As the technology advanced, the amount of data generated per day increased manifolds. In 2010, when the world entered this era of Big Data, storage was the biggest challenge that industries encountered. However, in the present day when frameworks and software like Hadoop have successfully solved this problem, we face yet another challenge, the processing of this data. Well, Data Science is the answer to this problem. It even paves the path for Artificial Intelligence. Thus, it is crucial for us to understand what Data Science is and how it can benefit us in our business.
Fundamentally, it is an amalgam of mathematics, technology, and business acumen. It involves solving complex analytical problems and drawing meaningful insights from large amounts of data using concepts of statistics, calculus, algebra, algorithms, and business tactics. Tapping into an enormous amount of unstructured and structured data to determine patterns that can help organizations to rein in profits, gain a competitive edge in the market and identify new opportunities is a challenging task. One needs to be proficient in the subjects mentioned above, have strong emotional intelligence and cognitive skills.
Big Data or Data Science is the latest fad, and the hype around it is mind-boggling. So, let us delve a little deeper into this field to comprehend its use in various domains.
- Customer satisfaction is of paramount importance for any business to flourish. Therefore, understanding their needs and requirements is crucial. This task can be accomplished by employing data science to analyze customers’ age, annual income, browsing history and purchase history. Although, this data was present earlier too, the means to train models using such large amount and variety of data has been made possible only by data science. Today, businesses can recommend products to their customers with better precision using these models, which in turn helps in increasing the customer base and the business.
- Now, let us consider a different scenario to understand the decision-making aspect of Data Science. Imagine your car being intelligent enough to drive you home without any assistance. Self-driving cars accumulate real-time data from sensors, like lasers, radars, and cameras to form a map of its surrounding area. They use this data to make accurate decisions regarding the speed, directions and emergency protocols using complex learning algorithms.
- Data Science is also actively used in predicting weather forecast, share rates in the stock market, natural calamity etc. This aspect is commonly known as predictive analytics. Real-time data from aircraft, ships, satellites, and radars is analyzed to build effective training models. Predictive analysis thus plays an important role in informing individuals let us say, for an impending disaster (e.g. Earthquake or tsunami) and minimizing the damage caused thereafter.
With respect to all the above-mentioned points, we realize the importance of data in day-to-day applications, but these statistics are not visible to the naked eye. Hence, Data Scientist is the future that we are looking for and data, the platform on which we build our future, is the key.
If you are interested in pursuing a data science course at bangalore, you can do so by enrolling in the Data Science training program provided by 360DigiTMG.
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