Let’s know about the importance of Data Science and its impact on the Business

by Shantanu C. Mages Institute - Game Designing, Graphic Designin

What is Data Science?

In most basic terms, Data Science can be defined as procuring insights and information. It’s anything of value, out of data, like any new field, frequently it is tempting but counterproductive which tries to put solid bounds on its definition. This is data science. In reality, data science is evolving so fast and has already shown such a huge range of possibilities that a wider definition is essential for understanding it. It continues to evolve as one of the most promising and demanding branches.

As it's hard to understand a specific definition, it's quite easy to understand its impact on our day to day life. If we apply Data Science to different fields, it can lead to incredible new insights. And the ones who are using it are already reaping the benefits of Data Science. To extract the knowledge and insights from structured and unstructured data, it uses scientific methods, processes, algorithms, and systems as Data Science is an interdisciplinary field. Data Science is all about data mining, deep, learning, and big data. It provides concepts for merging statistics, data analysis, machine learning, domain knowledge, and all of the methods related to it so that one could understand and analyze the actual phenomena with data. The techniques and theories used in data science are obtained from nowhere else than mathematics, statistics, computer science, domain knowledge, and information science.

In artificial learning, machine learning, and automation the technological advances have set higher standards of the tools like data science for business. This results in the formation of the teams of data scientists – expert data scientists, citizen data scientists, programmers, engineers, and business analysts – are the ones who extend business across units.

Why Data Science Matters and How it powers business:

Immense opportunities are here. The automation of extremely tough data science tasks such as preparing the data, and empowering the analysts without coding experience to construct models, will help in keeping business agile and innovative. Creating automation for the data science lifecycle makes the experts free to find times for addressing more interesting and innovative areas. When there is a mixture of human intelligence along with technology and automation, this combination helps the businesses to extract greater value from data.

Artificial Intelligence will be automating more than 50% of the data scientist activities by 2025 which will cutting-edge luxury to the acute talent shortage. IBM provides Auto AI to automate data science and AI lifecycle management. Mostly the time of the data scientist’s time off work is spent in finding, cleaning, and organizing data which amounts to about 80% of their time. And yes, it is one of the most promising job profiles in 2019 and 2020 and for the years to come in the future.

Today the magnitude and diversity of social, mobile, and device data, including new technologies and tools, data science play a broader role than ever before. Businesses consider data analytics and data science along with AI to be a technology-enabled strategy. For data science to be effective, its full lifecycle should support traditional analytics and also must work in concert with the latest and modern applications. This implies that the practice of data science must transform beyond routine, tedious tasks —80% of a data scientist spent time in cleaning, shaping, and moving data from one place to another, to feed machine learning. This leaves only a small percentage of their time to find patterns and trends, to build complex models, to predict and forecast, and to interpret results.

Fortunately, there is a relief that the latest development in modern data science is an Automated AI which is having the caliber to automate the data preparation and modeling stages of the data science life cycle. Now, it’s not like that the data scientists may use their specialized skills the way they were intended; but more businesses can benefit from data science, from prediction to optimization.

Data Science has become a revolutionary technology that everyone seems to talk. It is a buzzword with very few people knowing about the technology in its true sense. While many people dream of becoming a Data Scientists, it is essential to deliberate the pros and cons of data science and gives out a real picture.

If you also want to learn data science, big data, Artificial Intelligence then welcome to world’s largest educational institute Mages.