Top Career Opportunities in LawMay 8, 2018
Key Points to Consider Before Appearing for an InterviewMay 8, 2018
What is Data Science? A combination of several machine learning algorithms, tools, and principles, with an aim to extract hidden information from the raw data. Due to the massive explosion in the data generated and retained by today’s companies and even common people like you and me, the demand for Data Scientist is increasing rapidly. These data scientists are trained professionals who understand this data and figure out its application. A survey by McKinsey & Company predicted that in the year 2018, we will see a 50 percent gap in the demand for data scientists versus supply. The reason behind this increasing demand is large chunks of data being generated by every company. The technological field of data science has evolved into one of the fastest-growing areas in the world. One of the Glassdoor surveys revealed that data science is one of the highly paid fields to get through. Let us discuss some points why it is such a hot career right now.
- The field of data science aims to “revolutionize health care to academia and industries from business to government”. With so much of data accumulating, organizations are on the lookout for individuals with specialization to seek meaning in the numerical data and make decisions that would affect the business positively.
- Earlier data analysts resort to Microsoft Excel to analyze data while academicians use statistical methods, however, with advancement in technology, things are changing now. Google Analytics, ERP tools, SAP tools, and other advanced tools help data analysts visualize data and discover insights in unprecedented ways. Therefore, companies are employing data scientists to make things easier and simpler for their business.
- Now, you can see significant development in programming languages such as Python and R. These data scientists are equipped with these improved languages and can analyze complicated data using codes that have just couples of lines.
- Product recommendations that you get on Amazon are the work of data scientists. They analyze data science algorithms to predict with some level of certainty if you are going to purchase a product that may have been on your Wish List or Shopping Cart. By analyzing your search history or the kind of purchases you make, they move a certain product to the storage unit closer to your location. That’s how you get your products delivered the same day.
- Your online activity on Facebook is analyzed by data scientists based on machine learning algorithms. What kind of food you prefer, are you a dog person or a cat person, what kind of books interests you, which sport excites you, and all your personal data are with Your interaction on the platform supplies them with the information they need to generate revenues through advertisements. Therefore, they can easily target their users through data science algorithms.
- From startups to top multinationals, all the companies use Google Analytics for their data science needs and gain profits from that. To get ahead of their competitors in today’s fast-paced market, it is essential to employ data scientists and adapt to data science tools and techniques.