KEEPING PACE WITH TECHNOLOGY AND BIG DATA

How IT companies can bridge the gap between ever-increasing talent needs and ever-changing technology?
Table Of Contents
1. Technology's part in the play

• The Influence

• The dominance of Big Data

• Top 10 Big Data Statistics for 2021

• A dramatic change in the role of the IT Sector

• Increasing technology demands

2. The Widening skills gap

• Difference between talent needs and changing technology

• Surge in the role of Data Analytics talent

• Most in-demand IT Tech roles

3. Ways to fill up the void

• Hiring the best talent

• Growth of Freelancing

• Solutions to secure the right talent

• Best AI Recruiting Tools

4. Future of Big Data

• Important Big Data future trends

5. Useful Insights
Technology's part in the play
The Influence

Today it's a fact that technology is developing at a breakneck pace. A decade ago, things that weren't possible are now taken for granted, like

5G-connectivity, virtual reality, robotics, and many more... Now, everybody has this one question in mind- 'When will there be the next

breakthrough in technology?'

It is evident that there has been an increase in the proliferation of digitized devices and services, and this rate of change is likely to accelerate

due to the presence of 'frontier technologies' – AI, robotics, biotechnology, and nanotechnology.

The topmost priority of big companies is Big Data. These companies rely heavily on Big Data to remain competitive and to sustain themselves

in the market. However, Big Data technologies are changing so fast that companies have difficulty keeping up with the talents to support

these changes.

The expanding digital world is creating new tech demands that require specific skills and is changing the condition of the talent shortage. It's

onerous to hire the right set of people capable enough to have the right skills to keep up with the changing technology demands.

The dominance of Big Data

Big Data refers to the collection of data with huge volume, greater variety, and velocity and is growing exponentially with time. There are
three types of Big Data-

1. Structured

2. Unstructured

3. Semi-Structured

It's been forecasted that by 2027, the global big data market will grow to $103 billion; the software industry will dominate the Big Data
market with a share of 45%. In 2018, the value of the global Big Data and Business Analytics market was $169 billion; it's estimated to
increase to $274 billion by the end of 2022.

Various big companies leverage Big Data for the following reasons:

For uplifting customer retention

Amazon uses big data analytics to increase customer retention by observing customer trends and market the products specifically to
interested customers.

2. For successful Marketing Campaigns

Netlfix uses big data analytics to create effective marketing campaigns by collecting data based on users’ watching habits and search
history.

3. For the purpose of Risk Management

Starbucks employs big data analytics to collect and analyze the huge internal data for short and long-term risk management strategies.

4. For Product Creation

Burberry, a Brisitish Luxury fashion house provides truly personalized products to its customers with big data analysis.

5. For Supply Chain Handling

Pepsico analyzes the raw materials, products in the warehouse inventories and the retailer details to understand the production and
shipment needs with the help of big data.

*A recent survey indicated that 6 out of 10 companies have a minimum of one big data process operation. The integration has benefitted the
companies massively; hence they will continue to invest in big data. A recent survey indicated that around 70% of the companies consider big
data as the critical factor to stay successful.

Top 10 Data Statistics for 2021

By 2023, the big data industry will be worth an estimated $77 billion, which is roughly 70% of Bill Gates’ net worth.

2. 81.7% of companies have a mix of legacy and modern cloud technologies — highlighting the rapid transition to the cloud continues year
over year.

3. The statistics show the banking sector generates unparalleled quantities of data. The amount of data generated each second in the
financial industry will grow 700% in 2021.

4. Unstructured and semi-structured data (like JSON) now make up an estimated 80% of data collected by enterprises. This stems from the
rise of mobile devices, applications, wearables and the Internet of Things (IoT).

5. 2,000,000,000,000,000,000 bytes of data are generated each day across all industries.

(source- sigmacomputing.com)
6. By 2023 majority of enterprise companies will have their data stored in a public cloud data warehouse, like Snowflake, Amazon Redshift,
and Google Big Query.

7. Most companies only analyze 12% of the data they have. You got it, that means 88% of data goes unanalyzed.

8. For the majority of workers it can take hours or even days to find the right data they need. Only 3% of employees are able to get the data
to answer their questions in seconds.

