Why Data Science Is The New Lure For Businesses and Professionals?

by July 31, 2018 0 comments

As countries race to soar their economic footprint by leveraging modern technological advancements, businesses ranging from corporate giants to SMBs are gearing up to propel their operations and clientele.

 

Data science and analytics are reshaping legacy marketing strategies and has opened new doors for profit growth and business expansion. In this age of rapid digitization, big data analytics is enabling enterprises to accomplish mammoth tasks in real time with unexceptional ease.

As per International Data Corporation(IDC), the global revenues for big data and business analytics will soar from $130.1 billion in 2016 to more than $203 billion in 2020.

Data science and analytics incorporates statistics, mathematics along with other strategic scientific mechanisms to analyse data which is mounting with each passing day.

Utilizing Artificial Intelligence tools and machine learning, enterprises are performing predictive analysis to garner filtered results classified into a host of domains and serving the requirements of different business verticals.

The highly accurate estimates facilitate in bolstering the business growth effectively.

The entire data which an entity possess be it regarding asset maintenance or any other equipment, workforce payment and attendance, distribution, customer growth data can enable it to procure a comprehensive expansion plan. Furthermore, data science also enables a detailed understanding of a possible scenario when it comes to a specific expansion.

Harnessing tools such as demographic and social media analysis, enterprises are now gaining a detailed understanding of their potential customers. Diving deeper, data science is also facilitating competition analysis helping businesses understand the key areas where they need to zero in their focus to stay ahead in a fiercely competitive environment.

Strategic insights of business performance have also made it convenient for enterprises to predict sales trends and turnover growth. With the numbers in hand, developing new business plans comes with much lower risk factors than ever before.

 

Sharing A Symbiotic Relation With AI and Robotics

 

In the present day,  Machine Learning and Artificial Intelligence are redefining the business landscape and data science rests at the core of these technologies.

While Artificial Intelligence talks about making intelligent and smart machines, Machine Learning plays a pivotal role here as algorithms are utilised to train machines to absorb behaviour patterns. Machine Learning, however, can’t operate alone without analytics, which in turn is not possible without data synthesis.

To reap the true benefits of AI businesses require right data along with a fleet of highly proficient data science professionals who can explore and integrate the right chunk of data with AI and ML applications.

This concludes in Data science, AI, and Robotics sharing a symbiotic relationship with each technology complimenting the other to fuel the growth of advanced machines and technologies to make our lives more productive and convenient.

A flawless synchronisation of the three technologies is visible in self-driving cars, robot assistants, smart chatbots etc, paving way for endless future opportunities.

 

An Ocean Of Opportunities

 

Fifteen years back Computer Science ranked among the most lucrative career options with the internet flexing its potential across the globe. Every engineering aspirant aimed to become a programmer and owing to the demand-supply gap, the salaries were skyrocketing in the CS domain.

However, with the flow of time, the gap bridged and payouts started to shrink. Data Science industry is observing a similar trend at present with an exceptional demand and low supply, the salaries are ‘’among the best’’ in the IT segment if not the best.

A recent report by apex IT industry association, Nasscom depicts that 1.4 lakh jobs remain vacant in the Artificial Intelligence (AI) and Big Data Analytics domain across numerous sectors in India, out of the total demand of 5.1 lakh employees in the country.

The report also highlights that about 3.7 lakh jobs are filled at present and the employee deficit would rise to 2.3 lakh by 2021, as the total demand touches a whopping  8 lakh employees.

Data based decision making is rapidly gaining popularity and while analysts till a few years back utilised tools such as Excel to comprehend data, new tools have emerged for better analysis including-:

 

  • Google Analytics a tool widely used by marketing departments
  • Sophisticated ERPs which process information and furnish visualisations
  • Exceptional improvements in programming languages including Python and R

 

While data science has managed to claim a significant footprint in the IT

segment, for a consistent investment the technology will have to overcome the challenge of shortage of high-quality skill sets which are crucial to make an entire data science setup business viable.

Ramathreya Krishnamurthy, Business Head, TimesJobs

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