Why is data science important?

Before moving ahead with why it is important, you should have at least basic knowledge of what data science is? And what do data scientists do?

Data Science is a field of study that deals with extremely high volume of data. Advanced analytics like sophisticated tools and techniques are applied to extract from the data. This information is further used in problem solving and decision making by businesses. In simpler terms, it is basically study of large amounts of data through mathematics and statistics for getting useful information.

The work of a data scientist is to develop strategies for analyzing the data, preparation of data for analysis, exploration and visualization of the data. To build models from data by using programming languages like Python and R.

Why is data science important?

Why is Data Science becoming so important nowadays? Most of the best job opportunities and even the highest pay scale is that of a data scientist. In the coming years the demand of a data scientist is bound to increase. There are many reasons why it is important business. The most important would be that with the help of data science companies can make careful decisions. The raw data is churned and analyzed for getting meaningful insights. A skilled and well experienced data scientist is an expert at getting valuable information from the data he comes across.

Additionally, the role of data science is to analyze and manage the data but it is dependent on what area the company specializes in? Therefore a data scientist should have domain knowledge of the domain knowledge of the industry he is working for. As per a survey conducted by IDC the global data is going to grow to 175 zettabytes by the end of 2025. The companies are served with valuable insights from gigantic data and with the help of this new information they can further take smarter data-driven decisions.

What it’s importance for Business

Most of the industries like finance, banking, healthcare, marketing, finance etc. are now dependent on data science.

Below are stated some benefits that Data Science provides to various industries:

• Retail

  The retailers make use of data science for making customer experience better and also for retaining them.

• Healthcare

  The hospital managers with the help of data science are able to provide better care to patients and also reduce the waiting time. For physicians, data science helps in analyzing data from wearable trackers. They can study the condition of their patients and further take important decisions in their work.

• Finance

  With the use of data science, banks and the finance sectors are able to track frauds and curb them. It also helps in personalized financial advice.

• Transportation

  By using data science and analyzing the customer data, a journey experience can be enhanced.

• Construction

  Data science enables managers to make better decisions after tracking various activities like materials-based expenses and time required for completing a particular task.

With data science it becomes easier to trap and analyze massive amount of data which might have gone untapped in the manufacturing process. After analyzing and studying the temporal data, graphical data and geospatial data it becomes quicker to draw insights.

What it’s importance in IT Industry?

In the 21^st century, it is crucial and of utmost importance to not only generate the data but also apply information which has been gathered. Data Science enables extraction of information from large volumes of data. Information Technology makes our lives easier and as the data is processed more quickly the results will come out in hours instead of days and weeks with the help of data scientists.

Why is Data Science Interesting?

The field of data science is ever evolving and new advancements are being made each day to accelerate research. As something new and interesting keeps coming up, it also gives the chance to learn something new. Everyday work becomes more interesting and provides opportunities to explore and experiment. Moreover, in the field of data science, an individual can upgrade their skills from time to time thus giving them a competitive edge in terms of knowledge and expertise.

The knowledge of Python and R languages is important in data science for data preparation as well as statistical analysis. Python is considered to be more readable and simpler as compared to R. Therefore, Python is used is several other verticals apart from data science.

As data science is gaining popularity and every industry wants to make use of it, it plays an important role in functioning and growth of any product. It is the job of a data scientist to perform important tasks like handling the large amount of data and then providing solutions to specific problems that a business is facing.

What is the future of data science?

Since the companies have compiled an enormous database through customer interaction. They now want to reap benefits from this data and make their business grow. The role of data science is important as it can enable them to analyze and create machine learning models based on this collected data. And the data collected will further be used for generating valuable insights, thus further increasing the demand of data science.

Artificial Intelligence is another aspect of data science that is likely to become a powerful technology for data scientists. AI is already helping many companies in decision making and keeping things running smoothly. In real time situation AI will make use of automated solutions and screen through the large amount of data to unfold patterns that would aid businesses in making better decisions.

As the importance of data science is growing each day, so is the demand of a data scientist. It is an ever growing field that has become an important part of every sector now. A data scientist needs to be capable of providing great solutions to the challenges that a company is facing. If you are planning to take up data science as your career option, this is just that perfect time to go for it.

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