What is the Purpose of Data Science? Know Its Importance
In this article, we will go through the role that a Data Scientist plays. There is a veil of mystery surrounding Data Science. While the buzzword of Data Science has been circulating for a while, very few people know about the real purpose of being a Data Scientist. We will go through the various responsibilities that a Data Scientist must fulfill and understand as to what industries seek from employing Data Scientists. After this, we will look at various types of industries which employ Data Scientists to make better decisions. So, let’s explore the purpose of Data Science.
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Purpose of Data Science
The principal purpose of Data Science is to find patterns within data. It uses various statistical techniques to analyze and draw insights from the data. From data extraction, wrangling and pre-processing, a Data Scientist must scrutinize the data thoroughly. Then, he has the responsibility of making predictions from the data. The goal of a Data Scientist is to derive conclusions from the data. Through these conclusions, he is able to assist companies in making smarter business decisions. We will divide this blog in various sections to understand the role of a Data Scientist in more detail.
Why Data Matters
Data is the new electricity. We are living in the age of the fourth industrial revolution. This is the era of Artificial Intelligence and Big Data. There is a massive data explosion that has resulted in the culmination of new technologies and smarter products. Around 2.5 exabytes of Data is created each day. The need for data has risen tremendously in the last decade. Many companies have centered their business on data. Data has created new sectors in the IT industry. However,
- Why do we need Data?
- Why do industries need Data?
- What makes data a precious commodity?
The answer to these questions lies in the way companies have sought to transform their products.
Data Science is a very recent terminology. Before Data Science, we had statisticians. These statisticians experienced in qualitative analysis of data and companies employed them to analyze their overall performance and sales. With the advent of a computing process, cloud storage, and analytical tools, the field of computer science merged with statistics. This gave birth to Data Science.
Early data analytics based on surveying and finding solutions to public problems. For example, a survey regarding a number of children in a district would lead to a decision of development of the school in that area. With the help of computers, the decision-making process has been simplified. As a result, computers could solve more complex statistical problems. As Data started to proliferate, companies started to realize its value. Its importance reflected in the many products designed to boost customer experiences. Industries sought experts who could tap the potential that data holstered. Data could help them make the right business decisions and maximize their profits. Moreover, it gave the company an opportunity to examine and act according to customer behavior based on their purchasing patterns. Data helped companies boost their revenue model and helped them craft a better quality product for clients.
Data is to products what electricity is to household gadgets. We need data to engineer the products that cater to the users. It is what drives the product and makes it usable. A Data Scientist is like a sculptor. He chisels the data to create something meaningful out of it. While it can be a tedious task, a Data Scientist needs to have the right expertise to deliver the results.
Why is Data Science Important?
Data creates magic. Industries need data to help them make careful decisions. Data Science churns raw data into meaningful insights. Therefore, industries need data science. A Data Scientist is a wizard who knows how to create magic using data. A skilled Data Scientist will know how to dig out meaningful information with whatever data he comes across. He helps the company in the right direction. The company requires strong data-driven decisions at which he’s an expert. The Data Scientist is an expert in various underlying fields of Statistics and Computer Science. He uses his analytical aptitude to solve business problems.
Data Scientist is well versed with problem-solving and is assigned to find patterns in data. His goal is to recognize redundant samples and draw insights from it. Data Science requires a variety of tools to extract information from the data. A Data Scientist is responsible for collecting, storing and maintaining the structured and unstructured form of data.
While the role of Data Science focuses on the analysis and management of data, it is dependent on the area that the company is specialized in. This requires the Data Scientist to have domain knowledge of that particular industry.
Purpose of Data Centric Industries
As mentioned above, companies need data. They need it for their data-driven decision models and creating better customer experiences. In this section, we will explore the specific areas that these companies focus on in order to make smarter data-driven decisions.
i. Data Science for Better Marketing
Companies are using Data to analyze their marketing strategies and create better advertisements. Many times, businesses spend an astronomical amount on marketing their products. This may at times not yield expected results. Therefore, by studying and analyzing customer feedback, companies are able to create better advertisements. The companies do so by carefully analyzing customer behavior online. Also, monitoring customer trends helps the company to get better market insights. Therefore, businesses need Data Scientists to assist them in making strong decisions with regards to marketing campaigns and advertisements.
ii. Data Science for Customer Acquisition
Data Scientists help the company to acquire customers by analyzing their needs. This allows the companies to tailor products best suited for the requirements of their potential customers. Data holds the key for companies to understand their clients. Therefore, the purpose of a Data Scientist here is to enable companies to recognize clients and help them deliver the needs of their customers.
iii. Data Science for Innovation
Companies create better innovations with an abundance of data. The Data Scientists aid in product innovation by analyzing and creating insights within the conventional designs. They analyze customer reviews and help the companies craft product that sits perfectly with the reviews and feedback. Using the data from customer feedback, companies make decisions and take proper action in the right direction.
iv. Data Science for Enriching Lives
Customer data is key to making their lives better. Healthcare industries use the data available to them to assist their customers in their everyday life. Data Scientists in these type of industries have the purpose of analyzing the personal data, health history and create products that tackle the problems faced by customers.
From the above instances of data-centric companies, it is clear that each company uses data differently. The use of data varies as per company requirements. Therefore, the purpose of Data Scientists depends on the interests of the company.
Other Skills for Data Scientist
Now, in this blog on the purpose of data science, we will see what other skills a Data Scientist will require. In this section, we will explore how a Data Scientists job stretches beyond analyzing and drawing insights from the data. More than using statistical techniques to draw conclusions, a Data Scientists goal is to communicate his results with the company. A Data Scientist need not only be proficient in number crunching but should also capable of translating the mathematical jargons for taking proper business decisions.
For example – Consider a Data Scientist analyzing monthly sales of the company. He uses various statistical tools to analyze and draw conclusions from the data. In the end, he obtains results that he needs to share with the company. The Data Scientist needs to know how to communicate results in a very concise and simple manner. The technical results and processes may not be understood by the people managing sales and distribution. Therefore, a Data Scientist must be able to story tell. The storytelling of data will allow him to transfer his knowledge across to the management team without any hassle. Therefore, it broadens the purpose of a Data Scientist.
Data Science is an agglomeration of management and IT. The purpose of Data Scientist not only limited to statistical processing of data but also managing and communicating data to help companies make better decisions.
So, this was all in the purpose of Data Science. Hope you liked our article.
At the end of the article – the purpose of Data Science, we conclude that Data Scientists are the backbone of data-intensive companies. The purpose of Data Scientists is to extract, pre-process and analyze data. Through this, companies can make better decisions. Various companies have their own requirements and use data accordingly. In the end, the goal of Data Scientist to make businesses grow better. With the decisions and insights provided, the companies can adopt appropriate strategies and customize themselves for enhanced customer experience.
Still, if you have any questions related to the purpose of Data Science, ask freely through comments. We will definitely get back to you.