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Demystifying Data Science

Author: Arohi Patil
by Arohi Patil
Posted: Dec 15, 2019
data science

We hear a lot about how Artificial Intelligence and Machine Learning are going to change the world and how the Internet of Things will make everyone’s lives easier, but what is the one thing that underpins all of these revolutionary technologies? The answer is data. From social media to the IoT devices, we are generating an immeasurable amount of data. Consider the company UBER, what do you think makes UBER a multi-billion dollar company? Is it their availability of cabs or is it their service? Well, it is nothing but data. Data makes them very rich, but is it enough to grow a business? Data alone is not valuable until you know how to use it to draw actionable insights and solve problems. This is where Data Science comes in. It is the process of using data to find solutions or to predict outcomes for a problem statement. In its essence, the goal of data science is to draw conclusions from the data to assist businesses in making smarter decisions.

The Growing Importance of Data Science

In recent years, data science has come a long way and has become an integral part of the working of various industries. Let’s look at some of the reasons which show the increasing importance of Data Science.

  • Better products – Data Science provides companies with the analytical tools to perform analysis of customer reviews. This helps companies to develop products that guarantee customer satisfaction and meet their requirements.

  • Efficient business management – Businesses today have a plethora of data that is used by Data Science platforms to recognize hidden patterns, make a prediction of events and perform meaningful analysis. Not only this, the success rate of a company’s business strategy can be predicted to analyze its health. Furthermore, using workforce analytics, firms can evaluate what works best for their employees.

  • Versatility – Data Science has numerous applications across all fields including banking, healthcare, e-commerce industries and consultancy services.

  • Automation of redundant tasks – Using Data Science companies can train machines to perform repetitive tasks by utilizing historical data.

Why become a data Scientist?

  • Data Scientists have one of the highest salaries in the industry.

  • The demand for Data Scientists has never been greater, the US alone needs approximately 190,000 Data Scientists this year.

  • Almost every organization considers Data Science as its biggest asset in today’s competitive environment.

Conclusion

To conclude, Deployment of Machine learning models using Flask we can say that today Data Science has become the backbone of every data-intensive company. Harvard was right in saying that " Data Scientist is the sexiest job of 21st century". It is a highly-demanded and extremely important role that can have considerable impact on a company’s ability to achieve its goals, whether they are strategic, financial, operational, and so on. Data Science does not only play a major role in business, but it is also being used to track diseases, develop AI and understand customers’ behavior. All in all, this is the age of data and everyone can benefit from its unlimited potential in some way.

About the Author

Excelr over 20 Franchise partners all over the world, ExcelR helps individuals and organisations by providing data science courses based on practical knowledge and theoretical concepts.

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Author: Arohi Patil

Arohi Patil

Member since: Jul 09, 2019
Published articles: 65

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