KDnuggets Home » Polls » Financial Crisis Effect on Data Mining Field (Oct 2008)

Financial Crisis Effect on Data Mining Field


Poll: Financial Crisis Effect on Data Mining Field
How much you expect the current financial crisis to affect the demand for data mining / analytic software, jobs, consulting, and education in Q4 2008 and 2009? [79 voters]

DM Software: big decrease (22) 27.8%
DM Software: small decrease (23) 29.1%
DM Software: no change (17) 21.5%
DM Software: increase (17) 21.5%

DM Jobs: big decrease (11) 13.9%
DM Jobs: small decrease (30) 38.0%
DM Jobs: no change (14) 17.7%
DM Jobs: increase (24) 30.4%

DM Consulting: big decrease (27) 34.2%
DM Consulting: small decrease (17) 21.5%
DM Consulting: no change (12) 15.2%
DM Consulting: increase (22) 27.8%

DM Education: big decrease (11) 13.9%
DM Education: small decrease (9) 11.4%
DM Education: no change (34) 43.0%
DM Education: increase (26) 32.9%

RB, Some will lose, some will win
During boom time, analytics are less important as there is more concern about timely expansions. When it comes to downturn, analytics can make the different if they have useful data available for business optimization.

Large companies will shed work forces, including data analysts. But there will be more demand for consulting services and business user training from medium sized businesses. Business optimization will be the demanding services for some time.

KR, DM jobs with finance crisis
Within the larger financial companies who are now consuming each other, the DM teams and software contracts will need to be consolidated and most likely downsized as companies merge. IE, they have duplicate software and resources which they can reduce for efficiency.

Simon Metcalfe, DM demand in the UK
As a consultant in the UK I'm finding I have more work than time to do it currently and no sign of is slowing down.

Talking to clients they are all saying that there will almost certainly be a drop in Marketing budget but they realise that the best way to get more out of what they have will require analysis and insight.

It's also worth remembering that Direct Marketing as we know it now was born out of the last recession in the early 90's as a cheap way of getting out to customers. Today we now have the web, so I can only see more requirement for our services not less (plus a little bit of optimism wouldn't go a-miss) !

KDnuggets Home » Polls » Financial Crisis Effect on Data Mining Field (Oct 2008)