Data science is being hailed as the career of the future. The demand for data scientists is disrupting the job market. But what exactly is data science?
That’s not all! The total amount of digital data created in the world is estimated to increase to 175 zettabytes by 2025 from approximately 40 zettabytes in 2019, according to IDC Data Age 2025. This is a staggering amount of data growth in today’s increasingly digital world. And data science is unlocking the power of this data to identify and solve complex problems and drive strategic business decisions that enhance performance.
A Data Scientist identifies relevant questions, collects data from several sources, organises it, understands it, processes it, extracts value from it, translates the results into effective solutions and communicates it for beneficial outcomes.
FRAME THE PROBLEM
COLLECT RAW DATA
PROCESS THE DATA
EXPLORE THE DATA
PERFORM IN-DEPTH ANALYSIS
Big data analytics has changed the way organisations identify trends and challenges as well as new opportunities. This means that big data has the potential to bring about enormous social and economic benefits. A strategic use of big data will form the key basis of competition, underpinning new waves of productivity growth, innovation and consumer surplus. Here are some examples of how leveraging data science can drive business innovation and sustainability:
estimated increase in retailers’ profit margin
USD 450 BILLION
can be saved in the US healthcare industry
USD 149 BILLION
can be saved by European government by improving operational efficiency
gallons of fuel have been saved by UPS by optimising its fleet
A Data Scientist needs to be curious to identify new trends, have an expertise in mathematics and technical skills to craft solutions, and business acumen to make strategic decisions based on data-driven results. SP Jain Global’s Bachelor of Data Science (BDS) is a 3-year undergraduate program that will enable you to develop a thorough understanding of Data Analysis, rapidly adapt to the changing role of Information Sciences and craft creative solutions to tackle the challenges that arise in modern businesses.