9. About 71% of business experts have a desire to improve their data literacy skills.

10. It’s no secret that more people need access to data. The desire to arm employees with insights has 62% of companies claiming self-service
business intelligence is essential in 2021.

(source- sigmacomputing.com)
A dramatic change in the role of the IT Sector
It's seen that in the last few years, the IT sector has shifted its role from a supporting one to becoming a significant business partner. This
sector has made its way from the back office to the board room. The involvement of IT in business operations can help turn deep, valuable
insights into effective business decisions.

IT sector utilizes Big Data for the following purposes:-

1. To collect detailed and in-depth information for efficient management decisions.

2. To improvise the products and services as per the needs of the customers.

3. Helps to predict market trends and future needs.

4. Improves the inefficiencies that are present in the company's supply chain.

5. Helps to improve customer acquisition and retention.

The shift of IT from the backend to the frontend might still be new, but the companies have realized that they have to leverage the "all in"
approach to benefit from big data.

Increasing Technology Demands

Companies use big data to collect, process, store, and extract valuable insights, but as companies collect more and more data, utilizing
superior technologies increases to extract valuable insights. Some of the evolving tech demands are:-

1. Leveraging AI in every possible way

Businesses leverage deep learning, which is a subset of Artificial Intelligence, to solve complex business problems. This may lead to the
demand for developing new tools in order to collect and analyze data. It's no doubt that AI speeds up the analysis, but the prominent
factor is the 'data quality that is structured by various data scientists and machine learning experts. Each passing day requires new
developments in technology; hence companies should take the maximum benefits from AI because it has become an integral part of the
success of a business.
2. There is a necessity for speed

The emphasis has always been on the right data rather than on the big data. Today, data processing is not considered significant rather,
how fast the data can be processed to make real-time decisions is given more consideration. Consequently, stream processing platforms
like Apache Spark, Apache Kafka Streams, Amazon Kinesis, Google Cloud Dataflow, IBM Streams, and many more have been on the
rise.

3. More privacy protection

Nowadays, everybody has digital devices, smartwatches, IoT devices, etc., which means more data for interpretation. Due to such
devices, companies get huge volumes of data to process and more access to valuable information. Conversely, the risk of data getting
into the hands of the wrong individuals also arises. Data analysts' responsibility is to stay vigilant against breach of data, harmful
algorithms, and much more. Hence the need for having stringent privacy controls and procedures has become the need of the hour.

4. More emphasis on variety rather than volume

Big Data comprises of 3Vs:- Volume, Velocity, and Variety.

Volume – refers to the amount of data that is generated regularly from websites, portals, devices, etc.

Velocity- refers to the speed with which data is generated.

Variety – refers to the structured, unstructured, and semi-structured data that machines or humans can generate.

It is estimated that 2.5 quintillion bytes of data are generated every day. The focus has been shifted from big volumes of data to a wide

variety of data to make the most of what big data has to offer. If data analysts have to meet the company's demands, they should

provide live, new data sources.

The Widening skills gap

Difference between talent needs

and changing technology

Technology is changing exponentially, but the talent needed to operate this technology is lacking behind. The COVID 19 situation has spurred

digital transformation and technological advancements; therefore, lack of tech talent can jeopardize with company's plan.

It's the need of the hour to hire people well informed with changing technologies. The skills gap refers to the difference between what

companies require and what employees can do. IT sector supports the business; rather, it has become the business; it has become the

backbone of business in the 21st century.

It has been observed that companies are facing difficulties while recruiting the right candidate, and they believe that skills shortage among

the applicants is the major cause for the struggle in the hiring process.

Surge in the role of Data Analytics talent

The amount of data that is generated annually has seen a dramatic surge over the last two decades; this is because the web connectivity

through devices has increased. This huge volume of data needs processing to gain valuable insights, but companies cannot take

advantage of the data due to a shortage of data analytics experts.

Today the demand for data analysts is making headlines again. 3 years back in 2018, the World Economic Forum researched and

published "the future of job reports" and declared that by the year 2022, 85% of the companies would have leveraged big data and AI

technologies. It was also concluded that 95% of the companies were planning to hire staff with specific skills to cope with the big data field

changes.

It's obvious that new tools and technologies will continuously be introduced in the market and will change the skills required to operate

them. Thereby, companies are automating their data analytics platforms at a higher rate. This automation will increase the job role of

data analysts.

