I am sure you have questions about data science. What significance does it make in any business? What is the significance of data science on the growth? Why are numbers so important? What is the future of data science etc?
All of us heard of this new hottest job of this century is a data scientist. The demand for a data scientist is rapidly increasing due to the enormous increase of data generated by companies also referred to as big data. Data scientists are the people who mine and analyse data from a range of sources, including websites, social media analytics, sales and marketing numbers, click streams, sensors, social media, log files and GPS plots to fetch the predictive insights that will influence the growth of business.
What is the importance of data science in any business?
1.Data analysis decreases the overall expenses of an organization
It makes a huge impact on any business if the data is in place and seniors in company know what to do with that data. According to a 2011 study from the McKinsey Global Institute retailers that maximize data analysis capabilities could increase profits by a whopping 60%, while the health care industry can reduce operational expenses by 8% – that’s $200 billion per year which is humongous.
Also, according to a Gartner research report, poor quality of data or bad data costs an average organization $13.5 million every year, which is too high a cost to bear. Bad data or poor quality of data can alter the accuracy of insights or could lead to incorrect insights which will in turn hamper the performance of a company.
2. Data analytics can be a guiding factor to make strategies
A data scientist also helps to strategise the processes and improvised decisions across different levels of company by measuring, tracking, and recording all the performance metrics
3.Analysis is a helping hand for increasing the net profits
Cleaning and finding the statistics from data like the social media analytics, exploring trends and then taking actions accordingly would help engaging more customers, ultimately increasing profitability.
4. Statistics lifts the testing of after effects if a change or a decision is made
Once the new decision is made based on data half battle is won as well started is half done. But in order to quantify the same changes and improvements it is essential to know how those changes have affected the organization. This is again how the data scientist comes into picture to measure the changes in numbers by changing couple of decisions. This quantification is really crucial to improve the quality of the organisation.
5.Numbers aid in targeting the right audience
There are lot of options available to get insights on the customer demographics, behavior, and other customer related predictive analytics which if used correctly can make a huge difference by getting the glance of the target audience and designing the services and products accordingly.
Data science can definitely help any industry to grow leaps and bounds by determining, predicting and helping in process improvements in strategies. Also, the best and the challenging thing about this career is you do a lot of things together so boredom is out of your dictionary.
Do you want to be a data scientist? Do you love to take challenges and think that this definitely is cup of y our tea but don’t know where to start from? Don’t worry but for sure hurry and enroll to data science orientation on the Millionlights website (https://www.millionlights.org/Course/AboutCourse?id=111&type=&pe=0)by Microsoft and get certified in data science and open the new path for yourself in this amazing career of connecting dots and analyzing data.