So, what is Data Science?
In God we trust, all others must bring data.- William Edwards Deming
The Internet is responsible to produce enormous amount of data since its origin. It carries information about various users, their Internet usage, their search queries and what not. These data when used properly, it can predict great things with greater accuracy.
So, data science deals with the process that involves extraction of valuable results, observations and insights from these data.
Is it worth so much discussion?
Remember the predictions that we discussed above. Now suppose you are able to predict what your user is interested in buying just by seeing his search queries from the week, now you are able to put relevant ads for every user. Suppose you are able to guess the stability in the stock market just by going through previous stock prices. Suppose you are able to predict some natural calamity before it happens just by looking at previous data of natural disasters. These all are among those infinitely many crucial things that can impact you and industries around you directly.
It’s impact in industries.
Data is no more just data it has become a powerful tool to leverage your company in many aspects like:
- Marketing — With proper implementation of data science, a company now knows what type of advertisements should be shown to what type of users/potential users. Also maintaining them is easier than ever.
- Product — A product can now be tested and automated through available datasets of real world users. Now companies are less prone to bugs that’ll cost them millions of dollars if not found.
- Sales —Finding the perfect audience is a major factor to increase the revenues of any organization. Analyzing the data about previous customer transactions, about the product in demand, the demographics of the customers etc. could help identify who to target on.
- User-End Applications — A decent amount of companies providing solutions to many data science related problem have emerged in recent times. These companies not only increase the usage of data analytics and data science but also help the community of people who want to have their career in this field.
- Automation — Different industries have felt the data science revolution by observing the sudden increase in automation. Many repetitive, complex jobs that required labor are now automated. While it’s very less likely to happen that AI/automation will take over most of the jobs but this surely has led to increase in unemployment.
Data Science has opened many doors for industries in many fields like health-care, agriculture, education etc. It has made the much-needed impact that has not been made in the industries for years. This is surely a boon for our society.