What is Data Science?
Data Science is a science which helps to solve complex analytical problems using a blend of various disciplines like data inference, development of algorithm and technology. The data is at the core. Large amounts of data which is streamed in as raw text is stored in data warehouses. Data mining is then performed to get information from it and to find out its various possibilities and capabilities. Data Science is mainly about using all this information to generate more business value for the company.
Data Insight Discovery
This is an aspect of data science which involves making new discoveries or conclusions from the large amount of unstructured data which is stored in the data warehouse. This needs a deep study of the data to uncover and understand behavioral patterns, inferences, and trends which can help the companies involved to make strategic and smarter business predictions and decisions.
Large media-services providers like Netflix, Blockbuster Video etc. study the viewing patterns of their customers to find out general user interest and use this information when they make new decisions on production. Major retail and department stores study the shopping behavior and pattern of their customers and use the data in order to plan strategies to improve their market penetration. Large consumer goods companies as well as online shopping companies utilize the same method to predict future demand, which helps in optimal planning for stacking and procuring goods thus avoiding wastage and improving customer satisfaction.
These helpful insights are mined out from the past data using data exploration. Data scientists explore the data by investigating leads and trying to understand the characteristics and patterns within the data. This is more like the work of a detective and needs minds with analytical creativity. Then they use quantitative techniques like segmentation analysis, inferential models, forecasting, and control experiments in order to analyze the data deeply to find out what the data has to say. This insight enables the data scientist to provide strategic guidance and be a consultant in guiding the decision-makers to make the best use of this information.
Data Product Development
Another way in which a data scientist utilizes the available data is to develop a data product which integrates directly into the core applications. It acts as a recommendation engine using the user data as input and then processing the data to return personalized recommendations determined by the algorithms involved.
Online shopping websites such as Amazon use this product to suggest and recommend items for customers to buy. The spam filter in Gmail processes all incoming emails and classifies them as junk or regular. Self-driven cars use computer vision which is again a data product using algorithms able to recognize other cars, pedestrians, or traffic lights on the road.
In developing these data products, the major role is played by the data scientist. They take the part of a technical developer by building algorithms and doing the testing, fine-tuning and deployment into production, building products that can be used on a large scale.
You can also be a part of this exciting journey into the depths of the data and see what the data has to tell you. Enroll in data science training by 360DigiTMG to learn more about this.
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