Data Science – What it is and How it Helps Enterprises Succeed

A fundamental issue faced by data-driven business enterprises is to make sense of the huge
information deluge encountered in the yesteryears. Innovative enterprises work towards setting
up capabilities with data scientists who can clean, organize, and find value from this data.

The crucial inquiry in a tech-intensive ecosystem is on the role of data science and data
scientists. What exactly makes data science indispensable for strategic excellence?

What is Data Science?

Data science represents the origin of data and how to create value by representing it effectively.
Patterns in data that are significant for an organization help it succeed by in terms of efficiency,
cost, and market opportunity.

What do Data Scientists do?

The mechanics of data science revolve around an optimal mix of computer science, statistics,
and mathematics. Data experts perform cluster analysis, visualization, data mining, and machine
learning. They rely on a range of data sources such as purchase history, surveys, social media
feeds, IoT data, and smartphone data to perform data mining and analysis. To present data for
decision-making, data scientists may use a range of tools to convert and interpret it.

Why Data Science Forms the Crux of an Organization’s Data Strategy

Data engineering and data analytics are significant in terms of telling stories from data. Data
engineering is all about cleaning data and putting into the desired datasets. Techniques that focus
on finding a pattern that means business-value fall under the broad term - data analytics.
Whenever data sets that tell a story of the past, present, or future are illustrated using statistical,
mathematical or other simple techniques, the field of data analytics comes into the picture.

Further, an organization may need faster and more advanced techniques to seamlessly show what
lies at the core of available data. This is when data scientists push the limits of data analytics
capabilities to achieve transformational insights. Closely related to data examination is the role
of AI, machine learning, and deep learning systems. These areas are utilized to complement and
augment insights derived from traditional data science algorithms.

How Data Science Helps Enterprises

Data science is extensively used in image and speech recognition, gaming, price comparison,
fraud detection, and digital advertising. The value of data science is apparent in several industry
use cases such as the use of telemedicine to improve patient care. In this survey that relied on the
data science capability to assess whether Australian doctors were ready to use telemedicine for
diabetes care, researchers were able to uncover technical, financial, and organizational barriers as
well as understand its role in improving care quality, efficiency, and innovation. Other
noteworthy achievements from data science are self-driving cars and robots that resemble
humans.

How has the Indian Data Science Landscape Changed

In India, data science has grown considerably in the last five years. Scientists prefer to use
Python for their programming expeditions, and linear regression seems to be their most preferred
analytics approach. Data visualization and the use of web services is a popular choice. Open
source data is used widely with GitHub scoring well in terms of the preferred repository.

The success of data science and its rate of adoption provide clear evidence on its high growth
rate and evolution in the future. Enterprises interested in implementing a prudent strategy for
their long-term success are best positioned if they ensure that they hire the right talent, find the
right data, and consolidate this information into a meaningful whole. A significant part of
convincing stakeholders on the value of data is the ability of scientists to tell a compelling data
story by making use of the right analytics use cases. All this when coupled with data security and
privacy helps achieve an optimized decision-making process for innovation and enterprise
success.

References

Enterprise AI: Data Analytics, Data Science and Machine Learning

Keyword

Data science