Data science is the study of where information comes from, what it represents and how it can be turned into a valuable resource in the creation of business and IT strategies. Mining large amounts of structured and unstructured data to identify patterns can help an organization rein in costs, increase efficiencies, recognize new market opportunities and increase the organization's competitive advantage.
Data science is a multidisciplinary blend of data inference, algorithm development, and technology in order to solve analytically complex problems.
Data science brings together a lot of skills like statistics, mathematics, and business domain knowledge and helps the organization to find ways to:
•reduce costs,
•getting into a new market,
•tapping a different demographic,
•gauging the effectiveness of a marketing campaign,
•launching a new product or service etc.
So regardless of the industry vertical, data science is likely to play a key role in your organization’s future success.
There are five stages of the data science life cycle:
•Capture: data acquisition, data entry, signal reception, data extraction
•Maintain: data warehousing, data cleansing, data staging, data processing, data architecture
•Process: data mining, clustering/classification, data modeling, data summarization
•Analyze: exploratory/confirmatory, predictive analysis, regression, text mining, qualitative analysis
•Communicate: data reporting, data visualization, business intelligence, decision making.
Benefits of data science
The main advantage of enlisting data science in an organization is the empowerment and facilitation of decision-making. Organizations with data scientists can factor in quantifiable, data-based evidence into their business decisions. These data-driven decisions can ultimately lead to increased profitability and improved operational efficiency, business performance and workflows. In customer-facing organizations, data science helps identify and refine target audiences. Data science can also assist recruitment: Internal processing of applications and data-driven aptitude tests and games can help an organization's human resources team make quicker and more accurate selections during the hiring process.
The specific benefits of data science vary depending on the company's goal and the industry. Sales and marketing departments, for example, can mine customer data to improve conversion rates or create one-to-one marketing campaigns.
Data science brings together a lot of skills like statistics, mathematics, and business domain knowledge and helps the organization to find ways to:
•reduce costs,
•getting into a new market,
•tapping a different demographic,
•gauging the effectiveness of a marketing campaign,
•launching a new product or service etc.
So regardless of the industry vertical, data science is likely to play a key role in your organization’s future success.
There are five stages of the data science life cycle:
•Capture: data acquisition, data entry, signal reception, data extraction
•Maintain: data warehousing, data cleansing, data staging, data processing, data architecture
•Process: data mining, clustering/classification, data modeling, data summarization
•Analyze: exploratory/confirmatory, predictive analysis, regression, text mining, qualitative analysis
•Communicate: data reporting, data visualization, business intelligence, decision making.
Benefits of data science
The main advantage of enlisting data science in an organization is the empowerment and facilitation of decision-making. Organizations with data scientists can factor in quantifiable, data-based evidence into their business decisions. These data-driven decisions can ultimately lead to increased profitability and improved operational efficiency, business performance and workflows. In customer-facing organizations, data science helps identify and refine target audiences. Data science can also assist recruitment: Internal processing of applications and data-driven aptitude tests and games can help an organization's human resources team make quicker and more accurate selections during the hiring process.
The specific benefits of data science vary depending on the company's goal and the industry. Sales and marketing departments, for example, can mine customer data to improve conversion rates or create one-to-one marketing campaigns.
