What is Data Science and Why is it important?
In simple words, Data Science helps us understand data and make decisions from it. Data Science brings together the domain expertise from programming, mathematics, and statistics. Data is meaningless unless it contains some information. Data Science involves mining large datasets containing structured and unstructured data and identifying hidden patterns to extract actionable insights. These insights help businesses in making critical and optimal decisions.
Now, Why is Data Science important?
The answer to this question is relatively simple.
There are various reasons why Data Science is important in business. Data without any information is meaningless and hence it needs to be processed and converted to obtain some information. Data Science enables enterprises to measure, track, and record performance metrics for facilitating enterprise-wide enhanced decision making. Previously it took companies many years to reach their goals whereas, after Data Science, they reduced the errors and uncertainties. In 2003, iTunes took 100 months to reach 100 million users, while for Pokemon in 2016, it took few days to reach a million users. Companies can use existing trends and customer reactions to make decisions that would improve their performance and increase profitability. Data science allows them to reap the best out of their business.
What are the benefits of Data Science?
- Data science allows businesses to know when their products sell the best and to which customers. Knowing this, they can be there at the right time for the right person. This in turn improves their decision-making and ends up saving lots of money from being sent at unnecessary leads.
- Data Science can create a better customer experience. For example, in an e-commerce site, the recommendations for a particular customer would be better if the data scientists find the products purchased by the customer previously and then recommend something related to it.
- Data Science allows us to forget trial and error. Why use trial and error when you can already guess what is going to happen when you try something with the data that you have in your hands.
- Logistic companies utilize data science to optimize routes to ensure quicker delivery of products and enhance operational efficiency.
- Data science is helping healthcare institutions to build better medical instruments to solve complex sicknesses.
These are just some of the benefits of Data Science. It is being used in almost all fields and hence has a lot of benefits. Data science is gaining popularity in every industry and thus playing a significant role in the functioning and growth of any product. Therefore, the requirement of data scientists is also increased as they have to perform the important task of handling data and delivering solutions for specific problems.