Last week, I had the opportunity to attend a webinar entitled, “The Staunch Need of Data Literacy – Unleashing the Power of Data Science.” The informative webinar discussed various topics, all of which were extremely valuable, particularly in this digital-first day and age. Here’s a quick breakdown of what was presented:
Data-First Organizations: Enterprise-level organizations are on a journey to become data-first, but launching a high-quality, data skills-learning solution from scratch is challenging. Major questions concerning which options are the best were explored, including: A) Hiring expensive data scientists; B) Constant upskilling of the existing resources; and C) Outsourcing the functions.
Being a Data-Driven Organization: Making data accessible and ensuring its quality are key to breaking down barriers in becoming data-driven.
Leveraging Insights from Data: In order to gain an inclusive view of a business, information must be collected from a wide variety of data sources. It’s a fact that insight-driven organizations are growing at an average of 30% annually. Data insights are changing the basis of competition. The world’s leading companies are using their capabilities not only to improve their core operations but also to launch entirely new business models.
Demand and Supply (in Terms of Skills Shortage): One of the main reasons for the shortage of data scientists in the industry is because most companies are learning how to leverage the value of data science in order to make informed business decisions. The increasing demand for analytics has given rise to an exponential shortage of data scientists. And, although many are currently pursuing data science as a career, there just isn’t enough available skilled labor to meet the global need.
Infrastructure Required to Manage the Data: A resource-intensive data center and what it entails are the core assets of any organization, even if it’s a billion-dollar enterprise; information is the currency of business today.
How PRAKAT can add value
- Outsourcing: Data analytics requires the skills and technical know-how of experts. This is where outsourcing can help you. Outsourcing data analytics to an experienced service provider like PRAKAT can enable your company to leverage the real benefits of data analytics. We have a large array of data scientists who are highly qualified, experienced, and specially trained. Our data analytics experts are highly proficient in using the latest and best data analytics tools including technologies and techniques to help you make the most of your data assets.
- Data Sourcing: PRAKAT also has its own data science tool: ASTRA, which is an end-to-end analytics platform.
- Talent Development: PRAKAT can help in the process of talent pool development (Build-Operate-Transfer model). Many organizations need support for skills required to manage the speed and complexity of change that digital transformation requires – that’s where BOT comes into play.
3.A. Build the foundation: In this phase, PRAKAT aligns with the client on setting results-driven goals.
3.B. Operate: On-the-job training and help resources to obtain hands-on experience by working on live projects alongside experts.
3.C. Transfer: PRAKAT transfers trained resources to the customer organization as FTEs.
About the Author: Ranjith Abraham is Prakat’s VP of Customer Strategy and he works with the Core Team to ensure customer satisfaction through customized solutions.