Understanding Data Science As A Student
F.Y.B.Sc Data Science and Business Analytics
Now-a-days data science is one of the fastest emerging field. There are thousands of requirements for data scientists and data analysts. But Why? Who are these people? And most importantly What is Data Science?
According to me, in simple terms, data science is nothing but deriving sense out of the given data. It is deriving meaningful insights which will not only help the business grow but also help boost global economy.
For example, gaining insights as to which country, age group and sex consumes Netflix the most? From this, Netflix can derive a conclusion as to who the target audience should be in order to increase their consumers and profitability.
Shocked to know how data science is used in Netflix!
Not only Netflix, data science is used in almost every field. Some uses are as follows:
- Banking Industry – to predict if a customer will default a loan repayment instalment
- Finance Industry – to predict the cost of stock price
- Online shopping Industry – to give recommendations based on your past activity
- Pharma Industry – which medicines are effective or what improvements can be made
- Real Estate – which area has the most demand, what type of people prefer which area
And the list goes on …
People who derive insights from the data or simply try to look at the known facts from a new perspective are called data analyst. Data scientists also do the same along with predicting the future and try to discover the unknown facts from the data.
The need for data scientists is growing on a very massive scale due to exponential increase in consumption and production of data. Almost 2.5 quintillion bytes of data is created every day and hence, demand for data scientists has grown in order to use the data for business, medical, educational as well as economic growth.
Most used or emerging cases of data science are Image Recognition, Speech Recognition, Fraud and Risk Detection, Cyber security, Targeted Advertisements, etc. Also, Recommendation Systems are used widely. Be it recommending a movie based on your watch/search history, new or products on offer based on past shopping history or new trips based on booking history, it is used everywhere.