Data science: what is it and why is it important for businesses?

Data is the new oil, and data science is the ultimate refinery process in which different raw data streams get processed, refined, and transformed. As the world becomes more digitized and competitive, businesses need to leverage data effectively to gain a competitive edge. To do so, they can adopt data science practices within their organizations.

So, what’s data science? Do businesses need to hire people with an online Master’s in Data Science? How does it help companies anyway?

What is data science?

Data science is the process of extracting meaningful insights from data. You can collect from different sources, including sensors, people, social media, and other business systems. Once data is collected, it needs to be transformed into usable information through analysis and visualization. Different data science practices help data scientists complete these tasks. A data scientist is an individual who can apply these practices to solve business problems. Data scientists use science, technology, and business skills to turn data into business value. More and more companies need to hire people with data science backgrounds.

Why is data science important for businesses?

Data scientists help businesses to bridge the gap between data and insights. Organizations collect significant amounts of data in different formats, and data science practices automate tasks and enable professionals to focus on insights. This development can have many benefits for businesses. For instance, data science automates tasks and enables faster time-to-insight. Also, it improves the data quality and allows companies to make data-driven decisions. Further, data science help organizations expand their data usage by integrating different data sources.

Data science practices for businesses

For businesses, the journey to becoming data-driven often starts with selecting the right data science tools and gadgets. Once that’s in place, companies can adopt data science practices to put those tools and technologies to good use. The following data science practices help businesses achieve a competitive edge by leveraging data.

  • Data discovery: Data discovery helps organizations explore different data sources and prepare them for analysis. It also enables data scientists to visualize data and prepare it for more detailed analysis. In the process, data science transforms unstructured data into a suitable format.
  • Data exploration: Data exploration is how professionals analyze the data to understand it fully. For instance, it means visualizing the data to create new insights. This activity is achieved by applying different data science techniques in this process.
  • Data modeling: Data scientists build models to analyze data in this process. Depending on the business problem, they use statistics, machine learning, data visualization, and other practices to build models.
  • Deployment and governance: Data scientists continuously need to clean up the use cases. Moreover, they must understand how to deploy the data in a production environment. As a result, they set up governance and monitoring to ensure the data is ready for use.

Key takeaway

Data is the new oil of industry and commerce. Therefore, data science is the refinery process of transforming data into valuable insights and products. As a result, for businesses to adopt data science practices, they need to hire data experts and invest in the right tools.