What is Data Science and How is it Useful for Businesses?

What is Data Science & How is it Useful for Businesses?

Managing large volumes of data is easier with data entry services. Data scientists analyze data to derive valuable insights crucial for business growth.

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Data is the most important asset for businesses and provides valuable information regarding customers, the day-to-day working of the business, staff performance and so on. Accurate data is indispensable when it comes to making informed decisions.

Businesses perform in keeping with insights gained from their data. Arranging large volumes of data becomes easy with data entry services. With the voluminous increase in data, the demand for data scientists has also increased considerably.

Today, the vocation of a data scientist is considered the coolest in the world according to Harvard Business Review. Data science, also known as data driven science, is an interdisciplinary field about scientific methods, processes and systems to extract knowledge or insights from data in various forms. Data science is a combination of data analysis,

visualization,

statistics,

mathematics

and

the

knowledge

of

business

prerogatives. Statistics play a significant role in fitting patterns to data sets. Descriptive statistics helps in categorizing and describes what is shown by the available value whereas inferential statistics helps in deducing possibilities beyond the available data.

Data scientists are experts in maths, computers and trend spotting who can extract knowledge and insight from data.

So, Why Is Data Science Popular as a Career Option?

Data science is making way for breakthroughs all over the world and it is revolutionizing various industries. So here are four reasons why data science is popular, according to a recent forbes.com article. •

According to a study by IBM, there will be a need for 28 percent more data scientists worldwide by 2020. In the US alone, the number of data scientists has increased to 650 percent since 2012. This is because companies are embracing big data to make decisions. Data sets need to be analysed quickly and it lets you understand both current and future consumer behaviour.

•

Due to the rising demand for data scientists, the job is well remunerated. So those who want to earn more can choose this career path and according to the Burtch Works Study Salaries of Data Scientists, data scientists earn base salaries that are 36% higher than other predictive analytics professionals with the same experience.

•

This job has a decentralized nature and data scientists need not be in the same central office as the firm they are working for. Blockchain technology enables companies to send sensitive data safely back and forth between their scientists without being in the same building or on the same network. So, data scientists can choose where to base themselves in accordance with their personal lives, a luxury not afforded by many other jobs.

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•

Data scientists’ interpretation of data can be interesting and offer more clarity to real life situations. For instance, Netflix has appointed data scientists to analyse the viewing patterns of subscribers. This not only lets the platform suggest suitable programs to a viewer but also lets Netflix commission TV series and films similar to others that have been proven popular. The United Overseas bank in Singapore also has data scientists to reduce the amount of time taken to calculate the risk involved. Large-scale use of data science has reduced the time taken from around 18 hours to just several minutes.

Data Scientists Add Value to Businesses Following are some of the ways in which data scientists adds value to your business: •

Empower managers and business owners to make better business decisions.

•

Data scientists can analyze an organization’s data and recommend the right actions

that

will

help

improve

performance,

customer

engagement

and

productivity.

•

They help to adopt the best practices and focus on the core business issues.

•

Data scientists constantly analyze data to identify opportunities for growth and business success.

•

They make decision making easier with quantifiable data-driven evidence.

Today, many companies are realizing the significance of data science and they are outsourcing data science to meet staff shortage in this regard.

Here are some of the

advantages of outsourcing data science.

•

Companies could save 50 to 60 percent of their data science budget in terms of reduced office space, reduced equipment cost and so on. As per the 2019 Software Development in Ukraine, Poland, Belarus and Romania Report, these four countries alone export $13 billion of software development services and they produce 60,000 IT specialists every year.

•

Outsourcing data science ensures that the company has employees working around the globe in different time zones. Russian Airlines hired data scientists to analyze the history of spare parts purchases, its maintenance plan, traffic volume, and faults statistics. With this information the scientists were able to minimize operational costs for the airline, such as reduced warehouse expenses.

•

Outsourcing data science provides access to the latest technology in the most reliable and efficient way possible and companies can have access to expertise cost effectively.

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Data entry companies providing data entry services and data analytics solutions understand the value a data scientist can bring to any business organization. Data science provides statistics and insights across workflows and other aspects of the business and is thus valuable to any organization. It enjoys huge demand across diverse industries and is therefore a much sought-after career route. In this IT era, even small businesses can study data and market statistics before launching their products and services and benefit immensely.

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(800) 670 2809