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HomeData Science & Artificial IntelligenceWhy is Data Science Important in 2021?

Why is Data Science Important in 2021?

Introduction to Why is Data Science Important in 2021

In recent years the demand for data scientists has been soaring high with a meager number of candidates filling the vacancies in this industry. A recent report by “The Hindu” states that there are an estimated 97 thousand analytics jobs in India.

Bengaluru alone accounts for 23% of these jobs while Delhi NCR for 22%, now that’s awe-inspiring! Looking at this trend many ed-tech forums started offering professional data science programs in Delhi, Bangalore, Mumbai, Pune, and many more.

Since the data science field is progressing at an extremely fast rate the umpteen need for data science talent especially in technology IT and industrial domain can hardly catch up with the supply of skilled data scientists. This led to the rise of many data science program institutes all over the globe.

It doesn’t come as a surprise that a significant part of the data scientists in India, more than 40% have received data science job titles within the last 24 months. Many fresh graduates are now on a spree to enroll in data science programs with placement and kick start their careers. Becoming a data scientist in India seems like a truly gleaming opportunity. Let us discuss why is data science important in 2021.

What is Data Science and Why is Data Science Important in 2021?

When we talk about why is data science important in 2021, it is not about making complicated models, exquisite visualizations, or writing code. Data science is about using data to create as much impact as possible for a company. Now, the impact can be in the form of multiple things like insights, data products, or product recommendations for a company. 

Data science is the study of data, it involves developing methods of reporting, storing, and analyzing data to effectively extract useful information to make informed decisions. The goal of data science is to gain insights and knowledge from any form of data, be it structured or unstructured.

why is data science important in 2021 is because Data science is used across various industries already. With the advancements in predictive modeling, data scientists can help predict the outcomes of a particular disease given the historical data of the patients. why is data science important in 2021 is because financial organizations can manage their resources and make smarter decisions through fraud detection?

In the transport sector, data science has been actively used in the automation of self-driving cars. The applications of data science are numerous, the data-driven technologies have already taken over the world which is creating havoc! These techniques can be learned from why is data science important in the 2021 blog.

What are the stages involved in Data Science?

Defining the Problem – Before you get into why is data science important in 2021, you need to first define what your business problem is, what is that you want to achieve, and what are the different parameters on which your final results depend.

For example, before launching a product companies usually try to understand the consumer psyche, their purchasing behavior, and based on these parameters they shortlist the right product for their customers.

Obtaining the Data – Obtaining the data based on the parameters defined in step 1, pull out the data. This involves thinking through what data you will need and finding ways to get that data in place. Whether it is querying internal databases or purchasing external datasets. Collecting the appropriate data takes 19% of the total time spent in the process.

Scrubbing/Cleaning the Data – This process is for us to clear or say filter the data, where the data is converted from one format to the other and consolidated into one standardized format. A few things to jack for are – missing values, corrupted values, such as invalid entries, time zone differences, and data range errors. Data cleaning itself takes 60% of the total time spent during the process.

Exploratory Data Analytics – First of all you need to inspect the data and its properties. Different data types like numerical data, categorical data, ordinal data, and nominal data require different treatments. Moving forward to compute descriptive statistics to extract features and test significant variables. You will have to look into some of the interesting patterns that can help explain why sales are reduced for this group.

Data Modeling – It is the process of producing a descriptive diagram of relationships between various types of information that are to be stored in a database. Something as simple as an online transaction can be broken into items sold, user demographics, time of sale, etc.

Data modeling is used to create the most efficient method of storing information along with providing for complete access and reporting.

Data Visualisation – This is a graphical representation of any data or information. Visual elements such as charts, graphs, and maps are the few data visualization tools that provide the viewer with an easy and accessible way of understanding the represented information. It allows you to easily grasp information, establishes relationships between elements, and provides intuitive, personalized, and updatable data.

Why is Data Science important in 2021 for businesses? 

The value of data has now surpassed oil which itself shows the remarkable journey of data in the field of science and the data scientists will be of paramount importance for businesses across many verticals.

Data and science are interconnected.

Every data generated needs to be read and analyzed to drive out meaningful interpretations. Scientific processes must be employed so that insightful data-driven solutions can be achieved.

