Today, more and more organisations are opening up their doors to big data and unlocking its power—increasing the value of a data scientist who knows how to provide actionable insights out of gigabytes of data.
Data Science in the modern world
It’s become a universal truth that modern businesses are awash with data. Even business that normally do not consider themselves as tech-savvy, connected companies, they produce data every day of operations.
Most of this data is unused, stored in files never to be seen again, or even worse its not even captured.
It is becoming clear by the day that there is enormous value in data processing and analysis and that is where a data scientist steps into the spotlight. This sexy 21st century profession is booming and there are hundreds of resources online for someone to start understanding the value of data science, most of them open-source.
What Does a Data Scientist Do?
Most data scientists in the industry have advanced and training in statistics, math, and computer science.
Their experience is a vast horizon that also extends to data visualisation, data mining, and information management. It is fairly common for them to have previous experience in infrastructure design, cloud computing, and data warehousing. But data scientists come from various sources and backgrounds, such as finance, bioinformatics and even design.
Here are some well known advantages of data science in business:
Mitigating risk and fraud. This is very important specially in a financial and commercial business, a lot of work is done with models to detect anomalies in payments and requests, all this avoid millions in fraud insurance payouts.
Delivering relevant products. A data scientist can find when and where their products sell best. This can help deliver the right products at the right time—and can help companies develop new products to meet their customers’ needs before they needed, specially important for e-commerce.
Personalised customer experiences. A data science team has the ability to understand customer behaviour and segments at a very granular level, this is hugely important for marketing and sales teams. Just think of targeted ads online.
There are thousands of applications that data science can be used and thousands more that are unknown. From clever algorithms that predict cancer diagnostics, to helping create smart cities using petabytes of data, the possibilities are endless.
Even within small companies it is important to invest in data science, creating a competitive advantage, and driving costs down, data science will be the driver of change for every company willing to know more and take the next step.
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