What makes Data science so intimidating? Well, it’s the claim that they know better about your industry than you do! Data has always been around, but what’s new is that a lot more data is being collected and this done at a very rapid speed and with use of analytics, the use of such data has been figured out.
A lot of data is being collected and this is better because we now know what can be done with it. The reason why it’s growing so quickly and become highly popular is because it allows for one to get accurate answers, make precise decisions that are based on what really is happening and predict what can be the next big trend. Here is going a little deeper into each of the topics:
Accurate answers are provided by Data Science: Let’s understand this with a real example – the 2014 Academy Awards. Here the Norvig’s Theory was put into use. Data scientists were able to extract the accurate answer in predicting who the winner would be. Industry experts and motion pictures columnists were not able to predict accurately despite their knowledge and experience in the film industry. The tech industry pulls out large amounts of data from all users from websites, mobile apps, while tracking all their movements and details like – what posts they share, what the accurate click baits are, where they go to, when they go there, what they purchase, who their friends are and what they share with their friends. This way they are in the best position to use data in order to predict the winner, getting answers that are more accurate than ever a well educated dress.
Data science can change how decisions are taken: Studies and research results like the one conducted by Harvard Business Review suggests that more a company is data driven, better the operational, objective and financial performances are. Companies using data analytics to assist in decision making were 6% more profitable than the other companies. For companies that do not have access, decisions have always been made by the employees based on instinct they developed over their experience in the said industry. This can be dangerous as it also relies on lucky guess work! The tech industry on the other had has a very different model, on this simple philosophy: You can’t manage what cannot be measured. It digs into the data, looks for reasons why the decision is made.
Finding Trends using Data Science: Data scientists are sometimes akin to artists. When viewing big data, they interpret data while closely examining for trends. This is done with the organizational goals in mind. Data science can tell what will be hottest in the coming trends way before the industry experts can see it. Data science can tap into the information that is already being freely shared, tap into it and point out where the trends are heading.
Data scientists are actually getting hard to come by just because data science is growing at a way faster speed than expected! This is why data science has become a coveted area for techies, job security and the sheer excitement of the nature of the work itself added to it!
