Data Science is the latest buzz word offering data a new meaning and a fresh lease of life.
Earlier referred to as ‘datalogy’, the ‘Data Science’ terminology has been made popular by DJ Patil and Jeff Hammerbacher.
Data Science is a perfect fusion of Machine Learning algorithms, Data Analysis models, Big Data, business domain knowledge and statistical methods, applied to a plethora of data, collected from disparate sources.
Sample data science applications are digital advertisements, internet search, image and speech recognition, price comparison, route planning and logistics.
Data Scientists are in demand today because of the value addition they provide to product innovation, client understanding and revenue maximization. They need to be experts in Mathematics, Statistics and Computer science.
The primary role of Data Scientists is to develop prototypes with the help of machine learning algorithms and available data.
Why Is Data Science Vital?
- Aligns measures based on trends, helps attain / alter business goals
- Recognizes and perfects target audiences
- Enhanced decision making based on insightful information
- Being preemptive and foreseeing needs
- Predicts failure rates, risk factors and possible hindrances
After all, Data is the new Science today and the future of AI.