Data science is a hot topic today, a buzzword. There is immense data generated from all the digital footprint we all leave behind. To manage and organise the useful data is nearly impossible with traditional methods. Transforming that data to a digital medium makes it easier to manage. But how? This is where data science comes to the rescue.
Before we get into the importance of data science, let us understand what data science is.
What is Data Science with an Example:
As it is a multidisciplinary field, there is no one-fits-all definition to it. However, here is a simplified meaning of data science -
Data science is a process of solving real company problems and predicting possible outcomes by acquiring, analysing, and presenting data of value to make an impact on a company. The impact can be in the form of insights, data products, product recommendations, and more. You can make these impacts by using tools like data visualisation, models, and codes. Learn how to use the tools and technology with this online data science course.
Let’s take an example. Uber. How do they grow and expand their success? Is it because of the customers? Or their service? More than these factors, it’s because of the data. Which neighbourhood is the busiest, how many people order a cab at a particular time, the length of their transit - all the data on these factors are collected and an algorithm is designed to set prices accordingly.
To understand data science in-depth, read this blog.
Why is Data Science Important?
Data is the fuel that drives industries.
Imagine if all that data were left alone, unutilised. Uber wouldn’t be able to deliver quality service or know where to send what and when. There would be chaos and unorganised services. The same goes for other kinds of companies like Google, social media apps, Amazon, Apple, IBM, Netflix, and more.
Data science provides solutions to complex problems and helps leaders of organisations make decisions based on facts.
- With the help of data science, companies will be able to understand and analyse their customers, discover and find the right audience. This helps them curate customised products for the customers.
- Data science makes analysing and communicating the statistics and other data to those who can not understand the technicalities, easier. Conclusions can be drawn from the data and influence decision making. Data science can be applied to all kinds of industries from agriculture, education, healthcare, etc.
- It improves the marketing strategies and advertising as the data analysed will give you an insight into what is working to what efficiency level, customer’s behaviour and patterns, etc.
- With the new tools and technologies developed, big data is helping organisations solve difficult problems strategically in human resources, IT, and resource management in an efficient manner. Hence the resources, both material and non-material can be utilised effectively.
- Data gives meaningful insights into possible outcomes in an organisation. Analysing data correctly can predict what will happen in the future and based on these predictions, leaders can make important decisions that may break or make the success of their business.
- Data science helps in customer acquisition. It helps companies find new potential customers and connect with them.
- It improves and enriches lives. Take, for example, a smartwatch that can predict heart attacks. How is it able to predict so? With the help of data it collects from the user. The watch keeps track of heart rate, pattern, activity, and pulses. It collects these data and stores it. Whenever there is a slight change in the pattern, it will analyse it and alert the user about a possible heart attack. So data is quite important in the healthcare sector to improve the lifestyles of people.
To conclude, any data’s end goal is to expand and improve a company’s growth and success. Different companies have different goals and need different technology to utilise the data. There is a growing demand for data scientists but the supply isn’t meeting that demand. Hence, as a fresher in data science, you can expect a good salary and see steady growth in your career. If you are considering a career in the field, opt for a data science training in Bangalore.
According to glassdoor, data science jobs are currently trending and are a hot career, with the highest earnings.
Resource: https://www.pitnit.com/article/details/?article=Why-is-Data-Science-Important%3F-126134