Data Science has been called the “sexiest job of the 21st Century” by Harvard Business Review. But what is Data Science? What is it that makes it so popular? Why are skilled Data Scientists some of the most highly paid professionals today? And most importantly, why should you learn Data Science? Let’s try to answer these questions today.
What is Data Science?
Simply put, Data Science is the study of data. It includes creating methods of recording, storing, and analyzing data to extract useful information from it. It integrates various tools, techniques, algorithms, visualizations and machine learning principles with the aim to discover hidden patterns from the raw data.
All this information is then used to gain insights, predict trends, and decide what direction the business needs to take. It helps in decision making and tries to ensure that every decision has a greater chance of leading the company to more success.
For example, let us understand how Netflix uses Data Science.
With a company valuation of over $164 billion, Netflix has surpassed Disney as the most valued media company in the world. All this extraordinary can be attributed to their impressive customer retention rate, which is 93% while Hulu’s is 64% and Amazon Prime’s is 75%.
Netflix collects a lot of data from subscribers. It collects customer interaction and response data to a TV show. For example, Netflix knows the time and date a user watched a show, the device used, if the show was paused, does the viewer resume watching after pausing? Do people finish an entire TV show or not, how long does it take for a user to finish a show, which scenes/ episodes people rewatch and so on.
With this data, it creates a detailed profile on its users. One of the few uses that it puts this data to is to recommend TV shows and movies based on the user’s preferences. According to the company, they earn over a billion in customer retention because the recommendation system accounts for over 80% of the content streamed on the platform.
Netflix also uses its big data and analytics tools to decide if they want to greenlight original content. To an outsider, it might look like Netflix is throwing their cash at whatever they can get, but in reality, they decide to produce content based on the data that they derive from their user base.
Powerful analytics models can process terabytes of data to churn out meaningful information. Judicious use of data analytics done by expert Data Scientists is the main reason for Netflix’s success. All this highlights the value of data analytics because it presents an incredible insight into user’s preferences allowing the company to make smart decisions that deliver maximum ROI on their decisions.
What makes Data Science so popular?
The amount of data we produce every day is truly mind-boggling. We generated about 5 exabytes of data since the dawn of humankind till 2003. Today, we generate that much data every 2 days. And this number is going to keep increasing.
Traditionally, the data that we had was mostly structured and small in size, which could be analyzed by using the tools. Unlike data in the old systems that were mostly structured, today most of the data is unstructured because there is simply so much of it. This data is generated from different sources like text files, multimedia forms, financial logs, sensors and instruments, user behaviour on digital platforms, etc. Simple tools are not capable of processing this huge variety and of data. This is why we need advanced algorithms and analytical tools for processing, analyzing and drawing meaningful insights out of it.
This is not the only reason why Data Science has become so popular. Let’s dig deeper and see how Data Science can be used in various domains:
- Think about if you could know the precise requirements of consumers from the existing data like their purchase history, past browsing history, age and income. No doubt you had access to this data earlier too, however now, with the help of Data Science you can train models more effectively and recommend the product to these customers with more precision. This will be amazing as it will bring more business to your organization. This is exactly what Amazon is doing.
- Let us take another scenario. How about if you had a cab available near you whenever you wanted one? With the use of Data Science, companies like Ola and Uber try to predict the demand for cabs and their availability. They introduce things like more driver benefits and surge pricing for customers to manage their fleet more efficiently.
- Let’s see how Data Science can be used in predictive analytics. Let’s take weather forecasting as an example. Data from ships, aircraft, radars, satellites can be collected and analyzed to build models. These models will not only forecast the weather but also help in predicting the occurrence of any natural calamities. It will help you to take appropriate measures beforehand and save many precious lives.
Some domains in which Data Science is making an impression are:
What makes Data Scientists the most highly paid professionals today?
Data is like the oil of the 21st century. In fact, it has become even more valuable. However, it can only be used once it is refined. This data is a real treasure hoard and people who can acquire insights from this data are going to be very wealthy.
Today almost every data-driven organization depends completely on data analysis for making the best decision for their businesses. With the help of data analysis tools, algorithms and different methods, organizations try to derive insights from data. They try to use these insights for better targeting of potential customers so that they would end up purchasing the product or service.
For all this analysis, these companies require data scientists who are proficient in several fields like Statistics, Mathematics, Computer Science and Data Science. Since such skilled individuals are very few in number, the value of a Data Scientist is very high in the market.
Why it’s the perfect time to kick-start your Data Science career
Data Science is the career of the future. Industries are becoming data-driven and new innovations are being made every day. The field of technology has become dynamic and with more and more people interacting with the internet, a mind-boggling amount of data is being generated.
Companies like Ola, Uber, Oyo, Swiggy, Zomato, Amazon, Flipkart and many more- all depend heavily on Data Scientists to understand how best to serve their consumers and how best to gain more profit. While governments rely on data to make better policy decisions.
In today’s world, it has become a necessity to possess data-literacy. Those who learn how crude data can be transformed into meaningful insights and those who become an expert in the tools and techniques of Data Science are going to be best placed when it comes to having a successful career in the next decade.
Keeping this in mind IIDE has started an 11 Month Full-time Postgraduate Programme in Data Science. This programme will make you adept at utilizing the untapped potential of data in order to intelligently classify information and predict future trends.
You will learn a combination of skills like Artificial Intelligence, Machine Learning, Data Visualization and more. The programme provides a comprehensive perspective of data science along with industry-based case studies, assignments, career guidance, and mentoring. With a comprehensive curriculum, framed by our expert mentors, this programme will equip you with the skillsets required to become an industry elite in this niche field.
This intensive weekend programme will include rigorous classroom training in all aspects of Data Science. You will also be expected to do a mandatory internship along with the course so you can apply your knowledge and gain some work experience.
The aim of the programme is to accelerate your career by providing a holistic learning experience both inside and outside the classroom at IIDE.
Ensure that you check it out today.