Data science is an interdisciplinary field that comprises scientific processes, methods, systems, and algorithms that provide insights from data in its many forms. The field of data science combines data analytics with statistics, programming, machine learning, and other associated methods to help analyze data. It uses theories and procedures drawn from various fields to solve multifaceted problems. Typical data science roles involve collecting large amounts of complicated data points (structured and unstructured), which are then cleaned and organized.
In the year 2012, The Harvard Business Review described data science as “the sexiest job of the 21st century,” and since then, job openings for data scientists have grown in leaps and bounds. Since 2013, data scientist job openings have grown by over 256% - more than tripling. This rapid growth in data science has given rise to an unprecedented interest from job seekers. However, reports from Indeed reveal that data science job postings still are growing faster than the skilled applicants available placing the bargaining power with the job applicants.
The demand for data scientists is growing incredibly fast, and one may wonder why this is the case. 90% of the data available today were created in the last two years only and reports puts current daily data output at approximately 2.5 quintillion bytes – the amount of data available has skyrocketed. Because of the tremendous amount of data being produced, companies need people that can generate insights from them using specialized techniques. Companies need to know which posts will get the most shares or the kind of content that works best on their platforms and this is only the tip of the iceberg of what can be done with data available.
Not only does data help companies make better decisions, they come with financial gain. A report from the Harvard Business Review found that companies that were in the top-third of data-driven decision making were on the average 5% more productive and 6% more profitable than their counterparts. Data science restricts the influence of personal bias in decision-making, allowing companies to make decisions solely on what the numbers say.
Furthermore, machine learning – AI systems that can learn and evolve has infiltrated several industries from finance to health care, helping businesses make decisions real-time and based on past learnings. We find machine learning applied to finance with financial institutions
replacing loan officers with machine learning algorithms that can access risk and make decisions without human intervention.
Data science and machine learning model algorithms often find insights that are otherwise hidden to the human eye. The ability to analyze the vast amounts of data being generated and to predict the market real-time will come handy for several businesses today and in the foreseeable future. At Infogrex, we help prepare you for this data-driven future. Our data science learning eco-systems are among the best available, teaching prospective data scientists online or physically; all they need to become skilled data scientists.
Real Time Practical Data Science Training In Hyderabad