Data Science – The New Buzzword

Data seems to be the currency of the 21st century.

The growing applications of the Internet have led to the generation of data at speeds beyond imagination.

Data is any information that is being generated. All of us are knowingly or unknowingly contributing to the generation of data. When we scroll or watch a video, capture a photo, mail something some information is being generated that is being captured and stored electronically at different sites.

All this information generated carries some insights whether it be your preferences, likes, dislikes, hobbies, choices, your personality traits, and attributes, etc.

Processing of this information gives meaningful insights regarding the trends of the markets, consumer preferences, spending habits of people and various other important information which is being used by companies to push forward their products. Gaining access to this information is like sitting on a goldmine as this information allows companies to be familiar with their target market and optimize their resources to produce products that find a ready market among consumers.

The answer to the whole process of data collection, data filtration, data mining, data analysis, making models, producing insights combining business intelligence lies in Data Science.

Data science is a multidisciplinary field that involves the use of scientific methods, mathematics, statistics, analytics, business intelligence, algorithms and programs to extract knowledge from this structured and unstructured data.

Data has mainly 3 properties which are referred to as 3 Vs – Volume, Variety, and Velocity

  • Volume is the amount of data that is being generated.
  • Velocity is the speed at which data is being generated.
  • Variety refers to the different types and categories of data that are being generated.

To handle these 3 Vs of data, data science involves a lot of complex techniques that start right from collection to data mining to various other steps and finally, this process culminates with the generation of meaningful insights. These insights are then modeled and various test cases are formulated to check the practical feasibility of data before the application is being deployed for use in the real world.

The advent of data science has opened a whole new market for professionals in these fields for which the demand is continuously on the rise.

In fact, in 2012, Harvard Business Review has declared data science as the sexiest job of the 21st century.

The only requirements are for entry into this field is that you should have the strong problem-solving ability, strong business acumen, good analytical skills and the urge to do something to bring about change.

Data Scientists are among the highest professionals in the world and the gap between supply and demand for data science professionals is continuously on the rise.

The 21st century is all set to thrive on data science and there could be no more opportune time than this to enter the markets and test the waters for yourself.

Brace yourself for an upswing ride if you are the one to enter this market. All you need to do is to brush up your technical skills and develop a problem-solving mindset and then this journey is all yours

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