Share with your friends










Submit

Analytics Magazine

Inside Story: Hot, sexy and in demand

More than seven years ago, McKinsey & Company famously predicted that by 2018 there would be a shortage of 140,000-190,000 people with “deep analytical skills” (i.e., data scientists) in the United States. A year later, a 2012 article in the Harvard Business Review just as famously labeled data science “the sexiest job of the 21st century.”

Now that 2018 is here, how do those statements hold up?

Well, two months ago, an article by Michael Sasso of Bloomberg News declared data science “America’s hottest job.”

So, data science is hot, sexy and in great demand. What can possibly go wrong?

The cover of the June 2018 issue of OR/MS Today, the membership magazine of INFORMS, offers a hint: “Is ‘fake’ data science a threat?” Written by longtime INFORMS member Doug Samuelson, the cover story denounces “charlatans” claiming to be data scientists and doing high-end analytics such as operations research without serious bona fides in either math or statistics. As I wrote in this month’s Analytics newsletter, at a time when the supply of qualified data scientists can’t keep up with demand, it’s no surprise that some erstwhile “business consultants” are hanging out the “data science” shingle a little loosely.

To that point, Bloomberg’s Sasso quoted Daniel Gutierrez, managing editor of insideBIGDATA, who said, “A lot of people are transitioning from other fields like economics, psychology, mathematics because they see the [data science] field is exploding and there’s money to be made.”

Which begs the question: How, exactly, does one “transition” from psychology to real data science without an extensive background in – and a deep understanding of – mathematics and statistics? An undergrad math or stat class won’t get you there. Not even close.

In his article “Bridging the data science gap” in this issue of Analytics, Seth DeLand of MathWorks offers another option on how companies might meet their need for data scientists: leverage the value of in-house engineers by tapping their domain expertise. After all, he says, “these highly skilled employees have spent countless hours designing the tools their organizations rely on every day, and their familiarity with the DNA of the business makes them suitable to develop data science programs that fit the unique anatomy of their organization.”

OK, but does that make them real “data scientists”? Not until they really earn it.

– Peter Horner (peter.horner@informs.org), editor, OR/MS Today and Analytics magazines.

Analytics data science news articles

Related Posts

  • 96
    New research by Continuum Analytics finds that 96 percent of data science and analytics decision-makers agree that data science is critical to the success of their business, yet a whopping 22 percent are failing to make full use of the data available.
    Tags: data, science, analytics, scientists, business
  • 89
    The CUNY School of Professional Studies is offering a new online master of science degree in data analytics. The program prepares its graduates for high-demand and fast-growing careers as data analysts, data specialists, business intelligence analysts, information analysts and data engineers in such fields as business, operations, marketing, social media,…
    Tags: data, analytics, business
  • 84
    July/August 2018 Why optimization models fail AI: Path to an intelligent enterprise How to truly listen to customers Close the deal: marketing & targeting Bridging the data science gap The amazing analytics journey 2018 Forecasting Software Survey May/June 2018 The direction of smart automation Turbocharging AI and ML projects Real-time…
    Tags: analytics, data
  • 83
    Benjamin Franklin offered this sage advice in the 18th century, but he left one key question unanswered: How? How do you successfully drive a business? More specifically, how do you develop the business strategy drivers that incite a business to grow and thrive? The 21st-century solution has proven to be…
    Tags: data, analytics, business
  • 82
    “Drive thy business or it will drive thee.” Benjamin Franklin offered this sage advice in the 18th century, but he left one key question unanswered: How? How do you successfully drive a business? More specifically, how do you develop the business strategy drivers that incite a business to grow and…
    Tags: data, business, analytics


Headlines

Former INFORMS President Cook named to U.S. Census committee

Tom Cook, a former president of INFORMS, a founding partner of Decision Analytics International and a member of the National Academy of Engineering, was recently named one of five new members of the U.S. Census Bureau’s Census Scientific Advisory Committee (CSAC). The committee meets twice a year to address policy, research and technical issues relating to a full range of Census Bureau programs and activities, including census tests, policies and operations. The CSAC will meet for its fall 2018 meeting at Census Bureau headquarters in Suitland, Md., Sept. 13-14. Read more →

Gartner identifies six barriers to becoming a digital business

As organizations continue to embrace digital transformation, they are finding that digital business is not as simple as buying the latest technology – it requires significant changes to culture and systems. A recent Gartner, Inc. survey found that only a small number of organizations have been able to successfully scale their digital initiatives beyond the experimentation and piloting stages. “The reality is that digital business demands different skills, working practices, organizational models and even cultures,” says Marcus Blosch, research vice president at Gartner. Read more →

Innovation and speculation drive stock market bubble activity

A group of data scientists conducted an in-depth analysis of major innovations and stock market bubbles from 1825 through 2000 and came away with novel takeaways of their own as they found some very distinctive patterns in the occurrence of bubbles over 175 years. The study authors detected bubbles in approximately 73 percent of the innovations they studied, revealing the close relationship between innovation and stock market bubbles. Read more →

UPCOMING ANALYTICS EVENTS

INFORMS-SPONSORED EVENTS

INFORMS Annual Meeting
Nov. 4-7, 2018, Phoenix

Winter Simulation Conference
Dec. 9-12, 2018, Gothenburg, Sweden

OTHER EVENTS

Applied AI & Machine Learning | Comprehensive
Sept. 10-13, 17-20 and 24-25


Advancing the Analytics-Driven Organization
Sept. 17-20, 12-5 p.m. LIVE Online


The Analytics Clinic: Ensemble Models: Worth the Gains?
Sept. 20, 11 a.m.-12:30 p.m.


Predictive Analytics: Failure to Launch Webinar
Oct. 3, 11 a.m.


Advancing the Analytics-Driven Organization
Oct. 1-4, 12 p.m.-5 p.m.


Applied AI & Machine Learning | Comprehensive
Oct. 15-19, Washington, D.C.


Making Data Science Pay
Oct. 29 -30, 12 p.m.-5 p.m.


CAP® EXAM SCHEDULE

CAP® Exam computer-based testing sites are available in 700 locations worldwide. Take the exam close to home and on your schedule:


 
For more information, go to 
https://www.certifiedanalytics.org.