Data create better customer experiences.

For goods and products, data science will be leveraging the power of machine learning to enable companies to create and produce products that customers will adore. For example, for an eCommerce company, a great recommendation system can help them discover their customer personas by looking at their purchase history.

Data will be used across domains.

Data science is not limited to only consumer goods or tech or healthcare. There will be a high demand to optimize business processes using data science from banking and transport to manufacturing. So anyone who wants to be a data scientist will have a whole new world of opportunities open out there. The future is data.

What makes a data science job so desirable?

Considering the basic laws of economics- supply, and demand, the demand for data science professionals is very high and the supply is too low.

According to extensive joint research performed by IBM, Burning Glass Technologies, and Business-Higher Education Forum, this tendency will continue to be strong for the years to come. 

This by itself, determines that the salaries will be outstanding. Consequently, people are extremely willing to get into data science.

From big MNCs to small startups, every organization needs a Data Scientist for proper usage of the surplus amount of data it generates and stores. There is a broad scope of data science in the present as well as future scenarios.

Where does the demand come from?

Data-driven decision-making is increasing in popularity. While in previous years, analysts would use software like Excel to analyze data and only academics would turn to SPSS or Stata for their statistical needs.

Now, almost anyone can have access to and use a data-crunching tool. Infect, advancements in technology have brought about things like:

  • Digital marketing cloud-based data services. Eg: Google Analytics
  • Complicated ERPs for data breakdown and visualizations. Eg: SAP, Microsoft dynamics
  • Data visualization tools for business intelligence. Eg: Power BI and Tableau

With these tools, analysts can visualize the data and drive out ways to uncover insights.

Nevertheless, there are also outstanding improvements in prog languages like R and Python, which let you perform complicated analyses with just a few lines of code.

However, these tools are very user-friendly and organizations can easily afford to employ people to take advantage of these tools which would quadruple their business in a short period.

Few examples of Data Science- centric Industries

Google: Google is the embodiment of data science. Everything they do is data-driven, be it their search engine(Google.com) or their video streaming service (YouTube) or maximization of ad revenue with Google Ads, and so on. Even their HR team uses the scientific method to evaluate strategies that make the employees feel better at work, thereby making them more productive.

Amazon: While purchasing anything from their website you are often flooded with recommendations, these are the results of Amazon’s sophisticated data science algorithms. They have implemented an algorithm that can predict with great certainty if you are going to make a conversion.

If the probability is high they may move the item to the storage unit closest to you. This way when you purchase the product, it is delivered the next day or in some cases the same day.

Facebook: Facebook is a bunch of websites and apps most notably Facebook Messenger, Instagram, Whatsapp for now. Facebook is generating ad revenue at large since it has all the intimate data for all its users.

Most of us engage with all their platforms which makes them learn our preferences and shows related content. This creates a marketing niche that makes companies use Facebook as an advertising medium.

Even small businesses, blogs, local businesses now use Google Analytics for meeting their needs and making huge profits off them.

What is the future scope for Data Science and why is data science important in 2021?

The overwhelming demand for data scientists itself proves that data science has an immensely huge significance in the age of digitalization. The future scopes for data science are unimaginable.

Let us find out how data science is helping various sectors grow around the globe.

Health care sector

Data scientists in the healthcare sector are involved in tackling a huge amount of the generated information of the patients to enhance the quality and safety of the same.

Transport Sector

In the tourism and transport industry data scientists are employed to analyze the data collected through passenger counting systems, asset management, location system, fare collecting, and ticketing.

E-commerce

Data scientists in the E-commerce industry analyze the data and create customized recommendations to make the customers engaged and help maximize conversions.

Sports

Sports deploys data science for carrying out various day-to-day tasks. For example, coaches and team managers heavily depend on data science to identify underdog players with great potential, track the player performance, and also predict a team’s performance given the combination of certain players.

Security

Significant use of facial recognition technology is in the area of safety and security. Law enforcement agencies use it to fight petty crimes, help locate missing people, and prevent terrorist attacks.

Even security officials at the airports are increasingly using such technology to protect flyers and to identify criminals trying to enter the country.

The Department of Homeland Security extensively makes use of facial recognition in finding people who have overstayed visas or who are under criminal investigation.

