What is Data Science and its Importance in 2023?

What is data science?

Data science is an integral part of businesses nowadays as the data available to us from various sources is present in abundance and growing each day. So, to manage this data and analyze it in such a way that it is useful to us and helps in making sound decisions pertaining to business and studying market trends. We need to use best data analytics solutions and techniques to grow not only our companies but also improve customer relationships.

What does a data scientist do?

Data scientists are trained in statistics, computer science, and mathematics. They also have a fair understanding of data management, data visualization, information management, and data mining. They also have good experience in data warehousing, cloud computing and designing infrastructure.

A data scientist roles and responsibilities include analysis of the data to get valuable insights from it. Some of his key responsibilities include:

• Asking the right kind of questions to get a better understanding of the problem at hand so he can provide the best possible solution for it.
• Collecting data from various sources such as the data available for the public and the data accessible within the organization.
• Processing raw and unstructured data and converting it into a usable format to analyze it.
• Providing the data to the analytical system, be it a statistical model or an ML algorithm.
• Preparation of outcomes and key insights to share with the company stakeholders.

As a data scientist, one should have the basic technical knowledge of the following concepts. These can be considered as data science basics or prerequisites.

• Machine Learning
• Modelling
• Statistics
• Programming
• Databases

Importance of Data Science

Data Science allows for predictive data analysis, helps in making informed business decisions and identifying trends in market. Data science as a service is also helping the airline industry predict any weather changes that disrupt travel to reduce the inconvenience caused to passengers and the airlines. Some of the major reasons as to why data science is important are:

1. A data scientist with expertise in the industry will be a trusted advisor to the higher management who will communicate and present the company’s data value to enhance sound judgement and decision-making for performance enhancement by tracking, measuring and recording performance.
2. It facilitates steps to be taken on the basis of identifying various trends in the business industry to improve the company’s performance, enhance a customer-enterprise relationship, and generate revenue.
3. Data scientists also help their staff adapt to the best practices and make sure they are acquainted with the analytics products of the company so that the staff can focus on tackling main business obstacles.
4. If the collected data is not used for deriving insights, it will be useless eventually. Identifying demographics is also another major use of data science to generate insights to learn about customers’ needs and business growth. Data scientists play a major role in this as they can help in identifying these trends with precision.

Data science can add great value to any business and is an in-demand field that’s why many people are looking to start their career in data science. Nowadays, everyone is looking to implement data science at an advanced level to have bigger profit margins and have the edge over their competitors.

WRITTEN BY

Himanshu Mishra

Technology Head

Himanshu is an entrepreneur with 17+ years of overall experience in strategic and advisory roles in Senior Management, IT program management, Quality Assurance, and ERP implementations. He has invested in companies focused on Digital Technologies and Healthcare industries. He has previously worked in domains like: Technology, Finance, Marketing, Media & Entertainment and Quality Assurance.

Passionate about technology, innovation, and music, he always keeps up with market trend…

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