Data science is one of the fastest-growing fields and is already providing tremendous value across every industry and area of study. It is a little bit of a misnomer and buzzword that we hear often in the media nowadays, but What exactly is data science? Data Science is a technique to change the raw data into information. It is the study of where the valuable data comes from, what it represents and how it can be turned into a valuable resource in the creation of business and IT strategies.
In simple words data science is the complete study of data. It is a multi disciplinary field that uses scientific methods processes to extract useful insights from the any type of data. It is a bit like digging in Excel, on some level, but it is much bigger and also more rigorous.
Data Science exists everywhere, to be honest, every exchange or interaction on any technological domain includes a certain set of data, be it Amazon purchases, Instagram feed, Netflix suggestions or even facial recognition feature in our phones. To further understand what Data Science, is let’s look at what it comprises of Data science is a blend of three core areas of expertise. To further understand what Data Science is, let’s look at what it comprises of Data science is a blend of three core areas of expertise.
Mathematics expertise: It is the ability to view the data through a quantitative lens There are textures, dimensions, and correlations in data that can be expressed mathematically. Finding solutions utilizing data becomes a brain teaser of heuristics and quantitative techniques.
Technology & hacking skills: It is the creativity and ingenuity in using technical skills to build things and find clever solutions to problems A data science hacker is a solid algorithmic thinker having the ability to break down messy problems and recompose them in ways that are solvable.
Business Acumen: It is important for a data scientist to be a business consultant. As they work so close to data scientists are required to translate observations into shared knowledge and provide insight on how to solve the core business problems.
Applications of data science:
Data Science is a vast field and therefore, its applications are also enormous and diverse.
This is one of the biggest applications of Data Science. Big Data and Data Science have enabled banks to keep up with the competition. With Data Science, banks can manage their resources efficiently, furthermore, banks can make smarter decisions through fraud detection, management of customer data, risk modelling, customer segmentation, etc.
Financial industries need to automate risk analytics in order to carry out strategic decisions for the company. They identify, monitor and prioritize the risks by using machine learning. Data Science also plays a key role in algorithmic trading. Through rigorous analysis of data, financial institutions are able to make data-driven decisions.
Data science enables safer driving environments for drivers. It also plays a key role in optimizing vehicle performance and adding greater autonomy to the drivers. Advancements in data science have also led to the introduction of self-driven cars.
In the healthcare industry, data science is making great leaps. The various industries in health care making use of data science are Medical Image Analysis, Genetics and Genomics, Drug Discovery, Health bots or virtual assistants.
There are various other fields where data science is widely used. Some of them are Airline Route Planning, Image Recognition, Logistics Delivery, Gaming, Price Comparison Websites, Recommender systems.
What is the future of data science?
We’re living in the age of data. With the amount of data collected over the past few decades, Data Science is being applied to almost every industry. Therefore, it’s not surprising that Data Scientists are currently one of the most paid people in the world. But what about the future? Is the trend going to continue?
Looking at how data science has evolved in recent years here are a few factors that might point towards its future:
The huge amount of data that is being generated by businesses, organizations, and people will continue to increase with the growing prominence of IoT devices in the future. Also, new data sources will keep on emerging.
In addition to this staggering amount of data growth, the new data privacy regulations will further increase the need for the expertise of skilled data scientists.
Data Science will become even more important to businesses with large scale enterprises rapidly adopting machine learning for driving their business in several ways.
Specialization will be the norm. There will be a shift towards sector-specific data scientists with more clearly defined roles.
Customer service and product marketing will be revolutionized by advanced chatbots, Virtual Reality (VR) etc.
In reality, we’ve probably only experienced the tip of the iceberg. The future will most likely bring about a more increasing torrent of data. So, it’s the best time to make ourselves prepared for the promising future ahead.
– Article contributed by Sriramachandra Murthy Mangipudi