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Ireland is chasing to keep pace with data analytics revolution

Ireland is chasing to keep pace with data analytics revolution

By Joe Dermody

IRISH companies are striving to keep pace with data analytics skills shortages while third-level colleges race to make up ground on a five-year lag on industry-wide demand for skills in this area.

Companies across every sector from professional services to retail are seeking out specialised data analysis retraining for in-house accountants and other key staff. Notably, they’re turning to the Analytics Institute of Ireland (AII), which is based in Fitzwilliam Square, Dublin.

The institute has plans to launch a branch in Cork, where demand is also soaring. It is offering a series of targeted certified courses such as its Management

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Diploma in Data Analytics, Certified Data Scientist, and Certified Data Engineer.

Some 550 industry leaders from a wide range of sectors attended this week’s National Analytics Conference, which the Analytics Institute hosted in Dublin’s Mansion House. The institute had to turn down people seeking to attend. A small event a few years back, next year they’ll be needing a bigger boat.

“We had to shut the event a few weeks before we went live,” said Lorcan Malone, CEO of AII. “Salaries are surging, people are telling us they can’t find the talent they need. There is far more demand than supply.

“I believe we are looking at a five-year window before the colleges can catch up. And, of course, it takes time for students to become fully effective in the workplace. That’s why we’ve launched an online professional certification, working with different companies who are helping us to define our courses in line with their needs.”

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Support level data analysts are earning over €35,000 on average, quickly rising to €48,000 for a data analytics practitioner, €53,000 for a consultant practitioner, €80,000 for a data analytics manager, and up to €100k to €200k for team leader and director roles.

Why are they in such demand? Why has data mining suddenly become so essential to the successful running of a business? The key benefits from analytics being sought by companies are deeper insights, the ability to react quicker to changing market dynamics, and to increase customer satisfaction and retention.

Those were among the key findings of the first National Analytics Maturity Report, conducted by the Analytics Institute and UCD Smurfit Graduate Business School and backed by EY Ireland.

Companies are using data to gain a better understanding of their customers and their opportunities. Data analytics also covers areas such as GDPR and data privacy, the veracity of data, real time analytics, machine learning and AI, and the emergence of new data sources.

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Right now, new technologies such as robotic process automation, blockchain and quantum computing are less impactful for most organisations. The study primarily focused on Ireland’s top 100 organisations.

Key findings

    • 27% of companies spent €1m+ on analytics in 2017

.

    • 69% will increase spending on analytics in 2019.
    • 66% of firms will recruit more analytics staff in 2019.
    • 78% see analytics having a real impact on strategy

.

  • 62% say analytics impacts on the bottom line.
  • The No. 1 challenge is moving from insight to action.

“The heart of data analytics is understanding the customer better to get a measurable performance improvement,” said Mr Malone. “For instance, Dublin Airport Authority use it to predict customer flows and spending patterns. They used predictive analytics to know the right products and the times when people will spend money.

“Of course, analytics doesn’t do away with gut instinct in business, but it supports your instincts with data that will ensure you are more effective.

“Of course, gut instinct isn’t always effective. Rather than just always looking in the rear view mirror, organisations are now using predictive analysis to ensure better performance.”

Why now? The current explosion of interest in data has largely come about due to lower costs in AI and computing power. Organisations are running algorithms to get real-time solutions in a way that was neither doable nor affordable 10 years ago.

Eoin O’Reilly, partner and head of data analytics at EY, told the Mansion House audience that he is seeing huge use being made of data analytics and automation in sectors like recruitment and real estate.

Where business analysts previously had to spend days sifting through thousands of documents, they’re now using computing models to come up with real-time solutions to inform their business decisions.

Mr O’Reilly said: “The ‘human’ element is a challenge being faced by many. We need a solid pipeline of talent across the STEM spectrum to address the current deficit, and businesses leaders must focus now on future-proofing their existing workforce through training and development. Ensuring an organisation has data-savvy managers as well as technical experts is the magical formula to move from insight to action.”

Mr Malone added: “Data analytics is delivering extraordinary improvements in productivity. I think we are currently at a tipping point; we’re seeing this move from seeming futuristic to more and more just being a matter of fact in business.

“At the conference, AIB outlined how their apps will help customers predict their spending, warn them when they’re overspending. If they’ve a big tax bill coming up, the app might advise they save some money to cover it.”

Kilkenny Tourism is using data to analyse people’s spending patterns at events, assessing the opportunities and gains in various festivals. SMEs are increasingly using Google analytics to assess web traffic and adapt the site accordingly; retailers are using stock inventory data when ordering; or even a call centre analysing inward and outbound calls.

The use of secure, anonymised data is becoming more commonplace. Most consumers have moved from raising ‘Big Brother’ flags about data mining to seeing the benefits in their daily lives. It is this cross-sectoral explosion of interest which is putting the immediate skills shortages in the spotlight. And this is where the AII’s suite of courses comes into play.

“We see our certification of skills as being key to help

organisations train new people and to retrain their existing staff,” said Mr Malone. “We’re a relatively new organisation, we’ve only been around a few years. We’re hoping to open a Cork chapter soon.”

https://analyticsinstitute.org

[h2]Business Movers[/h2]

Ireland is chasing to keep pace with data analytics revolution

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