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How Has The Short Supply of Data Analysts Impacted The Industry?

Is Data the world’s most valuable asset? Every business has it, most use it, and the best transform their businesses with it. It’s unsurprising, then, that there is now an enormous demand for Data Scientists, Data Engineers, and all forms of Analysts. Whilst many enterprises are now beginning to see the benefit of internal Data education, progress in upskilling remains slow. But how is this impacting the industry?  Education, Education, Education For starters, with the evolution of Data, we have also seen an evolution in education. Universities have long been our source for acquiring knowledge, skills, values and beliefs. As such, they continuously reinvent the way they educate, modernising and adapting to the present day. So, it will come as no surprise that we are seeing more and more Data focused programmes and degrees in top universities around the world, including in the Nordics.  This is a great way of organically growing Data talent and supplying businesses with freshly educated minds, and should, in the long term, help conquer the short supply of talent available. As there is little to no sign that Data will become irrelevant anytime soon, providing an education in this area makes sense. And, with so many training and educational opportunities now available, businesses looking to upskill their employees have the option to externally fund their development. A Fountain of Youth Another highly visible effect of this talent shortage, and something unique to the Data & Analytics industry, is a lack of experienced leaders. Whilst there definitely are great leaders within this space, all with plenty of knowledge, the young make-up of the market means that their experience is often limited. Having reported on the state of the industry in our Diversity Report, Harnham found that over 60% of the Data & Analytics community is aged between 25 and 34, with 35% aged between 35 and 44. In other words, those leading the industry are young, or at least younger than in many more established industries. There are some obvious reasons for this, as Data is a relatively new field, and its importance to businesses has only emerged somewhat recently. Of course, having young leadership does not imply ignorance or inadequacy, but simply highlights how young the industry is, and how those leading may still have plenty of room to develop.  Fast-Paced Progression Going hand-in hand with young management is, unsurprisingly, an industry that offers fast progression. From the moment you step out into the wild world of Data & Analytics, there are numerous opportunities to progress quickly into specialist and management roles. However, this has stabilised somewhat recently.  Our 2019 Salary Guide uncovered that it now typically takes 10 to 12 years to reach a Director/Head of position. Obviously these numbers are an average, with those in Digital Analytics progressing significantly faster than those in Risk Analytics, alongside natural variations depending on the sector and size of individual businesses.  What remains apparent is, with such a high demand for talent that’s in short supply, it is crucial that businesses can both recruit and retain the best individuals out there. By keeping the above in mind, and ensuring that education, progression and leadership opportunities are on each employee’s career path, enterprises stand a better chance of getting hold of, and keeping, the best people in the industry.  If you’re looking to get hold of the best employees in a talent-short market, or are looking to take the next step in your career, Harnham can help. Take a look at our latest opportunities or get in touch with one of our expert consultants to find out more. 

