Opportunities for Data Science in the Age of AI

Data science is not a recent field. When huge international firms that had succeeded in offshoring and outsourcing discovered that analytics might be a critical differentiator for creating business value, the area of analytics, as it was previously termed, had its initial boom.

Every company is now emerging as a data company due to increased technology and data explosion. As a result, many people now find analytics and data science careers appealing. The topic is now covered in university graduate and postgraduate curricula and management studies specialisations. Leading edtech companies provide a variety of ways to improve your discipline-specific skills.

People looking for careers in Data Science are resurfacing today

However, with the rise of generative AI and its many astonishing capabilities, concerns about what this means for people looking for careers in this field are resurfacing today.

In a recent analysis, Nasscom stated that in India, generative AI investments will increase by 12X year over year in 2022. The survey also noted a significant trend toward non-relational databases and the use of closed-source models by many generative AI businesses in India.

The top data science learning portals already offer generative AI courses.

From a learning perspective, several colleges are establishing their labs, and some of the leading data science learning portals already offer generative AI courses. The regulations governing generative AI are continually developing as concerns about privacy and potential data misuse arise. 

What does this change mean for careers in data science?

They may come in many shapes and sizes, but the truth remains that they are here to stay. Coursera recently listed a few rising, in-demand data science professions for 2023 in a blog post on its website. Data scientists, analysts, engineers, architects, business intelligence engineers, and machine learning engineers were among the positions represented. Preparing data sets, recognising patterns in data, developing diagnostic analyses, assisting in decision-making, and enabling forecasts using complex modelling approaches are all aspects of these jobs' work.

The key competencies that are in demand, according to Manav Das, Partner at Fidius Advisory, an AI and analytics leadership hiring practise, include knowledge of ChatGPT, understanding of generative AI in addition to experience with natural language processing, text mining skills, and functional expertise in fields like customer analytics and risk analytics. The demand for fraud analysis skills is rising among fintech and insurance technology companies, mainly as more cyber fraud cases occur.

Growth Journeys for digital-first Businesses

Most digital-first businesses are utilising data as a differentiator at an early stage of their growth journey, contrary to the conventional wisdom that huge companies are the ones that adopt and find the most value in data science and AI.

Therefore, many unicorns in growth are also considering how data might be of assistance to them. Additionally, there is demand at all levels, and many are hiring senior workers. Earlier, we noted the expansion of global capabilities centres in India. Many have already established their operations or are preparing to do so. Data science experts could be a crucial addition to these businesses as they prove the value of their India-based operations.

Conclusion

The following few years will undoubtedly present exciting chances for individuals looking to pursue a career in data science. Additionally, as the world of technology and data expands, leaders and managers who must distribute funds and make business decisions based on data are also considering upgrading their skills in various areas of data science. This is in addition to early career professionals and data scientists.