Everyone is talking about Data Science nowadays, companies are hiring data science in bulk, and even the industry leaders are promoting data science. But why? What is the reason behind all of this commotion?.
Well, the reason is simple! Data science helps businesses get profitable, kill competition, and scale massively. Data science brings together various domains such as statistics, programming, mathematics, artificial intelligence, machine learning, etc., to create insights from the data. This data helps the organizations understand various vital things and ultimately helps the management take crucial decisions that are more likely to succeed.
Now let us try to dig deeper into ”DATA” as well as “DATA SCIENCE.”
According to various researches, we generate around 2.5 quintillion bytes of data on a daily basis. This massive volume of data consists of nothing but the data related to customer’s behavior and actions.
If you think about it, this data holds various secrets and the power to influence customer’s decisions.
If companies make good use of this data, they can considerably reduce their expenses and increase their profitability over time.
For example- At one time, Southwest Airlines was able to save over $100 million by making the proper sense of this data. They were able to reduce the idle time of their planes on the tarmac, which resulted in saving millions.
This was just one example; almost every business out there is making use of data to make them profitable. And if you look at it, all the internet companies are just the result of data. Their entire existence is dependent on data.
If I had to explain data science in one shot, then it would go something like this- “Data science is nothing but the art of deriving meaningful insights from the collected data using multiple statistics, programming, ML & A.I. techniques.
Who is a Data Scientist?
Data scientists are constantly in huge demand because it is a data-heavy world! Data scientists are professionals who make sense out of data.
As we already read, businesses can turn around their fortune using data, and data scientists are professionals who do exactly that by using data.
They use computer science, statistics, mathematical, & machine learning skills to collect, analyze, and store data. Not only that, they also must have impeccable communication skills as they are also required to present the findings to the higher management and help them make better decisions. Besides that, data scientists must have strong analytical skills, creativity, and business acumen.
Roles and Responsibilities of a Data Scientist.
These days data scientists are not regular employees. They play business-critical roles and work very closely with high-table people.
Hypothetically, a data scientist’s work revolves around handling humongous data and analyzing that data using various methodologies.
Once they bring insights from the data, they communicate it with the I.T. leadership and try to understand the trends through various visualization techniques. And finally, they convey the final results to decision-makers to help them understand the situation and make data-driven business decisions.
I hope now you understand why data scientists are so crucial to business and why data science is all hot air right now.
Now, let us try to understand why data science is essential in today’s world and how businesses can benefit from it.
Why is Data Science Important?
Data reduces uncertainty and guesswork. Earlier businesses used to rely on guesses and instincts to make decisions which usually led to bad decisions and losses. But with data science, decisions are now backed with data and are more likely to derive profitable turns. On top of it, data science helps companies understand everything lying in the market, and companies benefit immensely from it.
For example- iTunes took almost eight years to reach 100 million users while on the other hand, Pokemon only took a few days to reach that mark.
Famous research by Sequoia Capital shows how people’s shift from traditional consumption medium to social and digital media has helped businesses skyrocket their growth. People leave traces of their behavior and interests on digital mediums, and companies collect that same data to maneuver their marketing and persuade customers to make purchases.
Now, let us understand how businesses can benefit from data science.
Major Benefits of Data Science
1) It helps companies to improve their products and services.
Businesses can only survive by selling their products and services. But what if those products or services are not good enough? Well, obviously, the company will die. That’s why companies really really focus on making their products and derives better each passing day. And data science plays a huge role in it.
Data science helps companies understand the market needs and trends. And according to that, companies can mold their products or services.
For example, eCommerce companies use recommendation systems to look into the customers’ buying behavior and make a separate persona for all of them and recommend the products.
2) It helps to make better decisions.
A company makes tonnes of decisions related to its customers, and these decisions act as the pillar for company growth. Companies these days take the help of data scientists to gather, analyze and interpret the data so that they can make strong decisions. Data science uses a plethora of tools and techniques to understand data and find insights from it.
3) Improves marketing campaigns
Companies have been able to considerably improve their marketing efforts after the rise of data and data science. They were able to understand the market trends and customer needs, which eventually helped them craft their advertisements and campaigns according to the trends and needs. Further, data science also helps analyze the results of the marketing campaigns to see if it was really successful or not, and if it was, how much of a difference did it make.
4) Also helpful in other different verticals
The use of data science is not limited to customers, products, or marketing. Daa science has huge applications in multiple domains such as manufacturing, healthcare, and even in the military. Anyone who aspires to become a data scientist will have a mountain of opportunities.
Data science helps companies understand their customer personas and craft products by learning from historical data and behavior, which again helps to improve the customer experiences.
For example, in healthcare, we can use data science to collect the patient’s medical history, analyze it, make proper sense of their medical condition, and prescribe correct remedies.
While in the banking sector- Banks use Natural Language Processing (NLP) and predictive analytics to have an eagle eye on customer’s transaction behavior to avoid frauds and timely update customers to take necessary actions.
Why you should pursue data science as a career?
Well, if you are thinking of starting a career in data science, then this is probably the best time to start. According to Glassdoor and Harvard University, data science is the most in-demand and top-scoring job of the century. Data science topped the charts not only in terms of remuneration and demand but also in job satisfaction.
If you have a bachelor’s degree or an undergraduate degree with basic knowledge of programming and average analytical skills, then you can easily start your data science journey and improve yourself along the way.
Data Science has applications in almost every domain, be it businesses or healthcare, which will give you the desired exposure and ample scope to learn and grow.
Five reasons to choose data science as a career option.
- Great career trajectory – You will have a rewarding career in this field. Data scientists are some of the core people of the organization and bring tons of value to organizations, so they mostly end up being in the top positions.
- Multiple specializations to choose from – There are tons of roles in data science, such as data engineers, data analysts, ML engineers, etc. You can take up whatever role you align with.
- Skyhigh salaries – It’s no secret that data scientists are among the most highly paid professionals in the corporate world. And as the demand is very high right now, data scientists earn even above the industry standards.
- Opportunity to become a decision-maker – Having the authority to make business-related decisions in a company is a big deal in itself. But for a data scientist, it is the core responsibility. You work closely with the high-table people and help them make crucial decisions about the company.
- Less competitive – Right now, the competition is minimal in data science, but demand is not. Most people don’t take up data science roles as it comes with huge responsibilities and needs high-level hard and soft skills. But the ones who do enjoy a life that others don’t.
Data science is still in a nascent stage, and there is so much more to explore and unveil. Yet, the number of opportunities is massive, but not for long. People (just like businesses) have started to understand the importance and the scope of data science. For the people who want to start their career in data science, remember that data science roles come with huge responsibilities and you will need to keep yourself updated as there are tonnes of things that keep changing from time to time.