01/03/2022
What Exactly is Data Science?
There is no industry in the world today that does not use data. As such, data science, which is the fusion of computer science, math, and business, has become the main fuel for all industries. Data science enables businesses to process huge amounts of structured and unstructured big data to detect patterns and extract actionable insights from them. This in turn allows companies to increase efficiencies, manage costs, identify new market opportunities, and boost their market advantages.
If data science is the fuel, then data scientists are its master processors utilizing computer science methodologies to write complex algorithms and computational systems to perform statistical analysis of large data sets – all to reach a business goal. Their first stages involve data warehousing, cleansing, processing, and architecture. Their next stages include data mining, classification, modeling, and summarizing. Next comes predictive and qualitative analysis. And finally, a data scientist communicates their insights through data visualization and reporting.
So why data science and why now? Data science is a really a by product of the digital age. In fact, internet users generate about 2.5 quintillion bytes of data every day. And by 2020 there will be around 40 trillion gigabytes of total data collected (SINTEF), which continues to grow exponentially as our devices continue to generate even more data. This all adds up to a perfect storm of analysis and opportunity for those who take full advantage of it.
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