What is Data Science and Why It is Important?
Data Science definition in simple words:
“Data Science is a multi-disciplinary domain which is made of three different fields of studies, i.e., Computer Science, Mathematics & Statistics, and Domain Expertise”.
In other words, Data Science is the study of raw information/data in bulk, to understand what it represents and how it can be effectively turned into valuable and actionable insights, which help business owners to make various strategic decisions.
Here below find what a Data Scientist has to say:
“I am fascinated about Data Science as it gives the pleasure of unraveling mysteries. Makes you feel a scientist, a detective, domain expert, deal complex problem with facts and no gas!”– Sandhaya Kumari (Data Scientist).
Quite often than not, you open Facebook, and, after every few scrolls you observe a Sponsored Ads column of various products. These are of those products that either you might have been checking out online or something that matches your taste or preference based on your previous social media engagement. But how did Facebook know that?
Well! Since the inception of Big Data and Data Science Technologies, analyzing and predicting visitors’ taste and preferences is no more a mystery. Facebook’s targeted advertisement is so powerful that it can reach you based on Location, Demographics, Behavior, Interests, and Connections too.
CNBC reports that, Facebook made $40 billion in advertising revenue last year, second only to Google.
Data Science has numerous benefits in terms of Business and Career. In the modern market landscape, ‘customers are kings’, and to meet their expectations, companies have to go an extra mile and look beyond just offering the minimal requirement.
That is when Data Science plays a vital role, and a company-wide deployment of Data Science techniques is only going to let the organizations stand out from the rivals. Let’s dive deep into the reasons why businesses need Data Science.