ALL DATA POINTS TO BRIGHT FUTURE

Data scientists are now among the world’s most sought-after professions, with businesses lining up to use their valuable skills

PROFESSOR RON WHITE AND PROFESSOR RICARDO J.G.B. CAMPELLO

AUSTRALIAN businesses are using the power of “big data” and data science to gain an advantage over competitors.

Savvy businesses have recognised that with the volume of consumer data growing exponentially, analytics can offer the insights that power business development.

The role of “data scientist” is now one of the world’s fastest growing professions. LinkedIn named “statistical analysis and data mining” as the Top Skills of 2016 in Australia and found data science was the secondmost sought-after job skill worldwide. Harvard Business Review labelled it the “sexiest job of the 21st century”.

So why are data scientists in such high demand and why is data analytics so crucial to business development?

The age of big data has transformed the tools and skills that businesses need to succeed. If businesses want to get ahead, they must produce services and products that improve on what’s available.

An ability to deliver insights and solutions by analysing data can give businesses an edge.

Businesses must be able to assess and predict consumer behaviour. Data scientists are therefore in high demand as they can use analytic tools to understand what consumers want; they scrutinise patterns of buying behaviour and employ their insights to predict trends and future demands.

The huge shortage of qualified professionals is already pushing up salaries, with many top-level data scientists commanding salaries of more than $200,000. A recent survey found that the median salary pocketed by analytics professionals in Australia in 2016 was $130,000.

The jobs website Indeed.com.au reveals that the average salary for data scientists in Queensland is $105,428 per year, based on data collected from employees and past and present job advertisements on Indeed in the past 12 months.

That compares to an average salary of $68,560 for accountants in Queensland, $64,895 for web developers and $83,566 for system engineers.

So even compared to other IT professionals, data scientists command a premium for the work they do. The shortage of qualified data scientists is favouring job seekers.

Australian universities are responding to the need for data science skills by launching bachelor and masters degrees in the data science field, which are crucial to keeping the market supplied with data scientists. For candidates, completing a Master of Data Science can enable you to boost your salary earnings potential and take advantage of the huge demand for data science skills.

You will also be able to get ahead of other candidates, in one of the world’s fastest growing sectors.