What is Data Science?

5-Minute-Read: What is Data Science? Why Do We Need It?

Everyone is talking about data science. Most organizations are rushing to hire data scientists to sync with the times. What exactly is data science? How does it help your business? What is all the buzz about?

Because we promised this to be a 5-minute-read, without much ado, let’s jump right in. Here goes.

“The problem isn’t finding data, it’s figuring out what to do with it.”
-- Mike Loukides

What is Data Science & What Do Data Scientists Do?

An interesting Harvard Business Review article tried to find out what data science really is after speaking to 35 data scientists. So data science is a process that helps you drive business success. Jim Gray, a Turing Award-winning computer scientist called ‘data science’ as the fourth paradigm of science (the first three being empirical, theoretical, and computational paradigms).

Data scientists create a data foundation, based on which they conduct data analytics. Driven by the insights they gain from the analytics and several online experiments, they help businesses grow. Data science is used to create Machine Learning pipelines and personalized data products that bring in an understanding of the businesses and the customers, ultimately leading to better decision making.

Data scientists are data and analytics experts who use their skills to derive insights from data, whether it is in the field of technology or social sciences.They use processes, algorithms, scientific methods, and systems to turn information into knowledge by analyzing data. Often, data scientists help solve problems and deal with challenges relating to digital data. Keeping in mind how relevant Big Data is becoming for companies, data science and scientists are definitely here to stay.

5 Quick Reasons Why You Need Data Science!
  • Empowers you for better, informed, and efficient decision-making, backed by data evidence.
  • Helps you improve your products and services. It can also help you achieve higher customer satisfaction and clearly identify your target audience.
  • It aids in boosting employee efficiency by giving them access to data that tells them what needs to be done and what is not working for each task that they do. This results in better operational efficiency too.
  • It ensures that you stay competitive in the ever-changing market, now heavily supported by technology. Data science can assist in identifying trends in your field of work too.
  • It promotes relevant recruiting as with the help of Big Data, data science can help create comprehensive profiles of each candidate merging their social profiles, job data, interview answers, etc. Your HR team can then match those with the required traits and qualifications for a certain job profile.

The data scientists at Thinking Solution can help you leverage business intelligence and improve all your work processes. Let data science do its magic for your organization NOW! Contact us!