Data Literacy & Analytics Will Only Become More Important In India
Recently, LinkedIn, the world's largest professional social network, published a report highlighting how jobs related to data science and, therefore, data literacy are amongst the fastest-growing, especially in high-potential emerging markets such as India and Singapore. While in India, eight out of the 10 fastest growing employment domains belonged to the IT field, Singapore reported a massive growth of 17x in data-science related jobs.
Undoubtedly, data science is emerging as the strongest buzzwords in the business ecosphere. The reason for this is quite obvious: according to the recent Qlik Global Data Literacy Index produced by Wharton School academics, organizations with higher data literacy scores can realize greater enterprise value worth an estimated $300-$500 million. Greater levels of data literacy can also have a significant positive impact on other key business metrics, such as gross margin, return-on-assets, return-on-equity and return-on-sales.
Changing the game with Data: Why data literacy is becoming a must-have skill for jobseekers
The LinkedIn report analyzed responses and past work experiences of professionals from 2013-2017 to substantiate a well-accepted notion in the business domain: that the country's job market is finally making a transition from
Apart from the current job scenario, the increasing significance of data-related skill sets has been validated by professionals as well. According to an earlier Qlik research, 94 percent of professionals who employ data-related skills in their current jobs have enhanced their efficiency consider- ably. 82% of them further state that greater data literacy will give them more credibility in their workplace. Data-skilled professionals also find it easier to look for better prospects, not only within their own country, but also on foreign shores since 2017, out of the talent pool of data scientists that mi-grated to Singapore from overseas, 21.95 percent were from India. Additionally, data skills are giving a boost to a variety of other job opportunities, such as communications via data storytelling. Data-literate professionals are needed to effectively communicate the data insights to various stakeholders, such as business owners and consumers.
Emerging markets such as India are leading the charge in driving a data-driven transformational culture. The impact they have had at global organizations across industries all over the world goes to show the unparalleled opportunities data literate professionals can unlock for businesses and for their own careers
Whether it's scalability, efficiency of operations, business growth and market leadership, data analytics enables businesses to achieve significant improvement across these segments. As more and more industries jump on the AI and machine-learning bandwagon, an adequately data literate workforce has become a necessity for any organization to survive. Entrepreneurs are willing to invest more resources in improving the data skill set of their workforce, while more than 95 percent of professionals in India have expressed a great desire to upskill and cross-skill. In the entire APAC region, the number stands at 72 percent.
While data literacy numbers overall reflect a tremendous growth, the supply of talented data professionals is woefully short of the demand. Qlik's Global Data Literacy report further stated that almost half (48 percent) of professionals struggle to distinguish between data facts and misinterpretations. This underlines an urgent need for data upskilling to ensure data can be optimally utilized at each level.
Emerging markets such as India are leading the charge in driving a data-driven transformational culture. The impact they have had at global organizations across industries all over the world goes to show the unparalleled opportunities data literate professionals can unlock for businesses and for their own careers.