The Science of Data
An introduction to data science and its applications
Are you passionate about cutting edge technologies that drive the world forward? if the answer is yes, then this article is for you. Today I’m going to give an introduction to the fascinating world of data science that acts as the force behind some of the latest technologies and concepts such as artificial intelligence. So without further ado, let’s dive into the world of data.
Data may look boring, but the things you can do with them are not.
What is Data Science, and what’s the importance of it?
With the evolution of information technology, the modern world has started to create massive amounts of data (also referred to as big data) every day. And that is expected to grow larger and larger every day. According to IDC, worldwide data will reach 175 zettabytes by 2025. Data science is the field of study that focuses on making use of this ever-growing amount of data.
To put it simply, data science is the art of making use of data.
Data science in action
We discussed what data science is and why we need it. let’s now find out about different applications of data science in various industries. Following are some of them.
Retail
Retailers must correctly predict what their customers desire and then deliver. They will most likely fall behind the competition if they do not do so. Retailers may use data scientists to get the insights they need to keep their customers pleased and coming back to their businesses.
Medicine
Data science is being used extensively in the medical industry to improve health in a variety of ways. Take, for example, the usage of wearable trackers to offer vital data to physicians, who may then utilize the knowledge to improve care for their patients.
Data analytics can also be used to keep track of a patient’s health and alert them to take the steps to avoid diseases. Data scientists use sophisticated predictive analytics to detect chronic diseases at an early level.
Transportation
People are always in a need to reach their destinations on time. Data science and analytics can be used to increase the chances of successful journeys thus saving people’s time. For example, statistical data can be used to map customer journeys and provide people with personalized transport details.
Media & Entertainment
Nowadays data science is frequently being used to understand media and entertainment content usage patterns in real-time. With data science tools and techniques, Companies can produce and recommend better content for various target audiences. Almost all famous entertainment and social media sites such as Youtube, Netflix, Spotify, Facebook, Instagram use these methodologies to provide a better experience to their customers.
Finance
Financial firms, as is well known, are data-driven, and data science is the ideal tool for obtaining actionable insights and ensuring the long-term success of financial institutions such as banks. Risk assessment, monitoring fraudulent behaviours, and customer analysis are just a few of the applications of data science in the finance industry.
Careers in Data Science
As we’ve seen, data science is in high demand across a wide range of businesses. Organizations around the globe hire data science professionals to solve various kinds of business problems using data. As a result, the opportunities that are available for such personals are nearly endless. There are different kinds of career paths available for someone who’s pursuing data science. Following are a few examples of those.
Data Scientist (Average Salary: $139,840)
A data scientist’s duties include Finding, cleaning, and organizing data for companies. Data scientists are able to analyze large amounts of complex raw and processed information to uncover patterns that will assist a company make smart business decisions.
Machine Learning Engineer (Average Salary: $114,826)
A Machine Learning Engineer’s job requirements include creating data funnels and delivering software solutions. They often need strong statistics knowledge and programming skills, as well as knowledge in software engineering. They are responsible for designing, building and testing Machine Learning systems. Nowadays Deep Learning which is an advanced version of machine learning has become very popular. Because Machine Learning/Deep Learning are the main technologies utilized in AI, ML Engineers are in higher demand than ever.
Data Engineer (Average Salary: $102,864)
Data engineers build and maintain data pipelines that create a robust and interconnected data ecosystem within a company, making information accessible for data scientists. They are also responsible for processing gathered and stored data.
Business Intelligence Developer (Average Salary: $81,514)
Business intelligence (BI) developers create techniques to help business users easily discover the data they need to make better business decisions. They employ BI tools or design custom BI analytic solutions to help end-users understand their systems.
Data Analyst (Average Salary: $62,453)
Data analysts transform and modify big data sets in order to meet the needs of firms’ analyses. Data analysts also help organizations’ decision-making by generating reports that effectively explain patterns and insights gathered from their research. They excel at using spreadsheet programs, query languages, data visualization tools and many other applications to get their job done.
The amount and value of data grow every day, and organizations in the twenty-first century are always attempting to unleash its potential, making data science a good career choice. If you are interested, now is the best time to start a career in data science.
With that, I’m ending my article. Hope you all got some knowledge about this interesting field of study that contributes massively to the betterment of organizations and people around the world. I will see you with another article in the future. Until then Goodbye & Stay Safe!
Further Readings
- What is Data Science and its Importance in 2021 by Simplilearn
- 11 Industries That Benefits the Most From Data Science by Nancyseby
- Data Science in Healthcare- 7 Applications No one will Tell You
- 11 Data Science Careers Shaping Our Future by Kelsey Miller
- Data Science Applications In Various Industries by Sandra Durcevic
- Top 8 Reasons Why Data Science Jobs Are in Demand by Tanya Oberoi
- Understanding the Relationship Between Data Science, Artificial Intelligence and Machine Learning
-Pasan Devin Jayawardene-
