As Asia rise to become the region’s and the world’s economic powerhouse, Asian companies will become increasingly sophisticated in its capacity to collect data. A recent Economist Intelligence Unit (EIU) survey across 500 senior executives and frontline managers in the Asia Pacific reveals their eagerness to embrace Big Data and the opportunities the technology brings.
The report highlighted a few interesting findings chief among them, is that there are major barriers to Big Data adoption in Asia. The answer to why this is so can be seen in the EIU survey. The top reason cited by 42% of the respondents is the lack of suitable software but as the vendor eco-system of Big Data matures, this reason will quickly fade into the background. The next reason cited by 40% of the respondents is the lack of in-house skilled personnel to access and analyse the data. This is a lot more challenging to overcome as the skills shortage is not restricted to just Asia.
Like Asia, Australia face similar hiring challenges as confirmed by the 2014 IAPA Salary Survey Report and the United States will face shortages if 190,000 Analytics professionals and 1.4m Analytics aware managers by 2018. With higher salaries and better conditions that these destinations offer, Asia’s skilled shortage may actually become more acute.
To remain competitive, companies including those in Asia, will need to start thinking about their Analytics need and seek to develop them before they miss the current wave of opportunities. To address the skills shortage, Universities around the word are now offering Analytics courses. Some are offering highly technical ‘Data Science’ programs while Universities like La Trobe offer the Master of Business Analytics, focusing on the effective use of Analytics to address business problems and questions.
Companies will need a spectrum of skills in their Big Data team thus, the training each individual requires will vary. Executives for example may want short courses to become Big Data aware while those who need Analytics on a day-to-day basis would seek a formal qualification such as a Graduate Diploma or a Master degree.
Recognising these different needs and to meet the industry’s demand for an Analytics workforce in Australia and abroad, La Trobe University offers a suite of Analytics courses from 1-day Executive programs to rigorous qualifications in the form of a Graduate Certificate, Graduate Diploma or a Master. The Master of Business Analytics is particularly suitable to those seeking deep Analytics skills that translate business problems into solutions through data. Further information about La Trobe’s Executive programs and its formal qualification can be found at the end of this article.
Regardless of the mix of training that company’s need, the shortage of skilled Analytics professionals is now evident and will only become more acute as Asian companies catch up on their Big Data plans. Singapore for example, has embarked on a national Big Data strategy, aiming to use Big Data and Analytics to drive sectorial economic competitiveness and to position itself as a Big Data and Analytics hub. The immediate implication of such a move will only see further shortages of Analytics professionals but for those who are ready, the opportunities will be limitless.
La Trobe Executive programs on offer in 2015
To find out more about these two Executive programs, please visit La Trobe University
La Trobe formal qualifications
To find out more about these qualifications, visit La Trobe University