There is a growing demand for analytics talent in the IT industry to help companies make better business decisions using data analytics. However, there is currently a shortage of professionals with analytics skills. While the IT job market in India is projected to grow and create over 250,000 new jobs in 2016, only 11-13% of these roles will be in analytics due to the lack of candidates with the necessary technical and business analytics training. Close partnerships between academia and industry are needed to help equip both new and experienced IT professionals with analytics skills relevant to real-world business problems.

1. 12/24/2015 Why IT Needs More Analytics Talent ­ Tech News | Latest Technology News
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Why IT Needs More Analytics Talent
9 days ago | Posted By: Neha Singh
There is a gap between the numbers needed and the numbers available
Arup Das
Today’s consumers have more choices than ever before. Like many other parts of the world, the
desire for an aspirational lifestyle is leading to increased demand for credit among the young urban
population.
In fact, consumer lending has increased by a compound annual growth rate of 16 per cent in the last
five years. These are exciting times and in order to tap this opportunity, financial institutions need to
competitively position themselves and adopt new business models.
IT companies must create set of advanced solutions that support agile business models. Increased
levels of competitive intensity have raised the importance of using real-time data in decision-making.
According to Gartner, the market for business intelligence and analytics in India for 2015 was
projected to be $150 million and the services market was expected to grow to $1.15 billion.
Analytics can help optimise business operations. For example, it can help banks make more accurate credit decisions, launch targeted marketing activities more quickly and
improve risk management practices.
In 2014, one of the leading Indian banks implemented an analytics project to counteract loan delinquencies at an early stage. This enabled the bank to reduce the roll forward
rate from 14 per cent to 6 per cent resulting in credit loss savings and reduced costs.
The growing surge in the demand for analytics in financial services is reflected in a research survey where 73 per cent of the companies agreed that predictive analytics helps
them make better product recommendations.
With the growth of analytics, the need for skilled talent is increasing rapidly. However, there is a gap between the numbers needed and the numbers available, thus creating talent
shortage in the United States, according to Avendus.
This shortfall could be leveraged by Indian companies. The overall Indian IT job market is poised to generate 2.5 lakh jobs in 2016, according to the IT industry body NASSCOM.
Market research by Accenture shows that 11-13 per cent of these roles will be in analytics. In order to seize the opportunities that analytics IT industry has to offer, fresh
graduates and experienced IT professionals need to be well-equipped with the requisite technical and functional competencies.
This can only be achieved if close alliances between academia and industry are established that focus on the applications of analytics in real world business scenarios.
The author is vice-president and lending product head at Nucleus Software
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