Why is Data Science Important in 2021?

Let us look at why is data science important in 2021.

Big Data Explosion – We are living in the age of information. You can have access to any information in a split second. Now it is up to you how you are going to use this tremendous amount of data to your benefit. Do you know what happens within an internet minute? 

Well, 1.3 million YouTube views or 30 hours of videos are uploaded on YouTube, Google gets 2 million search queries, Facebook receives around 277 thousand login requests and around 6 billion Facebook views.

On a higher level, you can say that we have around 639 thousand GB of global IP data which are being transferred every single minute. Now imagine how big the size of the data is and how many insights you can gain out of it. This was the first point in why is data science important in 2021.

Priority for Organisation – Everything depends on data, doesn’t matter if it is big multinationals or small businesses, all great minds use this data to formulate better strategies for the future of their companies. For instance, Google makes use of a data science algorithm to deliver the best result for the search query in fractions of seconds.

Let me give you a fact check, Google processes more than 20 petabytes of data every day, if there had been no data science Google wouldn’t have been the Google we know today. Also, the recommendation system is very evident now, be it Netflix, Amazon, or any retail website. This is because of data science again. This was the second point in why is data science important in 2021.

The core of Decision Making – Imagine being the person an organization turns to before making any major business decision! That is exactly who you will be when you learn data science and big data analytics.

You will be at the core of the decision-making process within the company. This would give you an important role and purpose within the organization. This was the third point in why is data science important in 2021.

AI is the Future – Companies might use AI to offer personalized online experiences. For instance, the cosmetics industry can use AI algorithms that can be formulated to provide skin analysis and recommend suitable products. This was the fourth point in why is data science important in 2021.

Multiple Job Designation – Being a data science analyst you have an ample amount of opportunities job roles and opportunities that will help you grow in your career. Here are a few job titles that organizations demand all around the year:

data scientist, metrics and analyst specialist, data analyst, big data engineer, and data analytics consultant. Therefore, the job prospects of a data science professional are huge and versatile. This was the fifth point in why is data science important in 2021.

Business Optimisation – Data science is now incorporated in every big or small business. To manage your data science project efficiently and have them deliver real value to your business you should have a good overview of what data science can help you with and how? 

The first is increasing the number of customers, serving the customer better and efficiently, and increasing customer engagement. All this can be achieved by proper utilization of data science. This was the sixth point in why is data science important in 2021.

Cost Cutting Technology – You can optimize the cost to your company very effectively by deploying data science. Data analytics can primarily be used to identify the inefficiencies which can be removed by automation.

Data science also helps in reducing overhead costs. It will increase productivity with the need for fewer staff members and less equipment. This was the seventh point in why is data science important in 2021.

So now you have understood why is data science important in 2021.

How do I Become A Data Scientist?

For having a deep understanding of the subject it is quintessential to concentrate on the skills that a professional data scientist requires to be employable.

Some of the fundamental data science education requirements that you need will also help you in having a competitive edge.  Here are some of the skill sets that one should consider learning while enrolling for a data science course.

Excel navigation and proficiency

  • Knowledge of statistics
  • Basic understanding of mathematics, specifically in the areas governing algebra, calculus, and probability theory
  • Proficient in programming languages like R and Python.
  • Must have working knowledge in using visualization tools like Matplotlib and  Tableau
  • Machine Learning and Deep Learning algorithms

However, even if the above lists look alien to you, there is a solution! Ed-tech companies like Datatrained have detailed data science programs with a placement that will cover every bit and piece of the subject.

Data science program institute offers the best data science programs with placement. You might learn the skill but it takes months to find a proper platform to practice or apply the skill to bring value to the organization. Datatrained gives the readily available platform to showcase your skills learned throughout the data science program in a form of internship and placement.

All the courses provided by Datatrained are delivered in online mode making it available for every individual irrespective of their locations.

Conclusion to why is data science important in 2021

If you are truly a data science aspirant and want to establish your career in this domain, always take the help of a professional data science program institute. This will have you go through a systematic learning process that will make your learning journey easier.

Also, a data science program institute would provide you with a formal degree that will validate your skill and help you get hired easily.

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