Why is Data Science Growing in Significance | JanBask Training

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WHY IS DATA SCIENCE GROWING IN SIGNIFICANCE?
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Learning Objectives

• Introduction
• Let's try to figure out why so much hype?
• The Role of Data Science and Data Scientist
• Advantages of Data Science to Businesses
• More Informed Decisions
• Identification of Market Trends
• Increase in Efficiency
• Designing Data-driven plans
• Enhanced Audience Targeting
• Conclusion

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Introduction
Data Science, is apart from shaping business
successes has given wings to many individual
dreams. All businesses which plan to do business
in the future have to re-work on their data
strategy. It is a major tech disruption which one
cannot dare to ignore. A clear strategy, a highly
skilled team, a motivating culture, and the heart
to take risks will define your level of success.
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Let's try to figure out why so much hype?

• Why so much hype?
• The innovations and technological breakthroughs
  which have turned around the way of doing
  business.
• Datasphere basically is the total of all the
  points where the data is generated, collected, or
  replicated.
• The hype is not unfounded and is backed by strong
  predictions and latest trends
• The Data Age 2025 by IDC has clearly pointed
  there will be a data explosion in the global data
  by 2025, and it will swell to a gigantic figure
  of around 175 Zettabytes.

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Role of Data Science and Scientist

• PwCs latest report states that by 2020, nearly
  2.7 million jobs will be created for data science
  and analytics.
• It better to explore how data science will and is
  already working wonders for businesses around the
  world.

• The role of a data scientist is becoming more
  pivotal to even traditional organizations
• Data scientists are often experts in technologies
  such as Hadoop, Pig, Python, and Java.

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Advantages of Data Science
Advantages of Data Science to Businesses
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Decisions
More Informed Decisions

• Data analytics have emerged as the most trusted
  strategic advisor by the businesses.
• It presents the top management some real-time
  insights
• More informed business decisions are made based
  on real facts and figures.
• Many businesses across the world have used these
  for bringing about business transformation and
  hence redefining customer experiences.

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Market Trends
Identification of Market Trends

• This is one of the major uses of data science and
  analytics.
• It draws patterns and enumerates trends hidden in
  large data sets.
• This comes in very handy when you have to gauge
  the new market trends and design your moves
  accordingly.
• Highly important for gaining a clear competitive
  edge as you can plan future product launches
  accordingly.

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Efficiency
Increase in Efficiency

• Ability to significantly improve the operational
  effectiveness and the overall performance of the
  business.
• It is by the inputs from various algorithms and
  figures the management can measure the overall
  effectiveness of the marketing efforts
• Accurate and timely information helps save
  resources and reduce wastage of efforts.

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Plan
Designing Data-Driven Plans

• Many favorable changes to the business structure
  and strategy are now possible due to data
  science.
• The analytics presents various factors which
  allow for checking of scalability and flexibility
  in decision-making.
• Businesses are now able to back their moves by
  quantifiable data evidence.
• Businesses are now able to forecast the demand
  more precisely, especially for big supply chains
  and many large retail giants.

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Audience Targeting
Enhanced Audience Targeting

• Data science algorithms and techniques help
  leverage customer information like their browsing
  histories, purchase behavior by giving actionable
  insights on these.
• Every digital visit of your potential customer is
  full of insights which are not visible to the
  human eye and intelligence.
• Based on the browsing data, many accurate
  predictions can be made by combining the existing
  data with many other data points.
• Data science helps in recognizing patterns in raw
  customer data which enumerate very useful
  customer information.

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Conclusion

• Data Science is definitely going to dictate how
  businesses will be run and work will be
  conducted.
• It will transform not just the business models
  but the general way of living for the common
  masses.
• Data science is growing and for young start-ups
• It does take a lot of time and effort to learn
  about all the nuances.
• The time spent on the same is worth the effort as
  it can accelerate the pace of growth of your
  business.
• you should not hesitate to get in touch with us
  and also refer to our website www.janbasktraining.
  com for more insights.

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Thank you
Happy learning