Data Science is the system used to extract insights from data that’s mined from various sources. Using various techniques including predictive modeling, Data Science helps to analyze and interpret vast amounts of data. The people who apply Data Science to manage large amounts of data are called Data Scientists. Let’s see how Data Science correlates with the data that’s driving businesses worldwide today – the Big Data.
A Bit More About Data Science
In a nutshell, data science is a set of methods, techniques and theories used to analyze vast data and turn it into meaningful and actionable insights and predictive analysis. The base data comes from many sources – literally every subject on earth.
Data Science impacts many domains, including robotics, speech recognition, digital economy, biological sciences and many others. Data science uses data mining and data analysis to generate competitive business intelligence, which is very interesting to businesses worldwide.
What Does A Data Scientist Do?
The ideal data scientist possesses strong business acumen, and is able to scan huge amounts of data to spot business trends. He or she is also able to communicate data insights to various kinds of industries and affect their influence business decisions. Companies use data scientists to locate and address only business-critical issues. In short, this is what a data scientist does:
- Locate, interpret and merge rich data sources
- Generate data sets and ensure their consistency
- Generate powerful visualizations of data analysis
- Provide quick answers to critical questions via rapid iteration and exploratory analysis
- Actualize results via dashboards instead of traditional reports and memos
- Unmask fraud by detecting anomalies in market patterns and operational data
- Be able to offer consumer-oriented offers and products by linking into emerging and various data streams
- Look up innovative methods to use the Internet of Things (IoT)
It’s up to organizations to make sure that their data scientists are busy generating profitable ideas and solving critical problems. Data scientists have to look at so much data to determine data patterns that it’s easy for them to lose focus of the big picture.
Data Science And Big Data – Defining The Future Of Business
The criticality of big data cannot be negated; companies need to realize its value and quickly and take critical business decisions with haste. In the absence of quick action, big data is just a pile of data. In this sense, big data literally defines the future of companies and of commerce on the whole, especially in relation to IoT.
Here’s where data science comes in – turning big data into actionable insights which lead to opportunistic action. In other words, monetizing big data. Data science works with big data analysis to:
- Tweak marketing campaigns based on local consumer preferences and purchase behavior
- Refine and redefining operations to engage and serve existing customer base in new ways
- Solve emerging business problems and sourcing new markets
- Drive better performance management models that operate faster than previous ones
- Enable better data-driven and analytics-enabled decisions
- Help identify and hire people and teams with the right skills to form a strong and purposeful leadership
About the Author:
Vaishnavi Agrawal loves pursuing excellence through writing and have a passion for technology. She has successfully managed and run personal technology magazines and websites. She currently writes for intellipaat.com, a global training company that provides e-learning and professional certification training.