In the coming years, the key factor that will determine whether a company fails or prevails will be based on how it operationalizes data into business workflows. This is already being seen in the accommodation, delivery and movie streaming industry, as the successful companies, such as Netflix and Airbnb, are the ones who incorporate data into their business models.
This is opposed to analyzing data manually for exclusively one project, which requires a large team of data scientists and lots of time. In the coming years, companies who use this model will face a predicament. McKinsey and Company predicts that by 2018, there won’t be enough data scientists in the U.S. to go around. Demand will outstrip supply, and the rising cost of talent will price smaller companies out of the data market. Companies won’t be able to hire talent to achieve their data goals, and will not be able to sustain themselves in current fashion.