Actually, as a disclosure, I don’t know where I get my socks from. My wife really likes to shop, so I haven’t bought anything (other than gifts for her) since we got married. I am only assuming that the socks come from Target. =)
In all seriousness…Big Data is really starting to explode. Companies (like Target) are using this information (such as the brand of socks you buy) to find ways to increase all aspects of their relationship with you. They want you to buy more…..they want you to buy more often….and they want you to not buy anywhere else.
And, it isn’t just Target. The move towards finding out more about customers has stretched to just about all industries. It is this spike that has led to a shortage of qualified people to take all of these great pieces of data and make sense of it. Find out more in this Financial Post article which as an FYI, was a great free ad for SAS!
There are some real issues to filling in these roles:
These jobs require a pretty unique skill set, to say the least. First, there’s some serious math. The algorithms involved in this likely resemble some of the writing on Sheldon’s white board (from the hit show, “The Big Bang Theory”). For those of you who need a visual, here you go:
However, math is just part of it. You also need to have a good understanding (unlike Sheldon) of business, as you not only need to be able to crunch numbers, you need to be able to know how non-technical people (like Marketing, Sales and Executives) will use them.
Ok, you’re a really smart nerd who also really understands the type of information that non-nerds need to improve their business. You likely have your pick of jobs…..I am sure that there is no shortage of jobs for you on Wall Street (these guys would be a gold mine for investment houses, hedge funds and large investors)…..you can work in Pharma (you will be a great asset to take the complex and explain it to the masses….heck, you can get a job with the Oakland A’s (see my upcoming blog on how Moneyball is just Big Data with Brad Pitt).
My point is that the world has a lot of need for these people, so even as attractive as it may be for people to work in these spaces, these assets will not come cheap.
In an earlier blog, I spoke openly about how M2M / IoT will undoubtedly bring a swift decline to the employment levels of many entry level jobs. Like many things in technology, these roles are often replaced by more advanced roles (which both have significantly higher salaries, along with very specific skill sets to be learned). I suspect that we are in for the same thing.
My personal preference would be for the masses who used to go into making complex financial instruments (like the ones that got us into hot water and helped cause the “Great Recession”) to move away from that and keep track of where my wife buys my socks…
As always, Novotech is ready to assist with your M2M needs. Whether you’re looking to control, track, monitor or back-up, Novotech has the solutions and products you need. View our Line Cards and let us know how we can be of assistance.