Data Science is a field of learning where many scientific tools are put together to assemble, analyze, and infer from a huge reservoir of data. In a world where information is easily accessible, and unstructured data is available everywhere, the key to progress is to know how to put them to use to reap maximum benefits out of it. Various algorithms and calculations are systematically used to derive various inferences. Data Scientists are employed by companies to not only explain or analyze a given data. The analysis of data can as well be done by an analyst. However, a data scientist is capable of not just analyzing the data and inferring ways to boost the results of it, but also, to make predictions for the future using advanced algorithms and tools. The predictions are not arbitrary values, but well-researched and analyzed with the help of the advanced tools put to use.
Unlike the days gone by, the data we receive today is mostly unstructured data. It becomes a humongous task for the Data Scientists to process so much data on their own and come up with a well-researched analysis. The basic Business Intelligence tools that have so long assisted the data scientists and analysts do not make the work any simpler anymore. Today, if we can decide whether we should take an umbrella to the office tomorrow, is only because of the rich implementation of data science. It is no more just weather forecasting that happens with the data received from the satellites. Data Science has enabled us to predict the possible occurrences and variations in the weather the next day, the next month, even the next year. One can plan ahead of their times with the help of data science.
Who is a Data Scientist?
A data scientist is an expert who has a wide range of expertise in the fields of Mathematics, Statistics, Computer Science, and the likes, wherein he puts them to use to analyze and solve complex problems. They are usually experts in using advanced technologies and contribute greatly towards the business of the companies they are a part of.
What do data scientists do?
The data scientists basically make use of two types of analysis to draw conclusions from the data available to them.
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Predictive Casual Analytics
This form of analytics makes use of the data in such a way that it can predict the numbers and values in the future if there are no changes in the parameters. If the bank accounts of consumers were to be surveyed, the data scientists will be able to make an approximation of how much they are likely to spend in the present or following months.
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Prescriptive Analytics
However, to the above example, if the data scientist is given the additional data that a particular consumer is retiring the following month, or another consumer has his wedding within the next year, the data scientist will take these parameters into consideration. Using his advanced tools of the algorithm, the inferences drawn will be the closest estimation that there will be.
Data Science is the key to the skyrocketing business ventures of the magnates. If you could assemble the data you require from the pool of random data available on the internet, arrange it in a structured fashion, and derive the most important information about your target consumers, you will know exactly what they want, need, desire, and already have. Knowledge is power, and this data thus gathered, rightly proves so. In this age of technology, data scientists are just a click away from entering into the minds of their potential customers and offering them exactly what they need.
We may consider a few examples to understand the workings of data science.
- Whenever we go on the internet and lookup for things we might want to buy, this data can be put to use to mold us into buying the product. With the emergence of Artificial Intelligence, data is generated every time we touch our gadgets. Whenever you look up products online, what data science does is show you products “you may like”. One may not fathom it, but what essentially happens is, the algorithm works in such a way that similar products are shown to you on the basis of the one product that you viewed on your own.
It does not stop there. If you decide to not buy anything at the moment, due to lack of funds or simply because you do not find the product appreciable anymore, data science will try to mould you to the best of its abilities. Everywhere on social media, you will be bombarded with pictures of the products, and your social media feed will get filled with people advocating the use of the product. This will go on to the extent till you actually end up buying it, without having realized that you were unconsciously being manipulated into the purchase.
- Similarly, with the data gathered about the consumers of a particular bank, the data scientists can lure them into getting a credit card, or avail of some services from the bank which the consumer may not even need.
The entire process is not just based on prediction. It is backed by facts and figures in the form of data and the repeated patterns of the consumers. From all the unstructured data that is freely available on the internet, the human mind is becoming such a predictable area that inputting few figures in the machine would lead to a possible outcome of an action that he will respond to.
Data Science can make or break any company. If the data scientists hired by the company know their work well, the company is sure to flourish. It has all come down to those who know what to provide, to whom to provide, and exactly when to provide. Few tools used in the field of data science are RapidMiner, Weka, and the likes. The data scientists are primarily required to browse through the past and present data concerning the individuals, and come up with possible outcomes in the near and far future. This is how data science is revolutionizing the world of business and contributing greatly to the profit-making business. With the advancement of technology, the wide reach of social media, and the trends followed by people in general, data science is making wonders happen. There will soon come a time when humans will become 100% predictable and the companies will keep a platter of goods and services readily available for them even before they realize it themselves.
