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Talents in Advanced Analytics Growing Faster in India: Bain & company

The equation with advance analytics talent pool is set to reach 1 million worldwide by 2020, and large amount of that talented pool is seen coming from India according to Bain & Company. The company further estimates that there will be three times as many candidates for advanced analytics work by 2020 as it did in 2018, expanding from 65,000 people to more than 200,000 in just two years.

The global talent pool for advance analytics is about to grow rapidly due to recent and rapid pivot in traditional and non-traditional education. Two trends are amplifying the talent pool in India.

First, STEM undergraduate and graduate degree holders whose programs of study emphasize data and analytics skills continue to join the workforce in increasing numbers. Augmenting that is India’s deep existing ecosystem in information technology, especially in programming and systems integration.

Second is outsourcing firms and the India IT centres which houses global corporations which facilitates many ideal candidates for learning new advanced analytics skills. These two sources have combined to make India a vital hub of analytics expertise and have fueled the early growth of its analytics outsourcing industry.

Key points in developing depth of expertise:

The government established the Digital India program to help the country become a digitally empowered knowledge economy in 2015. The 2018–19 budget doubled Digital India’s allocation to more than $4 billion, and a new program focused on artificial intelligence was introduced.

Venture capital investment will also strengthen India’s analytics ecosystem. A diverse group of VC and private equity investors has begun to fund the sector, ranging from investments in analytics service providers such as Mu Sigma and Fractal to data science and AI companies such as Locus and Vue.ai.

Various academic programs to graduate advanced degree holders, both master’s and doctoral, in the analytical sciences is important. These programs help students to begin work intensively with data and develop the most valuable skills.

Companies will also benefit from developing training programs, to leverage existing technical talent into analytic workers via industry programs and in-house corporate training. As per Indian IT trade association Nasscom, more than 60% of organizations surveyed prefer to train and redeploy existing talent rather than hire skilled talent from outside.

There are established centres of excellence in digital platforms and ecosystems in Hyderabad and Bangalore, home to Flipkart, Ola, Paytm and Swiggy, as well as Amazon.in, Google India and Facebook India.

Government and academic partnerships with those companies could foster innovative approaches to developing academic programs, corporate training programs and even venture funding models such as public-private partnerships, co-op programs and internships. This is one of the major asset India is having. According to Nasscom, Tata Consultancy Services has trained more than 292,000 of its employees on digital technologies. EXL, a global operations and analytics company based in the US with operations in India, has trained about 3,000 employees in analytics and another 1,000 in robotics. In addition to in-house programs, training options include free MOOCs—massive open online courses—and paid retraining programs.

The opportunity in data security and privacy

India has great potential to cement itself as one of the dominant global provider of advanced analytics expertise. This can be done by mainly focusing on data security and privacy. This also involve creating a regulatory framework that establishes Indian firms as not just skilled but also trustworthy. India has an opportunity to take the lead by setting standards for data use and curation, and for how analytics are delivered.

India’s analytics industry can grow in conjunction with the government, to adopt data security protocols, standards and certification to minimize risk of data misuse and privacy or security breaches. Already, India has seen an influx of demand from large global corporations for human review of the results of machine learning and artificial intelligence algorithms. This will grow over time, and with the appropriate policies in place, India could leverage this work into a broader expertise in data use and curation.

India is rapidly expanding its talent pool of advanced analytics to be in top global position. Therefore with focus on talent development, government support and regulation, India could become more than a source of quantities of talent. It could be the trusted provider of sophisticated analytical services to its own companies and the world says the research.

(Image Courtesy: ww.metromba.com)

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