Nowadays, the technological field has developed drastically. Due to this, there have emerged some new professional fields. Unfortunately, not many people are aware of these options. So even though these fields have a lot of demand, there aren’t many who pursue them. One such field is that of data science.
Data science is not confined to a single sector. It is applied in various fields such as business, medical, banking, retail, etc. Once you get a brief data science overview, you will understand why it is a great career to pursue in this digital age.
What is Data Science?
There is a huge amount of online data that is generated every day and data science, with the use of statistics, algorithms, and similar scientific methods organizes this unstructured data. It is an interdisciplinary field that analyses the organized data to utilize it for improvement. There are five primary stages in the life cycle of data science- Capture, Maintain, Process, Analyze, and Communicate. Each of these steps includes four to five sub-steps so that the acquired raw data can reach the decision-making process and a data scientist is responsible for them.
The Job of a Data Scientist
A data scientist, thus, collects large amounts of data and organizes them so that they can be understood by everyone. They also try to find relevant questions or issues from the data so that they can be used by organizations for strategy or problem-solving. So, along with finding the data, they communicate the statistical results to the organization so that they can utilize the insight and knowledge in a positive way that will drive the company forward.
Applications of Data Science
Once you are familiar with a brief data science overview, you should know about the plethora of real-world applications of data science.
The personalization of treatment options due to research and genetics has been possible with the help of data science. A large amount of raw data has been collected throughout the years and professionals analyse this data to understand the impact of genetics and genomes on an individual’s health. It also helps understand the correlation between their biological structure and their health to determine which drugs are best suitable for them.
Financial institutions such as banks use data science to save themselves from losses due to fraud. They collect a customer’s variables like their earnings, expenditure, etc. to determine if they’re eligible for loans. This cuts down their losses in bad debt and also helps the customers to understand which kind of financial help or product would suit them the best.
Most companies use data science to increase the effectiveness of their ads. With data analysis, they determine which projects performed well from the amount of customers they brought. Companies also often ask for feedback on their ads to better understand which strategies attract customers. They utilize this data to abandon strategies that aren’t attracting customers, which hugely reduces their losses.
With this data science overview, you must understand that it is a very beneficial career path to follow.