Data science or data science simply means the application of predictive analytics with the aim of making optimal use of the company’s data. The term is a tool kit with certain tools that include statistics, IT and other high-end technologies and help you convert data into business solutions.
Many companies have huge data available with them and are hardly able to use their full potential. Data science enables your company to make business decisions with confidence because you rely on facts and a scientific method rather than relying on guesswork.
What is Data science in demand ?
The mathematical and statistical foundations of data science have played an important role for businesses. It is only recently, however, that data science has been used in a industrial way. These trends lead to a significantly increased interest in data science and its diverse possibilities. They are:
- Big data and IOT. The digital changes in the business processes has caused the generation of enormous amounts of customer data and information. All this data comes from multiple sources and is presented in a unstructured way. This can cause multiple problem for businesses. Usually it becomes very difficult for the internal IT teams to manage this abundance of data.
- Availability of AI. Long dismissed as science fiction, AI and ML are now commonplace phenomena that is very useful to solve the challenges of big data. Given the exponential growth in the amount, variety and speed of data, the task of recognizing patterns is beyond the capabilities of both humans and statistics. Nowadays, Artificial Intelligence and Machine Learning are the means of choice to reliably classify, analyze, and forecast data.
- Increasing in Computing Capacity. Good computer performance is required for data science. An important role was played by the knowledge that computers, which were developed for gaming, are also ideally suited for data science. These computers are able to process extremely demanding algorithms and to deliver results quickly even for highly complex challenges.
- New technologies for data storage such as B. Cloud Computing. Another enabler for data science is the improved ability to store all kinds of data at an affordable cost. Thanks to a mixture of local and cloud storage, companies today can reliably store petabytes of data.
- System integration. Because data science links the individual parts of your company into a large whole, a close relationship between systems is essential. These techniques for real-time data movement must compatible with data modeling functions that use AI and Data science to reach conclusions. This data then has to be delivered to other applications to realize business advantage.
What is the job of a data scientist ?
The job of a data scientist can be anything related to maths or statistics. The daily work of a data scientist includes defining business problems or opportunities, manipulating data to solve problems, data modelling and testing to provide business solutions, and coding, with which the selected solution is executed. When coding, data scientists use different languages for data science and analysis , Eg: Python, SAS, R, SQL etc.
Why should you care about data science ?
Since your rivals are now utilizing them and your clients expect precisely that from you. Data science backed processes can increase client satisfaction to improve deals, backing etc. They gain experiences into future patterns that they can use for vital planning. Perhaps all the more critically, you can gain practical business solutions.
If you don’t actively invest in data science, your business will be overtaken and left behind by the competition in the age of artificial intelligence and the data renaissance.
What benefits can your company get from data science ?
Using data science, your company can gain a variety of financial and business related benefits, based on the short and long term goals of the company.
For example, an energy supplier could optimize its smart grid based on the energy usage recorded in real time in order to reduce energy consumption to a minimum. A retailer could apply data science techniques to predict sales and customize product ranges. Car manufacturers are already applying data science to collect driving data and develop systems using ML and AI. Industrial producers use them to minimize their costs and improve the up time of their plants.
Some of examples of how data science improves your company processes are as follows:
- Supply and purchase optimisation
- Employee satisfaction
- the understanding or the fulfillment of customer needs.
- the precise forecast of key business figures
Does data science have a future ?
There is already increasing automation in data science, and it is certainly not going to slow down. You can already program a machine based on multiple parameters to find the best possible business solution to a problem.
In the past statisticians had to manually design their predictive models and readjust them over and over again. Growing amounts of data and ever more complex business problems make this very difficult without applying the concepts of data science. In this context, data science is here to stay for a very long time.