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What Is Data Science? Understanding Data Science & Its Importance

Data science has evolved to become one of the most in-demand and high-paying career paths today. Now, businesses are increasingly reliant on data scientists to get useful and fresh information to grow their brands. For anyone with an IT background and desire of pursuing a Masters course or delving into the job search, data science is a field that is worth considering.

 

The Meaning of Data Science

In the simplest terms, data science is the ability to capture, understand, process, extract value, and communicate large amounts of data. It is a multidisciplinary field that uses statistics, programming, and business knowledge to draw inference on data and solve complex analytical problems.

A data scientist, therefore, is a professional who is skilled in the organization and analysis of large amounts of unprocessed data to generate valuable business insights. Their work is to identify relevant business questions, collect and organize data from various sources, translate the results into useful solutions and communicate them to the concerned business decision makers. According to LinkedIn, the top skills that a data scientist should have include data analysis, Python, SQL, Machine learning, and statistics.

The Importance of Data Science in the World Today

Data science has become invaluable as it connects the business and the data world. If it did not exist, most companies would not know what to do with their data. Data science has shown to have many advantages that are applicable across multiple industries.

For one, it facilitates effective business decision making from data-based proof. These data-informed decisions boost revenue, the efficiency of operations and workflows, and the overall business performance. It also helps businesses to promote and sell their brand to target customers. Now, organizations can develop marketing and sales strategies that apply to their audience. In recruitment, data science enables hiring managers to make more accurate selections faster using data-driven aptitude testing and application processing.

Other benefits of data science are specific to particular industries. For example, banks use data science to enhance fraud detection while streaming services use it to offer more personalized recommendations to their customers.

Pursuing a Career in Data Science

Is a career in data science worth pursuing? Well, Glassdoor ranked Data Science first on its 2019 list best jobs in America. Data science professionals are compensated highly for their skills with a data scientist earning about $120,931 and a data engineer $137,776 average base pay.

Today, it is not just large technology companies that are hiring data science professionals. With increasing accessibility to vast amounts of data, more and more businesses- both large and small- are now looking for data science practitioners. However, the availability of qualified job seekers to fill these roles is low. Having the qualifications and skills to work as a data scientist, data engineer or data analyst greatly boosts the career prospects for a job seeker.

The Future of Data Science

Data science is a rewarding profession with its impact in different industries set to increase in the coming years. Predictions show that the demand for data science professionals will go up by 28% by 2020. So, learning data science is essential for a successful career in tech now and in the future.