Data Literacy and Analytics Will Only Become More Important In India

By Arun Balasubramanian, Managing Director, Qlik India

Data Literacy and Analytics Will Only Become More Important In IndiaRecently, 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, 8 out of the 10 fastest growing employment domains belonged to the IT field, Singapore reported a massive growth of 17X in datascience 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 US$300-$500 million. Greater levels of data literacy can also have a significant positive impact on other key business metrics, such as gross margin, returnon 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 analysed 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 conventional profiles such as software engineers and business analysts to more niche ones requiring highly specialized skillsets. Considering that data has become the fundamental element of business decision making, professionals with the ability to analyse, interpret, and use this data effectively are better placed to reach the top of the corporate totem pole. It is becoming clear that, while not everyone has to be a data scientist, everyone needs to be data literate.

 Apart from the current job scenario, the increasing significance of datarelated skill sets has been validated by professionals as well. According to an earlier Qlik research, 94% of professionals who employ datarelated skills in their current jobs have enhanced their efficiency considerably. 82% of them further state that greater data literacy will give them more credibility in their workplace. Dataskilled 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 migrated to Singapore from overseas, 21.95% 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 machinelearning 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 skillset of their workforce, while more than 95% of professionals in India have expressed a great desire to up skill and cross skill. In the entire APAC region, the number stands at 72%.

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%) of professionals struggle to distinguish between data facts and misinterpretations. This underlines an urgent need for data up skilling 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.

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