Why you should become a Data Scientist right now!
Big Data, Artificial Intelligence, Machine Learning, Deep Learning, Neural Networks,… the bigger the Data Science trend becomes, the more buzzwords you are hearing, making it harder and harder to understand the full potential of these technologies. What this trend could mean for businesses isn’t always clear for everyone. But one thing is sure, the people who will certainly grab the full potential of these opportunities, are Data Scientists. The war for Data Scientists is on! But why is this happening and what are the consequences for the talented professionals?
1# Data Scientists create a massive amount of value
The great thing about data is that everything and everyone is creating and using it. From the operations manager who is shifting stocks between different stores, to the sales manager analyzing his historical sales, to the HR representative conducting tests with potential employees. The power of Data Science lies in the fact that it uses data way smarter to optimize processes. In the case of these examples, Data Scientists would respectively create a machine learning algorithm to automatically shift inventories, or a dashboarding tool which allows the sales manager to analyze the results deeper and faster, or an artificial intelligent prediction tool which supports the HR manager in selecting the right profiles.
Because companies are starting to understand what kind of value Data Scientists can bring to their business, the demand for these profiles is going up. They are automating tasks, delivering deeper insights and uncovering new business opportunities. In other words, they are boosting these businesses in many ways.
2# Data Scientists are in high demand, but in short supply
Economies are evolving at a very high speed thanks to the constant technological innovations. Unfortunately, it is very hard for educational institutions to adapt at the same pace. This leads to gaps in the market. Even if they launch a new educational program to fill market gaps, it takes years for the students to graduate and get their first experience to make them truly ready to create business value. This is exactly what is happening for Data Scientists.
Even now that universities and schools are starting to pick in with Data Science and Analytics masters, graduates are only growing by 7% a year while demand is rising by 12% according to McKinsey & Company. This means the gap between supply and demand is growing bigger year after year. The consequence is that the battle for talent is on, but what does this mean for the Data Scientists and companies?
3# Data Scientists have the upper hand
The logical outcome of a high demand and low supply for every product or service, is a raise in prices. This also applies to the wages of Data Scientists. Companies are offering large sums to attract this talent. If you don’t believe us, just change your LinkedIn job function and wait for the offers of recruiters!
The gross average salary for a Data Scientist, with a couple of years of experience in the field, is already over €50.000 a year in Belgium. This represents a monthly gross salary of 3.600 euros, which is 800 euros more than the overall median salary in Belgium. From 2012 to 2014 the salaries for Data Scientists rose a staggering 16% a year in the US, while the average of all job salaries only rose 2% a year. Knowing that the complete Data Science trend started a couple of years earlier in the US market then in the European one, gives us a promising indication for the future of European Data Scientists salaries.
4# Become a Data Scientist right now
Some might think that becoming a Data Scientist is too hard, but in reality it is certainly doable. Of course you should have some analytical skills and a passion for figures on top of a keen business mindset. But everyone who works with data in their current position can easily make the transition to Data Science. This in combination with the business impact mentioned above, is why more and more people want to become a Data Scientist and are following specialized courses.
The time is now, Data Scientists are highly valued employees with an exciting job and attractive wages. and the data trend is only kicking in. Get into Data Science, boost your salary and assure your future career now!
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