The importance of data mining was reinforced by a 2011 Bloomberg survey that showed 97 per cent of companies with revenues more than US$100million (S$122.3million)
Data sources reveal that there is a current skills deficit of over 70,000 analytics professionals globally. IDC, a market research firm, projects that the global market for business analytics will exceed US$120 billion by 2015.
This demand cannot be met organically. To bridge this gap, MindWave Analytics has devised a specialized 3-day training course using Microsoft Excel, transforming an IT professional into a data analyst.
This will provide organizations with the platform to recruit well-rounded professionals with the potential to mature into analytics experts in future.
“Many organizations are looking for the right training program to upgrade their employees’ Business Analytics skills sets,” noted Haryyaksha Ghosh, Chief Analytics Officer at MindWave Analytics.
“This is due to the huge amount of existing data available today for users to extract actionable insights from, as well as the strong support from the government”, he continued.
Infocomm Development Authority of Singapore (IDA) has taken a proactive approach in catalysing demand and seeding early adoption of analytics in key industry sectors. This includes the Critical Infocomm Technology Resource Programme (CITREP Expanded) that supports training courses in the Business Analytics field.
“Singapore is in good stead to seize opportunities in the market for business analytics,” said Mr S. Iswaran, Minister in the Prime Minister’s Office and Second Minister for Home Affairs and Trade and Industry at the BATC opening co-initiated by A*STAR and IDA , “The country has the expertise, talent and the infrastructure for analytics”.
“Increasingly, companies in Singapore are expected to recognize the importance of business analytics and its potential to optimize decision-making and achieve greater efficiency”, Haryyaksha revealed.