Data science

How data science is changing the world

Data science plays an extremely important role in the study, conservation, calculation, and implementation of the vast amount of data that is accumulated

Today, any recorded transaction is data, be it people’s queries on Google and other search engines, one’s comment on an online ad, e-mails between individuals/groups, or purchasing something from an e-portal or physical store, everything is crediting in the data bank. Like high financial liquidity in market boosts the economy of a region, high liquidity of the data fuels the growth of businesses. In the last few years, data emerges as one of the most decisive factors in the success of the business as well as research institutions. According to the research report of Gartner, the demand for big data will grow by 800 percent in the next five years, and 80 percent of that data need will be fulfilled by unstructured data available on social media sites, online resumes & profiles, e-mails, and feed videos. But, exploiting data for safe and optimal returns is an immensely complex process that requires a thorough understanding of Data Science.

Phenomenal growth

Data science is the study, conservation, calculation, and implementation of data using scientific tools and algorithms. World’s most discussed technologies in the present times are artificial intelligence (AI), blockchain, machine learning, and robotics, and it is data science, which is working like a bedrock for these disruptive technologies. On the other hand, these revolutionary technologies have empowered data science with advanced algorithms and insights that improve its gamut as well as the gambit. Data science is flourishing in all the developed countries, and globally it is growing at 30 percent (CAGR), it is estimated that at such a pace, the industry is expected to reach up to US$115 billion by 2023. India too is moving at a fast pace in this field, and its CAGR is fairly high with 33.5 percent growth.

Widespread reach

From e-commerce to cybersecurity and digital marketing to the management of smart cities, data is inundating in almost every field for multifarious activities. On the one hand, data science is making organisations more futuristic, agile, and effective, on the other hand, it empowers customers with more accurate information and feedback about various products and services and help them make better decisions, i.e., data-driven decisions. Data on all fronts enabling organisations and individuals to utilise their resources in the most productive manner and safeguarding themselves from the potential risks. Thus, data science is playing an imperative role not only in strengthening organisations but also in making them sustainable through robust security solutions.

Fostering innovations

Innovations in research technologies, product development, procurement & logistics, and delivery & exchange are continuously leading the world into an efficacious future where optimality will be the supreme goal of institutions in both commercial and non-commercial domains. And, every innovation in the present world is somewhere linked to data science. Hence, it would not be wrong to say that data is the fuel of research and innovations which are responsible for bringing desirable changes across the world.

Calculative results

With the help of data, researchers in various fields can develop solutions that address contemporary needs and problems. Marketers are more effectively engaging with their target audience, employers have easy access to talent in the market, and manufacturers are efficiently curtailing the cost of production. As a calculative decision is always considered safe and result-driven, various algorithms involved in data science and analytics equip businesses and institutions in developing solutions as per the needs and wants of the target audience.

By Abhishek Agarwal, Senior Vice President, Judge Group

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