What is Data Science and importance of it?

 

What is data science?

Data science is a field that uses algorithm, process, systems and scientific method to extract insights from structured and unstructured data.

 

It focuses on extracting knowledge from large data set and applying insights and knowledge from that data to solve problems in a wide range of application.

 In 1962 john tukey explained a field he called data analysis, C. F. Jeff Wu used this term "data science" for the 1^st time as an alternative name for statistics.

Data science is domain of study that deals with large data using modern techniques and tools to find derive meaningful information, unseen pattern and make business decisions.

 

Who are data scientist?

 

Data scientist work involves making sense of unstructured, messy data from sources (social media feeds, email and smart phones) that don’t fit into a database. They can be broadly described as a person who are analytical experts who invest their skills in both social science and technology to find trends and manage data accordingly. Data scientists also create technologies and AI tools for deployment in various applications

 

What are uses of data science?

Uses of data science in different industries:

1.      Financial services: Credit card companies and banks analyze data to detect fraud transaction, detect financial risks and credit lines.

2.      Manufacturing: predict maintenance to detect equipment failures in plants before they occur and optimization of supply chain management.

3.      Healthcare: Healthcare uses machine learning models and additional data science components to automate X-ray analyses and diagnosing illnesses and planning treatments based on previous patient outcomes.

4.      Entertainment: Data is used to create personalized recommendations based on a user's viewing history.

5.      Retail: It analyze customer behavior and buying patterns to personalized recommendations and target marketing, advertisement and promotions. It also helps them too keep inventory update and never run out of stocks.

Top 5 Job roles in Data science:

   Data engineer.

Machine learning engineer.

Data analyst.

Data visualization developer.

Data translator.

 

Future of data science.

We are in a world driven by big data, volume of global data should touch 180 zettabytes by year 2025. This data will require experts who can convert it into actionable insights, hence role of a data scientist is to supported teams to formulate strategies and plans. According to AIM Research, in India, by 2021 there were 137,870 jobs in data science, 47.1% growth compare to 2020. It is estimated that by 2026 data science will create 11.5 million job openings.

 

What it take to be Data scientist?

You must be able to prepare data for effective analysis

One must have ability to leverage self-service analytics platforms

Maintain and write efficiently code so you can collect and prepare data from API (application programming interface).

To Influence machine learning and artificial intelligence

Communication skills

Good with math and statistic

Domain knowledge and soft skills

 

Why you need to learn data science?

We live in data driven world where almost everything is digitally available, so learning about it keep you up in trend and opens up more opportunity to stand out of rest. Data science is promising field to grow in with lots of high paying job opportunity.

Large scale industries are adopting machine learning for driving there business, automation of many tasks is future goal of industries so that they can prevent loss.

Data Scientist salary in India ranges between 4.5lac to 25 lac per annum, so it’s a great chance to explore this field and gets hand on it before it’s too late.

 

Being data Scientist is like being on very reputed position in organization, as they work very close with business head and stake holder to know business goals and determine how organization can use data to achieve target. They are contributor to making effective decision.

Data science is one the field to grow fast and last long. If you acquire knowledge that industry needs you won’t have to wait in queue for employment, because now days everything is getting digitized and automated so company are in constant search of person who can meet there needs in controlling data and analyzing it.