by Elise Myhren

12. December 2019

A Decade of Data

Y2K was nearly 20 years ago. Remember when we were all worried about the massive changes that could mean; the preparations we made getting ready for the turn of the century? Ten years later, we scoffed at our worries and hopped on the Data bandwagon…some of us. Others are still trying to catch up but in recent years, most businesses have realised it isn’t a matter of “if” you should have a Data strategy and begin to build your team, it’s a matter of “if you don’t do it, you’ll be left behind.” As the year and the decade come to a close, we thought we’d take a look back and see some of the trends which have shaped a decade of digital transformation. And like everyone who takes a moment to look back and reflect, in our next article, we’ll take a look forward and see what surprises 2020 has in store. Data Trends Then and Now Still reeling from the financial crisis of 2008-2009, budget concerns were top of mind for many. The takeaway? Plan, and be flexible.  Other trends which began in 2010 still exist today, but the vocabulary has changed. And there are further changes still which impact our technologies today and in ways we may not have realized. Train and Retrain becomes Upskill and Reskill. In 2010, organisations were advised to train, and cross train their staff. Not much has changed in ten years as it’s just as important now. Only the vocabulary has changed. Now it’s upskill and reskill those employees with the skill and inclination to pivot into more Data-centric roles within your company.Colocation Concerns Give Rise to the Cloud. Astronomical real estate costs for Data centre space and colocation prices drove businesses to find another way to store and manage their Data. As Cloud Computing spread, it allowed companies to avoid costly IT infrastructures. Not only did this save money, but it also gave businesses the flexibility they needed. In addition to the benefits of enterprise level organisations, cloud computing levels the playing field for smaller businesses to get in on the game.Virtual in the Palm of Your Hand. Smartphones and apps offer project management of our businesses and personal lives from “what’s for dinner?” to “let’s schedule our next meeting.” Our smartphones are a one-stop shop for phone calls, text messages, video conferences, scheduling, communication with remote teams, online banking, bill pay, and more.Eco-friendly is not an option, it’s an imperative. Carbon-emissions and reduction plans were already abuzz within companies. Today, Data has evolved from LEED green building certification to massive advances and predictions on the climate crisis. Standards are set.Blockchain finds friends in finance, and beyond. Though it debuted in 2008 in the finance industry, it was quickly snapped up in every industry from manufacturing to retail to shipping; any business requiring a more organised supply chain.  Rise of Automation and Artificial Intelligence (AI) offers benefits beyond basic tasks. While this evokes fears for many in the workforce, there are benefits which is what’s driving things forward. While this is intended to streamline processes and avoid health risks in dangerous places like factories, there is still some cause for concern. However, some studies suggest people are happy to allow computers to take on mundane, routine, and menial tasks, freeing humans to think more creatively.  Getting Social Goes Online. Though platforms like Facebook and MySpace (yeah, remember MySpace?) were already available in 2010, the plethora of platforms today was a glimmer in our smartphones’ eye. No longer relegated to youth culture, social media has become one of the most important ways for leaders and corporations to communicate with people.  The Information Age has morphed into the 'Data Decade', with improvements across Data and Analytics, AI, and Machine Learning just to name a few. It’s enhancements within these spectrums which allow Data professionals to search and sort more quickly to provide the most useful Insights for their enterprises.   It’s estimated that in the next couple of years, 90% of companies will list information as critical and Analytics as essential to their business strategy. If you’re interested in Marketing & Insights, Robots and Automation, Big Data and Digital or Web Analytics, we may have a role for you. Take a look at our latest opportunities or get in touch with one of our expert consultants to find out more. 

by Joshua Carter

03. December 2019

‘Tis The Season Of Data: Black Friday Is Here

It’s that time of year again. Decorations are going up, the temperature is dropping daily, and the year’s biggest shopping weekend is upon us.  Black Friday and Cyber Monday may have started stateside, but they’re now a global phenomenon. This year, in the UK alone, shoppers are expended to spend £8.57 billion over the four-day weekend. But, for retailers, this mega-event means more than a cash injection. In the world of Data, insights gained from shopping and spending habits during this period can dictate their product and pricing strategies for the next twelve months.  So what is it, exactly, that we can stand to learn from the Black Friday weekend? THE GHOST OF BLACK FRIDAY PAST There are a few interesting takeaways from 2018’s Black Friday weekend that will likely impact what we see this year.  Firstly, and perhaps unsurprisingly given that it’s a few years since the event has become omnipresent, spending only increased about half as much as initially predicted. There are a number of reasons for this, but cynicism plays a central role. More and more, consumers are viewing Black Friday deals with an element of suspicion and questioning whether the discounts are as good as they’re promoted to be. This, combined with other major annual retail events, such as Amazon’s Prime Day, means that this weekend no longer has the clout it once did.  However, 2018 also saw marketers doing more to stand out against the competition. Many businesses have moved away from traditional in-your-face sales messaging and some are even limiting their Black Friday deals to subscribers and members. By taking this approach, their sales stand out from the mass market and can help maintain a level of exclusivity that could be jeopardised by excessive discounts. In addition to branding, marketers making the most of retargeting saw an even greater uplift in sale. Particularly when it came to the use of apps, those in the UK using retargeting saw a 50% larger revenue uplift than those who didn’t.  So, having reviewed last year’s Data; what should businesses be doing this year in order to stand out? GETTING BLACK FRIDAY-READY WITH DATA Businesses preparing for Black Friday need to take into account a number of considerations involving both Marketing and Pricing. For the latter, Data and Predictive Analytics play a huge role in determining what items should go on sale, and what their price should be.  Far from just being based on gut instinct or word-of-mouth, algorithms derived from Advanced Analytics inform Machine Learning models that determine what should be on sale, and for how much. These take into account not only how many of each discounted product need to be sold to produce the right ROI, but also what prices and sales should be for the rest of the year in order to make the sale financially viable.  In terms of Marketing, Deep Learning techniques can be used to accurately predict Customer Behaviour and purchases. These predictions can then reveal which customers are likely to spend the most over the weekend, and which are likely to make minimal purchases. Marketers can then, in the lead up to Black Friday, target relevant messaging to each audience whether it be “get all you Christmas shopping in our sale” or “treat yourself to a one-off item”. By carefully analysing the Data they have available and reviewing the successes and failures of their Black Friday events, businesses can generate greater customer loyalty and improve their sales year-round. If you’re looking to build out your Marketing Analytics team or take the next step in your career, we can help. Take a look at our latest opportunities or get in touch with one of our expert consultants to find out more. 

