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Data science, big data, machine learning? If all these word make no sense to you at all, you are set to miss the boat that leads to survival and success in the world of tomorrow where data and its effective manipulation would separate the winners from the also-rans. Khadijha Tariq explains why you should heed.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_separator color=”peacoc” style=”shadow”][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]
ata science is an interdisciplinary science that deals with various systems and processes involved in extracting knowledge or insights from a large amount of data. Data science incorporates numerous theories and practises from other disciplines, including statistics, computer sciences and information sciences just to name a few. Some of the most popular techniques used in data science include machine learning, signal processing, data mining, statistical learning, signal processing, pattern recognition and learning, uncertainty modelling and computer programming.
That being said, data scientists play a prime role in the smooth functioning of enterprises in today’s age. They provide solutions for both internal and external problems at hand and help in managing large databases. Through research and experimentation, experts develop complex models and algorithms and explore intelligence-gathering technologies. Data scientists link various datasets to assist brands in offering products in accordance with the needs of targeted audience. These scientists help their organisation in determining their goals and objectives, assist them in effective utilisation of resources and are even involved in strategic planning and implementation of organisational goals.
The Science Of The Future?
The world is producing more and more data each year. According to an article by Forbes, the amount of data produced daily in today’s times is much more than that produced in the entire 20th century. This shows that in the coming decade, the success of an organisation or company will rely heavily on the ways it employs to turn raw data into valuable insights, as tools of crafting economically viable strategies. With advancements in the fields of science and technology, numerous aspects of data sciences are gaining popularity, to store as well as extract big data. Data science is not limited to big data only, as big data is more focused on pre-processing and organising data rather than accessing or analysing it. Following are some of the reasons why data sciences will be the new game changer in the global economy:
Instead of urging youngsters to work at minimum wages in foreign countries, the government must play an effective role in training people in analytics and web data, so that Pakistani youth can well prepare for the massive boom in global demand for data scientists expected in the days to come.
Customer Needs And Motivations
Data science provides brands insight into customer needs and motivations. It acts as the soul and base of a particular brand and determines its success and failure in the marketplace. Data science allows them to form a cordial relationship with their customers and provides them with a viable platform for personalised communication, ensuring more engagement and better brand position in the market.
Communicating Your Compelling Story
When brands use data effectively, they share their side of the story to their target audience so that the audience can develop an instant emotional connection with the brand. Nothing captivates the customer more than a story full of human emotions and feelings.
According to Forbes, the number of jobs for data scientists in the US has grown to almost 57 percent in the last few years, while the demand for analytical workforce in the US alone is 60 percent, much higher than the actual supply.
Big Data Game
With numerous handy tools in the market, big data can help brands and business organisations to seek solutions for intricate organisational problems related to human resource, management and IT, strategically. It can also help organisations in the optimum utilisation of its resources.
A Diverse Set Of Findings
The findings and results of data science can be applied to almost any sector such as education, healthcare, advertising etc. Understanding the practical implications of data science can act as a stepping stone for the organisations and can help them in facing as well as analysing challenges of the present times, concretely and effectively.
Growing Demand Of Data Scientists
With the growing importance of data science in the present times, data scientists are now regarded as an integral part of different public agencies, businesses, advertising brands and NGOs. According to a recent study by McKinsey Global Institute, there is an acute shortage of managerial and analytical employees in the workforce, particularly talented people who can extract sense out of the large amounts of data available across the globe. The study indicated that the demand of data scientists is increasing so rapidly that there will be a 50 percent gap between the demands of the market and the actual supply of data scientists. According to Forbes, the number of jobs for data scientists in the US has grown to almost 57 percent in the last few years, while the demand for analytical workforce in the US alone is 60 percent, much higher than the actual supply.
The stats mentioned above highlights the fact that the demand for data scientists in the West cannot be met by the universities and colleges alone. This unmet demand will lead to new prospects for talent across the world. Training platforms, such as the BigDataUniversity.com, offer a freemium model providing free of cost learning opportunities to youngsters across the globe. Time, money and location are no more a problem, as Pakistani youngsters with a stable internet connection can now receive training in advanced analytics similar to that offered by IBM, at the comfort of their home. This allows them to learn the same curriculum being offered in top universities of the world, opening door to countless avenues.
Data sciences is an emerging discipline in Pakistan as well, where several private and public universities are offering undergrad and grad degree programmes in the discipline. However, data sciences offered in local universities of Pakistan are out of the reach of students with modest backgrounds. Instead of urging youngsters to work at minimum wages in foreign countries, the government must play an effective role in training people in analytics and web data, so that Pakistani youth can well prepare for the massive boom in global demand for data scientists expected in the days to come.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]