Data science is a buzzword that has been thrown around lately. You might be wondering how can it help your business?
But first off, let's start with the basics
So, what exactly is data science for business?
Data science, as we know it today, is a relatively new field, born in large part thanks to Big Data, computing, and the possibilities of gathering and processing data on a massive scale.
The essential skills of a data science profesional are to ask the right questions to better understand the business. It includes finding the necessary sources for that data, process it through cleaning, storage, and exploration, choose the right models... Finally, any data science professional has to be able to think it through and pass it on to the key players in the organization so that the right decisions can be made in the future.
Right now there are several overlapping roles and titles that are part of a data science career:
- Data scientist: the profile at hand is in charge of modeling data, creating algorithms, predicting trends, and generally analyzing data as needed.
- Data analyst: manipulates large amounts of data to help identify trends and make appropriate business decisions.
- Data engineer: organizes, cleans, and aggregates the data, transmits it to the right storage, and stores it in the right places.
- Business analyst: a profile more focused on results, not on the ins and outs of technical data.
- Data architect: designs, creates and manages the organization of a company's data.
Once it is clear what each profile does, it is important to know which role is the right fit for our organization.
Why start using data science for business now?
There has never been a better time to start using data science. Advances in algorithms and the emergence of tools like Shapelets make now the ideal time to start using it if we don't want to fall behind other players in the industry. Information is power!
Moreover, in a global landscape, all players must be coordinated. All stakeholders of your company can have partial visions of your business. Thanks to a data scientist who oversees and keeps in check all the data from your organization, you can make better business decisions.
How to use data science for business by industry
It is clear that data science provides great value to all the data that we collect with Big Data but don't know how to process, for example:
In the energy sector, applications are being made to be able to determine when and how to produce energy and where to send it, unlike previous logo and strip iterations, where you had to simply rely on data from years past when now you can look at algorithms.
Industry and the internet of things are where we are going to see a huge increase in data streamed to our servers and where seamless integration between the data collected, the data analyzed and the production processes will be essential, cutting costs along the way.
In the aerospace sector, we can optimize both ground services and air traffic. From passenger flow prediction to machine maintenance, data science is vital for the optimal organization of key resources and scales.
The healthcare industry is where we can find the use of data analytics today. The human body produces highly correlated data and its correct interpretation plays a vital role (pun intended). From hospitals to sports clubs, the need to oversee data from nature's most perfect machine is a necessary task.