by Tamara Olori

28. November 2019

Marketing Insight And The Customer Feedback Loop

As the holidays approach, Marketers are focusing more than ever on User Experience (UX). They’re not only looking at what kind of product customers might want or need but how will it look and feel to them? If a product doesn’t have what you need or doesn’t function as appealingly as others, what good is it? Key elements such as aesthetics, usability, and ‘feel’ are integral to the user experience. Because these elements come from such seemingly disparate departments as Marketing and Developers, it’s important to figure out how to come together for the ultimate UX. After all, if today’s buyers buy experiences over tangible products, then ensuring the experience is important to bridging the gap between customers, marketers, and developers. This, when done right, helps to build and retain customer relationships; the foundations upon which business is built. Design User Experience with M&D By bringing marketers and developers (M&D) together, you create the opportunity for innovation. But there are some key elements to consider when designing UX and it follows four stages. Do your research. Identify needs, spending patterns, buying behaviours, and historical data to determine what it is customers desire. Find out what they want or need and give it to them. This is the role of the marketer backed by development.Gather the data. Using multiple touch points across multiple sources and channels, find what works. What product offers usability and determine how design choices can help to create a seamless experience for your customer.Design your idea and create a prototype. Brainstorm your design. What are its product features, user interface, and aesthetics? Does it look user friendly? Would you pick it up off the shelf? Why? What is it about the product that makes you want to have it? What problems can it solve for you?Time to Test it. Is your product user friendly? What are its useful functions? How does it look? Feel? Incorporate feedback to improve its performance, function, or aesthetic. What does your test market say? Would they buy it? Why or why not? Bridging the Gap with collaboration We can forget sometimes, lost in our jargon and our buzzwords, that it’s the customer who we hope will benefit from our product or service. Yet, traditionally, marketers gathered customer preferences and drove sales, while developers designed products based on those preferences. However, the two departments were often siloed and creativity, usability, function, and aesthetics either got overshadowed or underrepresented to varying degrees. Enter customer feedback an integral point of reference for all parties involved. Customers are at the heart of user experience and it’s their feedback which can inform the user experience. What better marketing insights than those straight from the customer? Working with Marketers and Developers, customers provide a crucial component to helping marketers understand market dynamics. On the flip side, customer feedback can help mitigate risk or issues down the road by providing solutions and helping to resolve problems. the impact on Product Development By conducting user experience testing, marketers and developers can determine if a product is a good fit for customer needs. At the same time, they may identify issues to be resolved which can be learned of in real-time for a better user experience once the product is launched. Each has their role to play in designing the user experience and contributing to market insights for more informed business decisions.  These include: Marketers are part of the design experience from conception to inception. They are responsible for gathering the data to identify problem areas, working with Developers to create a product or service to solve a problem, and gathering data from the customer. Do they like this product? Why? What pain points does it serve? And how can it be made better or improved? Developers are the designers. They must take the information the marketers have collected and try to make the product into something functional and aesthetically-pleasing. Though they operate more at the back-end, they too much collaborate with customers to capture issues and solve problems. Developers test the products, making improvements as needed. Each stage a constant in UX design.Customers offer invaluable data and metrics through their feedback and reviews. The insights they contain as the end user about using the product, revealing its challenges, and suggesting room for improvement, make this three-part collaboration the final link in the chain between marketers, developers, and customers when it comes to designing the ultimate user experience. If you’re interested in the relationship between insights and UX, we may have a role for you. Check out our current opportunities or get in touch with one of our expert consultants to learn more. 

by Rachel O'Keeffe

21. November 2019

Client & Candidate Testimonials

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We understand the challenges our customers face and offer the recruitment solutions needed to drive business success through Data & Analytics

“Harnham has assisted us over the past 10 months to help expand our customer analytics function. They are a professional, committed and knowledgeable team who have provided high quality candidates and have understood our requirements thoroughly.

Harnham have consistently delivered high-calibre professionals for our team and will be an ongoing source for analytical placements.”
Head of Customer Analytics – International Retail Bank

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