Data Science: The Lifeblood of the Digital Economy

Ritu Tiwari
Aug 31, 2018 · 2 min read

With rapid advancement in digital technologies and the digitization it spawns, data is being generated on an unprecedented scale. The advent of Internet of Things (IoT) has also made significant contribution to the amount of data that is produced on daily basis. According to a report by IBM, mind boggling 2.5 quintillion bytes of data are created every day. With more than 20 billion devices likely to be connected to the Internet by 2020, it is anybody’s guess the huge amount of data that will be generated in not too distant a future. Another study by EMC claims that the size of the digital universe is doubling every two years and likely to exceed 44 trillion gigabytes by 2020.

In a nutshell, massive amount of data is generated on daily basis and this phenomenon is likely to increase manifolds in coming years. However, the ocean of data for all intents and purposes is useless if you do not have a proper channel or means to make use of the huge amount of data.

Winners of the Digital Economy

It can be safely assumed that in this age of digitization and digital transformation, data-driven companies are most likely to emerge as the winner. As such, the importance of investing in data science and data analytics for the benefits of your organization and its customers cannot simply be overemphasized. A data framework model that could help your organization reap the benefits of data science and analytics is discussed as below:

Data Management

Data Management lies at the foundation of the framework. What it implies is that the data you have comprehensively fulfils the parameters of authenticity, safety, accuracy and integrity.

Data Organization

This deals with the storage of data and people who are authorized to access that data. It is important to ensure that only the right people have access to the data so that they can access it at the right time for smooth functioning of the business.

Data Tools

Powerful tools make it possible to view data generated from multiple platforms thus allowing seamless connectivity of the data.

Data Science

Skilled professionals are the most vital link in the entire chain as in their absence there will be nobody to interpret and leverage the mammoth amount of data that is produced. Relevant education in data science allows people to efficiently utilize the tools and science of data science to drive innovation, more efficient operations and better customer service.

Another report by IBM suggests that there will be millions of jobs in the realm of data science in next three to four years. Full stack data science program from right institutes offers you a unique opportunity to expand your professional horizon by making use of discipline and tools of data science to uncover valuable insights and trends in this ever expanding field.