Today, the terms data science and big data are no longer limited to the tech-savvy. Even the business world knows of these terminologies, as they have become increasingly become useful for businesses to grow and improve a hundredfold. Big data has been predicted to generate approximately a 60% increase globally. For the European government, this means that the administrators can save almost $150 billion just by utilizing big data.
This technology can extend to various other industries. Thus, for big and small-scale entrepreneurs, knowledge of how to use data science will keep you ahead of or at par with the competitive business world.
Data Science Defined
Data is just mere information that is spread through the Internet. The technical use of this data implies that it is collected in large amounts, integrated, and then classified according to the specific information that a person wants. It is the data scientists who gather these large sets of data, using their expert skills and algorithms to obtain the particular data for the client. This big data is usually utilized by large businesses that have the money to hire data scientists to perform the task of meticulously pulling out information for their enterprise.
However, as technological advances have become more accessible and affordable, there are tools that medium and small-sized businesses can now use to collect big data and equally provide them with the same opportunity of growing their business.
To elaborate on the explanation, here is an example.
Say you were a bank that wanted to create loan products that your clients are going to like, products and packages that can, of course, compete with the rival banks. You will utilize the data science to collect the information that you need – kinds of loans, loans that are popular to consumers, time of the year that loans are common, best loan qualities, and the classification of consumers who are more inclined to get a loan. You use this information to create or improve your loan products, and you promote them to specific groups. This helps your lending department and ultimately, your whole business to grow.
The Role Of The Data Scientist
Frequently, data scientists possess advanced skills and training in math, statistics, and computer science. They are also experienced and very competent data miners, data visualizers, and information managers. Lastly, they have a strong background in cloud computing, data warehousing, and infrastructure design.
These are the tasks of data scientists that make hiring them worth your time, risk, and money.
- They deliver products that are vital and relatable to consumers. Organizations can conveniently find where and when their products are most sellable. This makes it easier for companies to determine the right time to provide the appropriate products, thus helping businesses formulate new products or improve previous products to meet the consumer’s needs.
- They alleviate or reduce fraud. Data scientists are tasked to recognize relevant and crucial data that will attract the consumer’s attention. They generate networks and big data approaches that detect fraud, and they create alert systems that warn consumers when unfamiliar information is identified.
- They provide customized consumer experience. This is one of the most popular roles that make data scientists sought-after by businesses. The marketing and sales team is trained to understand their consumer on a more profound level. With this, the business undoubtedly has twice the edge over its competition.
Data scientists are today’s biggest heroes in the technological era. Businesses would be wise to take a risk and invest in data science for their enterprise to not only equal their rival but to rise above them.