Companies are fast adopting data-driven strategies to beat the competition and gain advantage over their competitors. How well a business handles big data is now the main contributing factor to its success. The CTO of CYBRIC, Mike Kail, notes that big data will soon become "overweight data" due to anticipated growth in technologies like autonomous vehicles and the Internet of Things.
Recognizing big data's importance, businesses worldwide are recruiting data specialists and scientists, creating a substantial pool of IT positions. When local talent is scarce, firms often engage managed service providers with established teams of data professionals to implement data-driven strategies.
4 Most Lucrative Big Data Jobs
1. Chief Data Officer
CDO positions have experienced rapid growth recently. Gartner estimates that 90% of enterprises will have recruited a chief data officer by 2019. According to PayScale, yearly CDO salaries range from $126,000 to approximately $310,000.
A chief data officer joins an organization, understands existing values, and creates a data-driven framework while promoting data's importance to leadership and staff. While costly, Cruz Street offers a cost-efficient on-demand CDO solution for small and medium-sized companies.
2. Data Scientist
Data scientists extract meaningful insights from vast datasets, helping companies expand and provide appropriate market solutions. Glassdoor ranked data scientist as the number one best job in America in 2018, with a median base salary of $110,000.
Strong communication skills are essential, as data scientists must explain their findings' scope and benefits to justify organizational investments.
3. Data Analysts
Data analysts collect data, interpret it, and explain findings in plain language to the organization. While often confused with data scientists, the distinction is clear: scientists formulate questions guiding organizational strategy, while analysts receive organizational questions and provide answers through deep analysis and modeling.
Including bonuses and incentives, data analysts earn approximately $80,000 annually.
4. Data Visualization Specialist
Data visualization specialists convert patterns and trends into visual formats. These professionals may also possess CSS, JavaScript, and HTML skills. An Autodesk research study demonstrates that data visualization is extremely important in understanding data and its implications.
According to PayScale, data visualization specialists earn around $68,000 annually on average.
Conclusion
Companies are increasingly competing for top IT talent, primarily due to market skill shortages. A significant 53% skill gap exists in data management and data analytics. Solutions and managed services companies like Cruz Street help medium-sized organizations remain competitive and excel among peers.