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The Big Data Gap: Beyond Supply & Demand, Into Open Innovation

The Big Data Gap: Beyond Supply & Demand, Into Open Innovation

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Published by: Crowdsourcing.org on Mar 27, 2012
Copyright:Attribution Non-commercial


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Posted by cbonner on March 27, 2012
The promise of Big Data is staggering, yet there is a growingchallenge afoot. There is a sincere shortage of qualityalgorithmists and data scientists to create value from all of thisdata. Furthermore, a 20th Century approach to this challenge
simply won’t make the grade any longer. A rising alternative,
Enterprise Open Innovation, is showing us the promise for Big
Data through Open Innovation is the likely vessel to help bridge
this talent gap.
The Big Data Challenge
Luckily, the challenge is rather recognizable; there aren’t enough
hyper-skilled people with the expertise needed to create valuefrom all of this data. From arecent Gartner articleanalyzing theemerging role of Data Scientist, Gartner, points to the loomingtalent scarcity.
“With the need for data scientists growing at about 3x those for statisticians and BI analysts…. and an anticipated 100,000+ personanalytic talent shortage through 2020… “ 
The same article defines Data Scientists as having:
“… three core data science skills: data management, analyticsmodeling and business analysis. But beyond these, there’s an art to
 data science. We detail several soft skills that our research showed are also critical to success, i.e., communication, collaboration, leadership,
creativity, discipline and passion (for information and truth).” 
In short, there is a legitimate supply issue of talent at stake andthese sought after individuals are emerging as more and moreimpactful to the enterprise. Want an easy way to visualize the
exploding need for data “talent” –
see below:A traditional enterprise and economic approach would dictate thatwith this explosion of data creation (demand), the supply (datatalent) will innately increase to meet the demands of the market.There is no doubt whatsoever that universities across the globeare ramping up their efforts to cater to this new demand and willbegin producing more talent. However, the Big Data phenomenonis different than any other in any time in our history. There are 3reasons for this:
New data is being produced at a pace not yetexperienced. The size of existing data is said to double
every 2 years and recent estimates say it’s actually closer to
a single year. This data creation
the ability to create valuefrom it all
is keeping demand far, far ahead of any possibletraditional supply (talent). Supply (talent)
increasing, but
the demand (driven by data) is increasing at a much fasterpace
the Big Data gap is actually widening
.The global economy has never been as strong in thehistory of the world. Emerging markets in Africa, maturationof markets in India, China, Brazil, Columbia and EasternEurope all feed into this global demand. Sure, thismaturation means a great deal more educated individualsalso entering the market, but again, the demand for datatalent will greatly outpace the supply.Big Data
and value creation from it
touches everysingle industry, period.This gap in data emergence versus value creation from Big Datais set to only widen over the coming years. A 20th Century,traditional approach to this challenge will fall woefully short.
The answer to this challenge lies in Enterprise Open Innovation and its ability to consistently breed extreme value outcomes.
Extreme Value Outcomes through Enterprise Open Innovation
What is an extreme value outcome? These are your outliers,solutions that are by a long stretch far more powerful, faster,
smarter than the average solution or an existing “gold standard”.They have been described in simplistic terms as “the needle inthe haystack”. Thro
ugh Enterprise Open Innovation practices theability to consistently draw out extreme value outcomes is now a
reality. This is a legitimate innovation “flattener” because it
eliminates the need to source, court and retain top global talent inorder to produce the extreme outcome(s). This is true for all theways Open Innovation can be utilized and is especially realized inthis Big Data arena where talent scarcity is evident and theoutcomes can be extraordinarily impactful to the enterprise.

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