really as Elusive as Unicorns?) 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