Most in-demand IT Tech roles

1. AI/ML Engineer

The tech industry has recently shifted its focus to the upcoming field of automation. Thus, AI and ML Engineers are high in demand, and
by most measures, it is considered one of the best tech jobs in the future. The engineers leverage big data to develop models for NLP, image
recognition. They extract data and use that data to create efficient models and deploy these models using embedded code.

2. Data Scientist

Businesses are collecting an unprecedented amount of data every day that requires experts skilled in data science. Data Scientists compile,
clean, and present filtered out data to organizations to make better-informed decisions. According to Glassdoor, it is one of the best
satisfying tech jobs out there. For this role, a person should have the competency to collect, analyze, interpret and draw out valuable insights
from the data.

3. Data Analyst

The main responsibility of data analysts is to draw actionable insights from the presented raw data. Data Analysts are required in a wide
variety of industries – criminal, finance, judiciary, government, etc. They try to make out sense from the existing data, whereas data scientists
discover new ways of collecting and analyzing data that can be put to use by data analysts.

4. DevOps Engineer

DevOps Engineer fills the gap between software development teams and IT Operations. He/she works with various teams to create and
implement software systems. This carreer path is still evolving and has bright scope in the future. People employed in this field are experienced
IT professionals who collaborate with software developers, quality assurance professionals, and IT staff to manage code releases.

5. Software Engineers

The number of jobs for software engineers isn't going to fade soon. As per Glassdoor, experienced Linux Software Engineers can earn
$134,000 a year. Software engineers perform the following tasks-

• Research

• Design

• Implement

• Support software solutions

Every industry in this world uses some kind of software that software engineers develop. The future of this job role is quite promising.

The in-demand technology for software developers are:-

• JavaScript

• Java

• Node

• Elixir

• Clojure

• Python

Ways to fill up the void

Hiring the best talent
The most significant component of the IT sector is the people, without whom technology is worthless. Without the right talent, it's
impossible to leverage all the benefits that these ever-changing technologies have to offer. Technology is changing rapidly, and the
demand for people equipped with certain specific skills to make pace with the changing technology is increasing exponentially.

It's high time for organizations to hire people with the right set of skills required to do a specific job. To maximize the benefit of technology,
it's essential to look for a candidate capable enough to operate these technologies. Unfortunately, schools and universities are not
providing the required skills in the industry; hence it is up to the individual only to enhance their skills.

You will find many sites on search engines giving detailed information on the precise skills required for a particular job. Go search for it and
then carve your path accordingly. Companies worldwide have adopted various strategies to attract and retain the best of talents in their
companies.

After all, a superior candidate is estimated to be 8x more productive than an average candidate.
Growth of Freelancing

Freelancing is now considered as 'the future of work.' The freelancing economy has escalated over the past decade. The workforce of

freelancing is quite young- 70% of the freelancers are under 35, and 21% are above the age of 25 years. It has been observed that

individuals are more inclined to freelancing at the beginning of their careers or those at the end of their careers. The paycheck depends on

your work experience and portfolio.

People have drifted from normal 9-5 jobs to freelancing as they feel freelancing provides flexibility to them in terms of working. They can

complete the assigned task within the time duration at their home only. Earlier, freelancing was considered a passive income source for

students, but now working individuals benefit from this source of earning income.

It has been seen that individuals who started as freelancers have opened up their own companies and are hiring local people to do their

jobs.

The advantages of freelancing are countless:-

1. Flexible work hours

Skip the monotonous 9-5 job and work whenever you like as per your convenience.

2. No worries of working location

If you love to work from home or work while travelling, and don’t want to constrict youself an office job , then definitley freelancing is the
right choice.

3. Freedom to choose your desired project

Freelancers have the flexibility to select the projects they want to work on! It’s amazing., isn’t it doing waht you love...

4. Better work-life balance

There is no pressure from the management as you are your own boss.

5. Get paid and appreciation for your work

Submit the work on deadlines and get remuneration that you agreed for and not only this you will also get good reviews on your
freelancing platform profiles’ to help you get more prominent clients.

Solutions to secure the right talent

Take Referrals

Remember the old saying "I get by with a little help from my friends." Put in efforts in searching for people who are already around you;

take referrals from your employees, approx 48% of the businesses claim that their top quality hires come from employee referrals.

