Analytical gap

A significant trend in recent years has been the explosion of data, driven by IoT and mobile internet. However, as the data sets become exponentially larger, how well equipped are businesses to capitalise on these? Not very, according to PwC’s recently released Global CEO Survey. The principal hindrance identified by the report is ‘a lack of analytical talent’, followed by ‘data siloing’ and poor data reliability. Despite the overwhelming majority of CEOs citing data about customers, forecasts, brand, business risk and competitors as ‘critical/important’, the comprehensiveness of this data within their organisations was still sadly lacking. Most damningly, this has changed very little since 2009, highlighting a lack of progress, which in turn has hampered innovation. The challenge around skills highlights an increasing quest from many industries for the same skill set, leading to short supply. In real estate, as brokers, lawyers, designers, investors, lenders and the public sector all seek out new analytical talent, the talent overlaps between each type of business will become greater, and the ratio of those with traditional qualifications and accreditations to the new breed of analysts within those businesses must inevitably shift. Meanwhile, those who possess such talent, will find themselves in an enviable position. It’s never too late to retrain!