“Data is the new oil.” It’s valuable, but if unrefined, it cannot really be used. It has to be changed into gas, plastic, chemicals, etc. to create a valuable entity that drives profitable activity; so, data must be broken down and analysed for it to have value. Clive Humby (2006)
Data Science in the 21st century is like oil in the 25th century: an asset. It is just like an oil well for those who have learned to extract information out of it. We are in a digital economy where data is more valuable than ever. It is the key to the smooth functioning of almost everything, from companies to governments.
Table of Contents
What is data?
Data is a term that has been used to describe information in the form of numbers, symbols, or words. Data is created when someone takes measurements and records the figures in a table or chart. The data can be organized into rows and columns and can be presented as graphs, charts, or other visual representations.
Data is not just important for businesses, but also for individuals as well. There are many career opportunities available to people who know how to work with data and there are many ways that people can use data to make their lives better and more productive.
What is Data Science?
Data science is a field that involves using statistics to extract meaning from data. It’s an interdisciplinary field that combines aspects of computer science, mathematics, and domain expertise to extract knowledge from data. Data scientists are people who use statistical analysis to find patterns in large sets of data which can then be used for decision-making purposes.
The Data Scientist’s Role
The role of a data scientist is to simplify the data through coding and certain algorithms and turn it into a problem-solving solution for the business. In today’s scenario, it is not compulsory that you have a formal educational background to be a data scientist; it’s just that you should have the sense to use data in an effective way. Every industry is generating a huge amount of data every second every single day, thus resulting in an increase in hiring for data scientists. This is the only reason why the demand for data scientists is so high and they are paid so heavily. They usually work with developers to deliver the value to the end users.
Big Data
Big data is a collection of data that is huge in volume yet grows exponentially with time. This data is so large and complex that none of the traditional data tools can store it or process it efficiently.
Important skills for a data scientist.
Data scientists are in high demand, but what skills do they need?
Data scientists must have strong analytical skills, the ability to work with large datasets, experience with programming languages like Python or R, and knowledge of machine learning tools such as TensorFlow. They also need a deep understanding of statistics and probability.
Data science is a very broad field and it can be difficult to know where to start. Below are some of the most important skills for data scientists, as well as provide some insights into career opportunities in data science.
Multivariate linear algebra and calculus: The majority of data science and machine learning models are built with a variety of variables. A good knowledge of multivariate calculus has been proven to be a boon for creating machine learning models. A few of the mathematics topics that will be of great help in a data science career are:
Cost function
Scalar and vector
Matrix and tensor
Finding values of a function
Gradients and derivatives
Data Cleaning: As data is generated from different sources, before doing any calculations over it, it is required to be cleaned, i.e., transformed and mapped from the raw data into cooked form. For that, one needs to acquire the different data and combine them with the relevant field and then cleanse them. Just by learning this skill, one can have a great scope in the field of data science. Why is it so important?
- This helps in extracting good quality data from multiple sources.
- It reduces the extraction time, response time, and processing time.
- This leads to a solution that is data-driven as well as supported by accurate data or information.
Cloud computing: cloud computing is the delivery of computing services including servers, storage, databases, networking, software, analytics, and intelligence over the internet that is cloud to offer faster innovation, flexible resources and economies of scale. You typically pay only for the cloud services you use, which helps lower your operating costs, run your infrastructure more efficiently and scale as your business needs change.
Microsoft Excel: Microsoft Excel has become one of the basic requirements for any job related to the back and front office. It is the core platform for a defined data algorithm. Excel has been very effective when it comes to data modification or finding relations within the data. We can validate data, create graphical representations, check relations between different variables and all the mathematical and statical functions can be done with great ease using excel.
The Future Scope of Data Science
Data science is a field that is constantly evolving and changing. Data scientists need to be prepared for the future of data science.
Data scientists are in high demand in the current job market. This is because data science has become an integral part of many industries, such as healthcare, financial services, retail, and advertising. As a result, there are many career opportunities for data scientists and their salaries are also on the rise.
It is important to note that the skillset required for a data scientist role, changes from time to time depending on the industry they work in. For example, healthcare companies require people who have expertise in statistical analysis and machine learning while finance companies require people with programming skills who can use SQL language to query databases and write programs using Python or R language.
The scope of data science is increasing with every passing year with the increase in digitalization. The massive growth in data has provided a glimpse into the future scope of data science. Sectors where it will be widely used are:
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Health care, Transport and ecommerce
Health Care: There is a huge demand for data scientists in the healthcare sector because they generate huge amounts of data on a daily basis. Tracking this huge amount of data is not quite possible for any unexperienced candidate. The hospital needs them to keep records of patients’ medical history, bills, staff personal history, and much more. They are being hired in the medical sector to enhance the quality and safety of the data. They are also hired by the medical research institutes to find the relations between different diseases and age, etc., taking certain relations into consideration. This is also used to track the methods of different diseases.
E-commerce: The e-commerce industry is booming because of data scientists who analyse the data and create customized recommendation lists for providing great results to end users.
Finance: It is one of the most data-driven industries in the world and one of the first to adopt data science. Data science helps in risk management, potential fraudulent behaviour, payments, customer analysis, etc.
Travel Industry: Travel personalization has become an increasingly deeper process than it used to be. As its foundation in data science, the ability to create customer profiles based on segmentations, offering a personalized experience based on their needs and preferences,
Conclusion
The data science has witnessed a huge boom of 650% since 2012. As most of the organisations are moving towards ML, AI, Big Data jobs for the data science are on rise. Data science has made life easier by monitoring things near to the expectations and as it is being used in many industries, so the future is bright if one is having the relevant skill set.
Hope the career opportunities presented here, will give you an idea to choose a course of your interest for your career growth. If you liked this article, then also share it with your community using social media and help others in getting benefitted with it.
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Wishing you all a splendid and exponentially growing career journey ahead.
I am Adesh Vats presently pursuing my MBA in Business Analytics. I am an optimistic person who believe more in practical than in theoretical. Exploring the different places and taking photographs is my hobby.