Digitalisation is causing a radical impact on every industry. One role that is being challenged to prove it’s worth is the analyst. With Big Data and Artificial Intelligence now in the forefront – this convergence of forces makes us ask: Are analysts no longer needed?
With the availability of data increasing, the need for it to be analysed is expanding rapidly. Machines can now process data speeds that surpass human capability and do this 24/7. Additionally, costs to use a machine rather than employ an analyst on an ongoing basis are far lower.
Every day 2.5-quintillion bytes of data are being created and according to IBM, 90% of the worlds data being created in the last two years. Computers are becoming smarter and more efficient due to rise of machine learning or cognitive systems. The traditional analyst has now been overtaken.
The growth of the role that machines play in every industry should not be ignored, but from this, new possibilities emerge for analysts. Working together with machines will increase not only their own productivity but the profitability of the business.
The analyst will focus more on how to how to be innovative with data and leveraging it in different ways. Data fluency will also become a much-needed skill. Overall the question of whether the analyst will have a place in this new digital era comes down to how quickly they can fully exploit the tools on offer to their advantage and turn data into profit.