With the advent of network driven systems imbibed in our lifestyles, data has become the core of all services. Raw data available in massive multitudes serves as the basis of information which can be converted into knowledge that further provides value to all businesses. This chain is of utmost significance as it is shaping the way we are producing and consuming products and services day in and day out.
Data science is our era’s new fad and can be understood as a systematic process of obtaining insights into terabytes of information gathered over the last few years. It makes use of big data i.e. high volumes of structured and unstructured data for its analytical purposes. And just like any other scientific process, data science also involves identifying a problem, formulating hypotheses and conducting studies to determine the presence of a certain phenomenon.
Applications of this genius baby of computer science and maths are plenty. It has given rise to data intelligence, an analysis of various forms of data in such a way that it can be used by companies to expand their services or investments, or to analyze their own operations or workforce to make better decisions in the future. It can be used in the field of social science to determine what triggers reactions in people and how, in economics to understand how process fluctuate due to monetary reforms, in engineering to identify new methods of creating materials and products, in law to conduct trend analysis and develop frameworks, and so and so forth.
Data science thus plays a vital role in improving the quality and relevancy of daily processes ingrained in our lives. It runs on analytical creativity and looks out for future needs even before they’ve arrived. All big businesses like Netflix, Amazon, Procter & Gamble, etc have understood that data science is not something to be ignored but rather to be embraced and adopted. It’s time we all do too.
