Data Science has emerged as a standalone industry itself serving needs of multiple other industries and sectors by providing valuable factual insights and automation of data driven tasks. Further, due to multiple reasons of which talent being most significant one, the adoption rate of Data Science is slower. It has been proven that data driven decision tools can reduce cost for companies’ operations and at the same time create new markets.
Data Science is the umbrella term that comprises the science and its application related to data. The early definition of data science was built on a combination of multiple disciplines, and moreover, it is expanding fields as data keeps adding value to multiple disciplines.
Nowadays, the data science training programs are growing with high rate due to steep increase in demand of skilled candidates for open roles in Data Science domain. Data Science trainings offered by various platforms are designed to cover three crucial parts of skilling the freshers; theoretical concepts in Machine Learning, technology and programming skills, and the skills to create data-based solutions for business problems.
The core data science community has started to emphasise the need to re-structure the way we train the freshers by providing them a view of actual implementation of the end-to-end solution in a business set-up. It is important to equip the Data Scientist with the facts that “most accurate and optimised solution might not be the right solution in a dynamic business & technology environment”. Business value delivery is core to Data Science in any enterprise or in society.
Data is undoubtedly the most valuable asset of our society. It captures our entire understanding of mankind, space, nature, and learnings from all our existence. In modern days, we have developed tools and methods to understand that data for path-breaking discoveries in medicine, space, machine, and so on. Now, in the 21st century, we are ready to use the technology and data to catapult mankind into the data age. It is not an exaggeration in any sense, just compare how our life is different from our grandparents’ life, and you would see how technology and data have changed the way we live and work.
Data has been collected and analyzed for very old times. The information capture and dissemination have been part of managing kingdoms, having records of lands and army. The modern use of statistics started in the 18th century with systematic ways of capturing data, and the evolution of printing the system helped in storing data.
Today, we have a better understanding of how data science creates value for companies by making them data-driven. All the ecosystem and pre-requite to make the value of data are available now at a reasonable cost.
The data science as a discipline has grown now and had a universal appeal across the organizations and its benefits. The technology giants are shaping and directing the industry towards data-driven organizations.
Businesses are rapidly adopting new technologies and using AI/ML for competitive and comparative advantage. In the coming years, the adoption of data-driven features will be faster in governance and general public discourse.