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    What is Data Science

    What is Data Science

    Data science is the study of data, much like marine biology is the study of sea-dwelling biological life forms. This field of study combines domain expertise, programming skills, and knowledge of mathematics and statistics to extract meaningful insights from data. Data scientists apply various machine learning algorithms to numbers, text, images, video, audio, and more to produce artificial intelligence (AI) systems to perform tasks that ordinarily require human intelligence.

    The technical skills and knowledge necessary for a data scientist incorporate Linear algebra, Machine learning techniques, Multivariable calculus, Statistics, Identifying, creating and maintaining algorithms and many others.

    Data Science applications
    Although data science is often perceived with making sense of abstract data points, examples of its application can be found all around us. In Health care the data science applications are especially beneficial, where it is used for medical image analysis, in the genetics as well as in the pharmaceutical research and development. Another example can be the transportation sector: through producing fuel usage statistics, analysing driver conduct and monitoring vehicular performance the car manufacturers are able to create smarter and safer vehicles. Data science has impacted the e-commerce sector in a variety of ways, helping businesses identify their target markets, anticipate goods and services, and optimize price formations. Academic institutions use data science to monitor student performance and improve their marketing to prospective students. Sports teams analyse player performance and plan game strategies via data science. Government agencies and public policy organizations are also big users.

    What are the benefits of Data Science?

    Generally speaking, one of data science’s biggest benefits is to empower and facilitate better decision-making. Organizations that invest in it can factor quantifiable, data-based evidence into their business decisions. The data-driven decisions then will lead to stronger business performance, cost savings and smoother business processes and workflows.

    The other benefits include reduced fraud, more effective risk management, more profitable financial trading, increased manufacturing uptime, better supply chain performance, stronger cybersecurity protections and improved outcomes.

    More and more companies are coming to realize the importance of data science, AI, and machine learning. Regardless of industry or size, organizations that wish to remain competitive in the age of big data need to efficiently develop and implement data science capabilities or risk being left behind.

    Used sources:

    Coursera. What Is Data Science? Definition, Examples, Jobs, and More. https://www.coursera.org/articles/what-is-data-science
    DataRobot. Citizen Data Scientist. https://www.datarobot.com/wiki/citizen-data-scientist/
    DataRobot. Data Science. https://www.datarobot.com/wiki/data-science/
    Stedman, Craig. What is data science? The ultimate guide. https://www.techtarget.com/searchenterpriseai/definition/data-science

    Author: camenscic