Data Science is an interdisciplinary program that calls for expertise in Mathematics, Statistics, Programming, Analytics and business domain.
Data Science is Future and its impact is studied in both academic and applied research areas such as machine translation, speech recognition, and the digital economy.
It enables individuals and organizations to gain deeper insights and make improved judgments from an enormous amount of data collected.
With most of the companies adopting Data Science to unearth veiled secrets and solutions to critical business problems, the demand for Data Scientists has touched the roof.
According to the U.S. Bureau of Labor Statistics, Data Science future demand is estimated to touch 11.5 million by 2026.
What is Data Science?
Data Science is the process of studying data using analytical, programming, and business skills to solve complex business problems.
In a world becoming increasingly dependent on the internet and smartphones for everyday needs, every keystroke is a data that is captured and stored.
Businesses collect customers’ data via transactions, website-interactions, social media posts, surveys, market research, customer feedback, etc. Data Science uses this zettabytes and yottabytes of structured (data in a test or tabular form) and unstructured data (in the form of images, videos, emails, etc) to analyze and execute data-driven decision making.
For example, if you are not new to Amazon, you might have noticed Amazon offering recommendations about products you might be interested in. This is achieved by capturing and storing buyer’s data i.e. what you have bought previously, your search history, etc.
Similarly, you might have searched for favorite mobiles online and found associated ads on your Facebook, Google, and other websites continuously till a week or two.
Well, it is all result of the application of Data Science.
Why is Data Science Important?
Data Science helps companies
1. Understand their customer behavior, trends, and interests at a granular level.
2. Connect with clients in a personalized manner.
3. Carry concerted campaigns against targeted customers to trigger the right emotions and close sale.
4. Improve internal product development process.
5. Study the patterns and improve fraud detection processes in Banks and financial institutions.
6. Learn the behavior of a stock’s volatility over a while.
Data Science finds its application across all industries and sectors like travel, healthcare, education, etc. Failure to implement Data Science could result in loss of opportunities, loss of clients, sticking irrelevant processes or services, and loss of competitiveness. That is why is Data Science important in today’s context.
If you infer from the above content that Data Science is a very benevolent application and everything is rosy about it, then nothing is far from the truth. Like with every emerging technology, Data Science too, comes with its share of advantages and disadvantages.
Data Science Pros and Cons
We have already listed the pros of the Data Science above. Now let’s take a look at the negative side of it. Data Science Pros and Cons revolve around the collection of huge amounts of data.
This data includes personal data about individuals or groups of individuals. The Personal data that should be the proprietary of the respective individual only will now remain accessible by others.
It can result in the misuse of information by unscrupulous employees or third party contractors for monetary gain. The criminals and people with ulterior motives bestowed with creative ingenuity can wreak havoc for their personal gains. Such cases are on the rise, even though regulations, laws, and policies are in place.
It can also end up targeting a group of people belonging to a particular country, or race of people or religious groups.
One of the recent data mismanagement that hit the headline is the Facebook-Cambridge Analytica scandal. Cambridge Analytica was accused of acquiring more than 50 million Facebook users’ profiles from the third party to target prospective Brexit voters with a politically motivated successful social media campaign.
Excess dependency on automated programming (automated algorithms), vague parameters, insensitive or brazen campaigns can harm companies’ resources and profits. To understand why we say this, it was in news that Uber self-driving vehicle killed an Arizona Women. It was basically designed to avoid accidents yet this happened. The incident has cast serious doubts over the efficacy of automated algorithms/programming for designing such cars.
Companies should implement robust data access controls and monitoring mechanisms to stop this data misuse menace. Enforcement agencies should crackdown on the culprits and slap stringent punishments.
Data Science is Future
With the evolution of Deep Learning, Artificial Intelligence, and the Internet of Things, Data Science future demand has grown by leaps and bounds. The effect of Data Science in sales and marketing fields is already visible with companies raking in moolah.
Other fields like pharma, healthcare, education, energy, and transport are not far behind. Data Science future scope is entwined with these sectors in delivering the desired output.
Data Science can assist health care sector, to take patient care and satisfaction a notch up.
It helps the health sector to understand what patients need, which diseases are virulent at designated times, what additional care is required, etc.
With online and interactive learning taking the precedence over traditional classroom coaching in education, Data Science can help impart job-oriented skills and enhance their knowledge.
Data Science future scope in the travel sector is unlimited. Companies are vying with each other in applying Data Science with AI to usher in self-driven cars, drones, and buses to avoid human error and prevent accidents.
Though several questions are raised on how and what real parameters do the automated algorithms take into precedence while arriving at the crucial decision to avoid an accident, Data Science is future generations answer to provide better services.
Given its outreaching advantages, it can be stated that Data Science is a boon to businesses and institutions in particular and society in general. It is also one of the highest-paid positions in today’s market.
So what are you waiting for? Don’t you want to benefit from the demand?