Data science
Data Science: The Path Ahead
Top 5 data science trends and their implications
Data science is now the new buzzword that has been making rounds of the business ecosystem. But what is data science, and how does it help enterprises in achieving and surpassing their business objectives?
Let’s start simple. What is data science?
Data science covers Artificial intelligence, machine learning, and the internet of things. It is the collective use of data mining, inference, analysis, algorithmic computations, and technology to solve business problems.
It is easy to confuse data science with data analysis, but in fact, data analysis is a part of data science. Data analysis focuses on building inferences from collected data, while data science aims to answer questions raised by data assets.
The next question that arises is how Data science helps enterprises? Data science enables enterprises to use technology and develop software solutions to increase automation of complicated operations or processes linked to the extraction, analysis, and presentation of raw data.
With the massive leaps, we are making in our technology capabilities, and how that affects human life, data science is crucial for enterprises to predict and create response strategies to not only safeguard and bolster their business but also to anticipate trends of the near future and adapt accordingly.
Without data, your are just another person with an opinion — E. Edwards Deming
Mentioned below are points of value that data science provides to enterprises:
1. Refined customer targeting-
Consumer preferences have never been static, and with the aftermath of the recent pandemic, they have begun shifting rapidly and in ways that were beyond anticipation previously. Enterprises can no longer rest on what they have known to be true.
Today customers will only respond to hyper-targeted products and service recommendations. This requires the constant monitoring of targeted communications that data science offers for the said enterprise to stay relevant.
2. Accurate forecasting and simulations-
Using the recent COVID-19 outbreak as an example, enterprises can now use historical data to create reaction strategies for similar events in the future. Possessed with months of customer behavior data, with the help of data science, businesses can now simulate situations and business outcomes to learn from and develop products and services that would add value to their customers.
3. Workforce empowerment
Chatbots are not a new phenomenon, and yet with the recent crisis, the technology has become extremely valuable. When teams are facing issues pertaining to time and resources, AI automation powered by data science allows them to focus their efforts on activities that require sentient intelligence.
Data science is an invaluable function when it comes to its ability to provide managers with information on where their teams require support or resources, bandwidth or access to higher functions of the enterprise.
Elements of data science, Artificial intelligence, and machine learning have witnessed massive growth as enterprises are continually looking for cost-efficient and innovative ways to extract value from the big data at their disposal. But to potently deploy the tech assets of data science, enterprises need to stay up to date on the latest technology trends.
For your perusal, we present a list of the top 5 data science trends and their implications that you as an enterprise should prepare for to propel your business towards your goals-
Here’s the top 5 Data Science trends and their implications
1. Acceleration of AI
Over the past few years, given that AI tech allows enterprises to improve efficiency and effectiveness of business processes significantly, it has garnered mainstream acceptance by both small and large enterprises.
In the market today, some chatbots advertise services. Some solve problems, some act as virtual assistants, and some even provide emotional support. And according to industry gurus, this is just the beginning of how Ai tech can induce metamorphosis in scientific fields as well as business operations.
2. Rapid IoT inclusion
IoT investments are projected to reach $1 trillion by the end of 2020, according to an IDC report. This is a clear indication that the market for smart and connected devices is about to grow exponentially. IoT has already permeated everyday life with people using apps or devices to control home appliances.
With the very successful combination of AI and IoT, behemoths like Google, Amazon, and Microsoft have brought smart devices into the limelight, allowing consumers to automate tasks at home. The concept is still in nascent stages, but it isn’t long before enterprises use IoT for business p[rocesses, an example of which would be the efficiency optimization of a factory floor.
3. Evolution of Data Analytics
Predictive data analytics plays a major role in helping enterprises identify trends as well as predict market developments. We come across results of data analytics on a daily basis when search engines and websites store cookies of our online purchases and browsing history.
Enterprises are now able to ad-serve products and services in complete alignment with the unique requirements of each consumer.
Marketers can use data analytics to come up with fine-tuned strategies to attract new customers as well as retain current ones by streamlining and personalizing each engagement.
4. Edge Computing gains momentum
Edge computing offers enterprises the option to store streaming data close to the source and analyze it in real-time. It also provides an effective alternative to big data analytics, which demands massive storage and network bandwidth.
Today Three billion people possess smartphones, and the number of sensors and devices collecting data is exploding. Edge-computing’s capabilities of resolving bandwidth, latency, and connectivity issues had made it very desirable.
Moreover, combined with cloud computing and technology, edge-computing provides a highly synergized infrastructure that is virtually impervious to the risks of data management.
5. Increase in demand for data science security professionals
The increasing adoption of data science to aid business will create many new roles in the tech sphere. Today, there are many experts in the market, proficient in AI, ML, Data Science, and IT in general. However, there is still an increasing demand for data security professionals who are skilled in the analysis and processing of data securely.
An ideal data security professional is expected to be well versed in the latest technologies pertaining to data science and analysis. Python happens to be the most desirable proficiency.
The Takeaway-
Today, Data Science is one of the fastest-growing business functions. It is crucial for enterprises that wish to adopt these technological assets to remain pertinent to the latest trends. The world of today demands decisions that are data-driven.
We have already experienced how scenarios can change in the blink of an eye. Proper preparation is a pre-requisite, and enterprises can prepare for the future by leveraging their data assets.
At Radixweb, we provide a full suite of data science capabilities to assist businesses in upgrading and even remodeling their services and functions.
If you would like to know more about how we at Radixweb can help your enterprise in securing its business objectives by applying our Data Science prowess and expertise, drop us a line or click the link and we would be happy to answer your queries.
