How Your Organisation Can Prepare for the Dearth of Data Science Professionals

“Australia’s capacity to remain competitive in the digital economy is contingent upon its ability to harness the value of data. “ – Angus Taylor, Assistant Minister for Cities and Digital Transformation

According to a recent Australian government report, by 2020, the volume of data in existence will reach 44 zettabytes, or 44 trillion gigabytes. In other words, soon, we will have access to prodigious quantities of data, data that is becoming increasingly valuable and significant for businesses, the economy and government.

Aware that this colossal pool of information will need people equipped with the necessary skills and expertise to understand and analyse this invaluable resource, the Australian government is adopting a proactive strategy. It designed the Australian Public Services (APS) Data Skills and Capability Framework to improve government investment in technology and cultivate a workforce that possesses the data skills and capabilities necessary.

It’s a strategy that makes a lot of sense given that Deloitte forecasts a 2.4% annual growth in demand for data science professionals for the next few years. In actual figures, this means organisations will need to fill an additional almost 40,000 roles, a number that is not in line with the 1.5% overall annual growth for the Australian labour force over the same period. Furthermore, 76% of businesses say they are planning on increasing investment in analytics capabilities over the next two years. All of which means that talent with the required skills will be in high demand.