What is Data Science?
Data science is a field that combines domain knowledge, programming abilities, and math and statistics knowledge to extract useful insights from data. Machine learning algorithms are used to numbers, text, images, video, audio, and other data to create artificial intelligence (AI) systems that can execute jobs that would normally need human intelligence.
Any organization would claim to be engaged in some kind of data science, but what does that entail? Data science is devoted to the extraction of clean information from raw data for the formulation of actionable insights. The field is expanding so quickly and revolutionizing so many sectors that it’s difficult to fence in its capabilities with a formal description, but in general, data science is devoted to the extraction of clean information from raw data for the formulation of actionable insights.
Our digital data, dubbed the “oil of the twenty-first century,” is the most important in the field. In industry, science, and our daily lives, it has incalculable benefits. Your commute to work, your most recent Google search for the nearest coffee shop, your Instagram post on what you ate, and even your fitness tracker’s health data are all relevant to various data sets.
scientists in various forms Data science is responsible for bringing us new goods, providing breakthrough insights, and making our lives more comfortable by sifting through vast lakes of data, searching for correlations and trends.
MUST READ: Why Data Science is Important?
Data Science Skills
This section of ‘What is Data Science?’ article gives you an idea of the skills and tools used by people in different fields of data science.
|Data Analysis||R, Python, Statistics||SAS, Jupyter, R Studio, MATLAB, |
|Data Warehousing||ETL, SQL, Hadoop, Apache Spark,||Informatica/ Talend, AWS Redshift|
|Data Visualization||R, Python libraries||Jupyter, Tableau, Cognos, RAW|
|Machine Learning||Python, Algebra, ML Algorithms, Statistics||Spark MLib, Mahout, Azure ML studio|
What Does a Data Scientist Do?
A data scientist examines business data in order to derive actionable insights. To put it another way, a data scientist solves business challenges by following a set of procedures, which include:
- To get a better understanding of the problem, ask the proper questions.
- Obtain data from a variety of sources, including company data, public data, and so on.
- Process raw data and turn it into an analysis-ready format.
- Feed the data into the analytic system, which could be a machine learning algorithm or a statistical model.
- Prepare the findings and conclusions to be shared with the relevant parties.
How Does Data Science Work?
Data science entails a wide range of disciplines and fields of expertise in order to provide a comprehensive, thorough, and refined view of raw data.
To efficiently sift through muddled masses of information and communicate only the most vital bits that will help drive progress and productivity, data scientists must be skilled in everything from data engineering, math, statistics, advanced computing, and visualizations.
To construct models and make predictions using algorithms and other techniques, data scientists rely heavily on artificial intelligence, especially its subfields of machine learning and deep learning.
In general, data science has a five-stage lifecycle that includes:
- Capture: Data collection, data entry, signal reception, and data extraction are all examples of data capture.
- Maintain: Data warehousing, data cleansing, data staging, data analysis, and data architecture must all be maintained.
- Process: Data mining, clustering/classification, data modelling, and data summarization are all steps in the process.
- Communicate: Data reporting, data visualization, business intelligence, and decision-making are all things that need to be communicated.
- Analyze: Exploratory/confirmatory, predictive analysis, regression, text mining, and qualitative analysis are all examples of analyses.
All five stages necessitate unique strategies, services, and, in certain cases, skill sets.
Data Science Uses
Data science enables us to achieve some big goals that were previously impossible or took a significant amount of time and effort.
WHAT CAN DATA SCIENCE BE USED FOR?
- Detecting anomalies (fraud, disease, crime, etc.)
- Decision-making and automation (background checks, credit worthiness, etc.)
- Classifications (in an email server, this could mean sorting emails into “significant” and “junk” folders)
- Predictions (sales, revenue and customer retention)
- Pattern recognition (weather patterns, financial market patterns, etc.)
- Appreciation (facial, voice, text, etc.)
- Observations and suggestions (based on learned preferences, recommendation engines can refer you to movies, restaurants and books you may like)
Here are a few examples of how companies are using data science to innovate in their industries, develop new goods, and improve the environment around them.
In the healthcare sector, data science has resulted in a variety of breakthroughs. Medical professionals are discovering new ways to understand disease, practise preventive medicine, diagnose diseases faster, and explore new treatment options thanks to a vast network of data now available via everything from EMRs to clinical databases to personal fitness trackers.
Predictive analytics is being used by Tesla, Ford, and Volkswagen in their latest era of autonomous vehicles. Thousands of tiny cameras and sensors are used in these cars to transmit information in real time. Self-driving cars can adapt to speed limits, avoid risky lane changes, and even carry passengers on the shortest path using machine learning, predictive analytics, and data science.
UPS uses data analytics to improve productivity both within the company and along its distribution routes. The company’s On-road Integrated Optimization and Navigation (ORION) tool creates optimised routes for delivery drivers based on weather, traffic, construction, and other factors using data science-backed mathematical modelling and algorithms.
Per year, data science is expected to save the logistics company up to 39 million gallons of fuel and over 100 million delivery miles.
Do you ever wonder how Spotify always seems to know exactly what song you’re looking for? Or how Netflix knows exactly which shows you’ll enjoy binge-watching? The music streaming giant will carefully curate lists of songs based on the music genre or band you’re currently into using data science.
Have you been getting into cooking lately? Netflix’s data aggregator will detect your need for culinary inspiration and suggest appropriate shows from its vast library.
The financial sector has saved millions of dollars and incalculable amounts of time thanks to machine learning and data science. Natural Language Processing (NLP) is used by JP Morgan’s Contract Intelligence (COiN) platform to process and extract vital data from around 12,000 commercial credit agreements per year.
What would have taken 360,000 hours of manual labor to complete is now completed in just a few hours thanks to data science. Furthermore, fintech companies such as Stripe and PayPal are actively investing in data science in order to develop machine learning software that can easily identify and prevent fraud.
Any industry benefits from data science, but cybersecurity may be the most relevant. Kaspersky Lab, an international cybersecurity company, uses data science and machine learning to detect over 360,000 new malware samples every day. Data science’s ability to identify and learn new methods of cybercrime in real time is critical to our potential safety and security.
Data science is also being used to build video and computer games, which has elevated the gaming experience to new heights.
In the future decade, data will be the oil for companies. Companies may now estimate future growth and assess potential threats by incorporating data science techniques into their operations. If you’re interested in a career in data science, now is the time to get started.
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