When chatbots, artificial intelligence and digitalization are the order of the day, data science figures as a very important domain.
What is data science?
Data science is an amalgamation of data analytics, software engineering, data engineering, machine learning, analysis, business analytics and more. It includes Big Data which comprises retrieval, collection, ingestion, and transformation of large amounts of data.
So what does data science do? Data science is responsible for giving form to big data, analyzing patterns and advising decision-makers to bring in the changes that effectively add to business growth.
Importance of data science for business growth
Data Science has a very vital role to play in business growth. Let us see how:
- Business intelligence for making the right decisions
Data scientists can analyze information on a large scale. This enables them to understand industry trends and help higher management in making smart business decisions. They play the role of a trusted advisor and strategic partner. A data scientist facilitates in improving the decision-making process across the organization.
- Increasing efficiency in Managing business
Organizations are generally data-rich. But without a data scientist to analyze it, this data would be meaningless. A data scientist examines the organization’s data and prescribes certain actions that help improve the organization’s performance, engage customers better, and ultimately increase profitability.
- Evolving better products
Analysis of customer reviews helps in making better products. Based on current market trends the best mix or fit for products can be determined.
- Predictive Analysis
Statistical analysis of data through tools like SAS, SPSS, etc. can help predict future outcomes.
- Challenging the staff to adopt best practices
Analytical algorithms like clustering and classification can help determine if the right person has been assigned the right job. A data scientist, however, has a higher role to play than this. It is the data scientists’ job to ensure that the entire staff is aware of the organization’s analytics products. Once they are fully aware they can contribute in a more wholesome manner to business goals.
- Leveraging data for business decisions
Calculated data-driven decisions can have an impact on business growth. Data gathering and analyzing have also reduced the risk involved as decisions are reached based on quantifiable, data-driven evidence.
- Assessing decisions
A data scientist can measure the key metrics related to changes or decisions taken within the organization. The success of these decisions can be quantified.
Data science adds worth to any business that can use its data well. It adds to the area of statistics, grants insights into workflows, gives hiring a new dimension, helps senior staff make informed decisions.
Data Science Courses
Many specially curated diploma and certification data science courses are available online as well as regular classroom varieties. The tenure varies significantly depending on the depth of knowledge that has to be gained. Some of the best globally recognized online data science courses are available at XLRI, Harvard, MIT and Microsoft.
In an age which thrives on data, a data science certification/diploma/degree would definitely be an added advantage.