According to IBM, data science is the most in-demand skill, and it continues to grow year on year as more companies recognize its potential impact.
The statistician and computer scientist John W. Tukey coined the term Data Science in the year 1971. He used it to transform how people look at data and its features. Data Science is a method of gathering data, analyzing and using them for meaningful insights useful to an organization or company.
Importance Of Data Science From a Corporate Perspective:
Many companies face problems due to lack of information or incorrect interpretation of information available to them.
For example, if a company is selling two products, A and B. We cannot assume that the sales of product A would increase if the price of product B increases. Here is why?
Let us assume 100 people like to buy product A at Rs 300 per unit. If the price of Product B increases from Rs 400 to Rs 500 per unit, 20 people switch from buying Product B to buying product A for its lower price even though there was no change in the quality or performance of Product A.
This can result in lower sales of product A over a period despite the demand is increasing for product B. In such cases, companies often face a problem with incorrect decision-making due to insufficient information about customers' preferences and behaviour.
Data Science helps to solve such problems with data analysis and decision making
FITA Academy Data Science course guides you on how to use statistical approaches like Logistic Regression, Random Forest, and Decision Trees to generate accurate predictions for customer behaviour. Since Data Science is an emerging field of study, it takes consistent practice and experience to become a good data scientist. With this Data Science Course in Chennai, you can easily become professionals who have mastered the art of data analysis & interpretation for business value.
Hence Data Science is a powerful tool that can transform how decisions are made within an organization or company.
Why you should learn Data Science
Data Scientist is the one who digs out information from the large data set. They are the troubleshooters of the new era; they find problems and solve them.
With the help of Data Science, researchers can now discover patterns in various unstructured datasets such as word usage in documents, human behaviour, the geographical distribution of populations, climate changes etc., These patterns might be useful to predict future outcomes or events.
For example: With a dataset containing millions of Google search requests/queries with time as one of the variables, with other variables being location and device used to type these queries, we could study how people behave over time and space, and we could then start with predicting what is likely to happen next.
Summary
Data Science has the potential to drive some massive shifts in the business world. Specifically, it can help organizations to understand how customers interact with their products or services.
From Data Science Online Course, you will know the work of a Data Scientist cannot be confined to a single function within an organization. A data scientist should know various application areas like Marketing Analytics, Sales Analytics, Financial Modeling, Business Strategy etc.
They need to collect data from various sources, filter them to get relevant information, build statistical models using advanced tools like SAS, SPSS etc. and use the insights to solve business problems at hand.
Recent Post: SEO: What is it, and why is it so important