2. Utilize Job Boards

The web is flowing with job board sites, use them, make your job visible to a wider audience by utilizng various online job posting sites.

Make sure to opt for the right sites for your job search as many sites are often industry specific.

3. Keep a Constant Communication

Maintain a secure relationship with all your applicants, keep the channel of communication always open even if the candidate wasn’t

selected. Make the applicants feel secure. It has been observed that many companies either don’t respond to its appliacnts or use

automatic rersponses. Even if a candidate turned out to be unsuitable for the job but showed some potential, then always keep that

communication channel active.

4. Expand the Candidate Pool

If you aren’t able to find the right candidates in your local area then increase your job search area. Another best option is to hire
remotely, remote work attracts candidates and will surely give you a long list of qualified candidates.

5. Leverage Social Media Platforms

Source talents from various social media networks, 95 percent of companies surveyed said they successfully hired from LinkedIn, while
24 percent pointed to Facebook and 16 percent credited Twitter. Social media platforms are a great way to from and maintain
relationships with passive candidates. Go, use every bit of social media!

6. Inculcate Positivity in the Work Culture

Candiates prefer those companies where the work culture is great and the work environment is positive. Instill positivity in your
company’s culture and mission. If you cultivate a progressive company culture then more employees will approach you.

Best AI Recruiting Tools

Paradox leverages ML to interact with the applicants with the help of OLIVIA (a conversational UI). It provides such an amazing experience

that the candidates feel like they are talking to a person rather than a robot. It helps to answer the key questions of candidates during the

hiring process. This tool has been utilized by Wendy's, US Xpress, Koch Trucking, and Houston Methodist.

The chatbots of XOR are able to hire both inbound and outbound candidates. The AI tool makes the hiring process easier by screening

candidates, scheduling interviews, and answering questions over text message, email, live chat on career sites, recorded videos, and WhatsApp

messaging.
Hiretual’s AI aids the recruitment team to search engage the best applicants. It collects data from across the web and creates a shortlist of right
candidates that your hiring team can interview. Companies like Wayfair, Intel, Continental, Nike, and Ceridian favour Hiretual.

Humanly’s AI powered chatbot is especially bulit for mid-market companies.This tool is very well known for its simplicity and fast
implementation. The tool gives access to the hiring team to screen and schedule candidates in a DEI friendly manner. It is often employed by
companies like Swiss Monkey,Armoire, Tiny Pulse, Oakland Roots, and BPM.

The USP of Seekout is that it can create a shortlisted list of candidates based on the job description. 23andMe, Activision Blizzard, Salesforce,
Twitter, and VMware use this tool to make their hiring process effective. One can also use this tool to create personalized sequences to reach out
to right candidates.
Future of Big Data
Important Big Data future Trends
A decade ago, the global data displayed exponential growth, and since then, the growth has been increasing. This huge amount of data is
created mainly via the internet and also by IoT-enabled devices and sensors. It's true to say that the world is now heavily powered by big
data.

Taking into consideration the current scenario, the future of big data is very promising. The important future trends of big data are:-

1. The metadata system will be much smarter

2. Cloud Data will reform the customer experiences

3. Big Data will have researchers in their work

4. Augmented analytics will fasten the decision-making process

5. Big data will be more accessible due to development in cloud technology

Useful Insights

1. Top 13 Technology Trends That’ll Rule In 2021

2. AIoT: The Robust Combination Of AI And IoT

3. 8 Approaches To Involve AI In Digital Marketing For Your Business

4. 13 Best Examples Of Artificial Intelligence In Everyday Life

5. Artificial Intelligence In Banking  -  Opportunities And Risks

6. How AI Can Drive Better Customer Experience?

7. Top Robotics Companies In World To Watch Out For In 2021

8. Effective Strategies that Helped Me Grow My Freelance Business

About Digitalogy

Hire the top 5% of software talent, risk free!

Digitalogy is an NYC-based on-demand Tech sourcing, Product Consulting, and custom Matchmaking platform. The ultimate focus is to

connect companies with top-notch Custom Software Development Teams or Freelancers (US/Canada based) and vice versa.

You can either;

1. Apply as a developer

2. Hire a freelancer

(www.digitalogy.co)

Trusted by Top Companies