Data science is a rapidly growing field that has been gaining importance from all the major industries. In today’s business, most of the research and crucial decisions are based on data. Though the availability of data was always there, developments in technology have increased the quantity of data that can be stored and the ways of analyzing it as now it is possible for big data analyst to find patterns out of the unstructured bulk of data.
In a recent report by IBM, it was mentioned that the demand for data scientists will escalate 28 percent by 2020. And also, 59 percent of all Data Science and Analytics job demand is in IT, Finance and Insurance, and Professional Services. This has opened doors to tremendous career opportunities for those who aspire to make a career in big data after pursuing a degree course in data science or probably a big data & analytics certification program.
So why data science is the most popular industry in the tech world? The answer is simple. Data science provides the most definite answers. It helps to make appropriate decisions based on actual facts and furthermore to make predictions about new trends.
Data science provides a lot more definite answer
It would be easier to explain this with an example. Let us consider the case of Norvig’s theory: The 2014 Academy Awards. During that year, big data was efficiently used by data scientists to predict the name of the winner, while the experts of the film industry failed in predicting it accurately. So, it was predictive analytics that assisted the data scientists to come up with the right answer.
As the tech industry is collecting a great amount of data from users on websites and mobile apps, tracking almost every moment of theirs. It is possible for them to use and analyze all that data for discovering accurate answers.
Data science changes the way decisions are taken
According to a study in the Harvard Business Review, companies that believe to be data-driven did better in objective financial and operations measurements. The firms that were in the top 33 percent of their industry who chose to make data-driven decisions turned out to be 6 percent more profitable than their competitor firms.
When there is lack of data, in that case, decision making is left on the people with the maximum years of experience in the company who depend on patterns as well as instincts for making important decisions. So, depending on a person’s instincts and not data for any decision can be harmful.
Data science successfully looks for trends
Data scientists have the ability to interpret data for spotting trends. Data scientist that work in organizations interprets data for the purpose of fulfilling the organizational goals. Moreover, spotting out trends can also work as an actual product. Take Google’s Flu Trends for instance, that applies algorithms to crunch data that is collected with the help of its search engines.