Data science is important for organizations because it adds value to any business by using its data to develop solutions and optimize day-to-day operations.
Data science can be used for statistics, hiring candidates, and making more informed business decisions based on a data-oriented approach.
Specific benefits of data science include:
- Identifying opportunities
- Enhanced decision-making with quantifiable, data-driven evidence
- Testing these decisions
- Recruiting the right talent for the organization
- Identification and refining of target audiences
There are few sectors that do not benefit in some way from data science. Take the healthcare sector, which is infamous for being awash in data. One study recently estimated that big data initiatives in the US healthcare system could account for $300 billion to $450 billion in reduced healthcare spending or 12% to 17% of the $2.6 trillion baselines in US healthcare costs.
The future of data science is promising. Data scientists are likely to face an increasing prevalence of cloud computing.
Cloud computing provides data scientists with access to powerful computing resources that can be used to process large datasets. As more companies move to the cloud, all data scientists will need to be more and more familiar with cloud-based data processing tools and techniques.
And, while some of the functions of data scientists today will likely be automated in the future, creativity will become one of the key skills of great data scientists.
Analysts point out that the need for data scientists to combine technical skills in areas like statistics and computer science with domain expertise in areas like marketing or healthcare will grow.
Want to learn more? Tonex offers Data Science for Beginners: From Data to Insights, a 2-day course where participants learn the fundamental concepts of data science and its applications.
Participants also learn how to utilize data preprocessing techniques to clean and prepare data for analysis as well as apply statistical analysis to extract valuable insights from data.
This course is suitable for individuals new to the field of data science seeking a strong foundation, business professionals aiming to leverage data for informed decision-making,
aspiring data scientists or analysts looking to kick-start their careers and anyone interested in harnessing the power of data to gain insights and make data-driven decisions.
For more information, questions, comments, contact us.