Data Science is an integral part of industry especially after the emergence of an abundance of data. It would not be wrong to say that “Data is the new oil”. Data Science is one of the hottest fields in the industry today. Its popularity has skyrocketed over the years and if we look at the trends, it is easy to assume that it will stay for a long time.
Big companies like Google and Facebook have started hiring more Data Scientists than ever before and the reason for this is they need some individuals to find a pattern in a large amount of data. This helps them better understand the behavior of their users and their financial reports to make better decisions.
WHAT IS DATA SCIENCE?
Data science is the domain of study that deals with vast volumes of data using modern tools and techniques to find unseen patterns, derive meaningful information, and make business decisions. Data scientists make complex machine learning algorithms to build predictive models and solve problems.
The data used for analysis can be from multiple sources and present in various formats and can be seen with the help of Data Visualization techniques.
This field is getting a lot of eye balls. Now let us take a look why is it so important in today’s era.
It is a data driven science that uses predictive analysis and identifies patterns to ensure better decision making.
It enables you to:
- Model data using various algorithms
- Find leading cause of problems
- Perform exploratory study on the data
WHAT DOES DATA SCIENTIST DO?
The role of Data Scientist is to analyze large amount of data and extract meaningful patterns. In other words, a data scientist solves problems using series of steps involving:
- Ask the right questions to understand the problem
- Gather data from multiple sources—enterprise data, public data, etc
- Process raw data and convert it into a format suitable for analysis
- Feed the data into the analytic system—ML algorithm or a statistical model
- Prepare the results and insights to share with the appropriate stakeholders
REAL WORLD APPLICATIONS OF DATA SCIENCE
Data Science is can easily be found in all the fields. From HealthCare to Gaming, everyone is using the expertise of data scientist to solve real world problems.
Let us take a look at some of the applications of Data Science.
Healthcare
Procedures such as detecting tumors, artery stenosis, organ delineation employ various different methods and frameworks like MapReduce to find optimal parameters for tasks like lung texture classification.
It applies machine learning methods, support vector machines (SVM), content-based medical image indexing, and wavelet analysis for classification of solid texture
E-COMMERCE
There was a time when in order to buy something, you have to go out and search shop by shop to get the desired product.
Today, though, citizens of that same town can each shop in their own personalized digital mall, also known as the internet. You can even start your own business today on an online platform and reach to millions of users with one click.
Yes! You guessed it right, with help of online ads. This is where Data Science plays a vital role to reach your targeted audience which would lead to more sales and higher Return on Investment.
Sovrn brokers deals between advertisers and outlets like Bustle, ESPN, and Encyclopedia Britannica, and since these deals happen millions of times a day, Sovrn has mined a lot of data for insights, which manifest in its intelligent advertising technology. Compatible with Google and Amazon’s server-to-server bidding platforms, its interface can monetize media with minimal human oversight — or, on the advertiser end, target campaigns to customers with specific intentions.
WHY CHOOSE DATA SCIENCE?
Now the most important question to answer, WHY CHOOSE DATA SCIENCE?
Well, according to a report by Google, the average entry-level salary for Data Scientist is $67,900, and around 400K job opening in the next 5 years.
Well maintained clear and concise……