According to a report published by the consulting firm McKinsey, “Big Data: The Next Frontier for Innovation, Competition and Productivity,” “data is to the information economy what iron ore and coal were to the Industrial Revolution”—the vital raw material that will fuel the next wave of innovation.
To mine, sift, and analyze Internet-scale data sets to discover new businesses and predict consumer behavior and market shifts, the U.S. will need scores of data experts.
The U.S. will need 140,000 to 190,000 more people with “deep analytical” skills, typically, experts in statistical methods and data-analysis technologies. The nation will also need 1.5 million more data-literate managers.
The report points to the need for a sweeping change in business to adapt a new way of managing and making decisions that relies more on data analysis.