Many companies are seeing their data-driven journeys hit a major roadblock when it comes to attracting and retaining data science talent. The IT skills gap is certainly a chief reason organizations should build data science capabilities throughout the company, but a recent CMSWire article outlines additional considerations, including: 

Building a Talent Pipeline 

Most organizations face two scenarios when it comes to data science talent—competing for candidates in a competitive job market or creating it in-house. By training existing employees, companies can ensure they have ready access to data science expertise when they need it. In addition, current staff tend to be more loyal than new hires and are likely to remain with the company compared to the latter who may be tempted by another offer. 

Subject Matter Expertise

It’s unrealistic to expect data scientists to be experts in finance, marketing, customer service or other areas of the business. But because data teams aren’t typically close to the problems they’re attempting to solve, they may not see connections in the same way as someone with the subject matter expertise. 

Increased Collaboration 

The ubiquity of Google Docs illustrates how collaboration and productivity are intrinsically linked. From a data science perspective, as collaborative no-code analytics tools become more widely available, stakeholders from different areas of the business will be able to work together in real time to collaboratively solve problems. 

Accelerated Time-to-Insight

The average data science team is typically already juggling numerous projects, which can make it difficult for them to respond efficiently to new developments. If data science capabilities are extended throughout the organization, however, companies can tighten up their analytics timelines and respond more nimbly to market changes. 

Diversity of Ideas 

Empowering more people with data analytics capabilities means there will be a greater number of ideas. This in turn increases the likelihood that the company will uncover valuable insights, and also that it will identify correlations and connections between different business units that can enhance decision-making.

For more on the importance of extending data science capabilities throughout the organization—and how to do it effectively—check out this previous APEX of Innovation post.