Data Science has been talk-of-the-town for quite a while now, but not everyone truly understands what it is? There are a lot of notions /misconceptions around it – while some think it’s as simple as collecting data while for some, it’s building some rocket science. In this article, we will discuss what indeed is data science and why it is the buzzword in the market.
Data Science can be defined as – data gathering and having the ability to understand it, process it, extract value from it, visualize it, and communicate it so that you can solve the problem at hand. It’s not a new concept; right from the start of human civilization – humanity has been using its ability to gather and interpret data to make intelligent decisions. For example – early Egyptian civilizations could predict when the Nile River would flood based on the “data” they used to keep track and observe.
Data Science Life Cycle is composed of 5 stages:
With the advancement in IT and overall digitization of the world, we are generating a massive amount of data every day and can store and manage it. Hence with this enormous amount of data sitting with us, we cannot use traditional methods of analyzing it, and thus the need for data science is ever-growing.
Example of Data Science in the real world:
One of the significant concerns of 2022 is the big attrition wave that we are seeing in the technical jobs, especially in the IT sector. Data Science can help you predict which employee in your organization is most likely to churn, and hence you can plan accordingly or maybe try to retain that talent. Such valuable insights can significantly help the people analytics team of an organization to plan its workforce and resourcing accordingly.
This is one of the millions of real-world problems being solved using data science. Sounds fascinating. Well, it is, and that’s what makes data science an excellent career choice – right now, there isn’t a single industry or domain that is not benefiting from data science, thus making data science opportunities rise every year. And it is one of the highest-paid jobs in the world currently.
~ Nishkam Shivam, Data scientist @ Bristlecone | Ex- Walmart | Ex- Accenture
Data science is all about defining and solving business problems. According to AI & Data Science Salary Study 2021 by AIM Research, the salary of a data analytics professional is 44% higher than that of a software engineer and 36% and 50% higher than the salaries of an IT developer and a Java developer, respectively. Here is your chance to upskill with a popular Data Science course from Emeritus and advance your career growth with a certificate from one of the leading Business Schools.