Data scientists are in short supply. But so too are managers that understand data science and machine learning enough to spot the opportunities for using these disciplines to optimize their businesses.
McKinsey Global Institute has projected that by 2018, the U.S. alone will face a shortage of 1.5 million managers and analysts with the necessary analytics and data science expertise to fill demand.
To combat this problem, Data science automation specialist DataRobot announced today that it has updated its DataRobot University curriculum with Data Science for Executives, a half-day offering that teaches executives interested in the benefits of advanced data science how to identify opportunities to optimize their business using machine learning.
"If you look at the success of future companies, we think it's dependent on three things," says Jeremy Achin, co-founder and CEO of DataRobot. "One, the ability for people in the company to spot opportunities where they can use machine learning to optimize the business. This is really at the heart of the DataRobot University Data Science for Executives program. Two, the ability to execute on those projects. It's one thing to be able to find all these opportunities, but you have to be able to execute. Many companies have a backlog of projects they want to solve with data science and machine learning, but there's a shortage of data scientists. The third thing is accuracy. You have to be able to measure a company's ability to use machine learning to optimize their business."
Achin notes that over the past several years, the elements required to capitalize on machine learning have changed. The only requirements needed to use machine learning now, he says, are knowledge of the business problem and knowledge of the data.