All You Need to Know About Data Science | SEO World

Monday, November 20, 2017

All You Need to Know About Data Science

Data science is a combination of data inference, algorithm development, and technology. This is all needed to solve a complex problem. What you will need to get all these is data. Loads of information are gathered in the enterprise data warehouse. Data science is basically all about using data creatively to generate business value.

Data scientists are the masters on this matter. But you need to have the right skills in order to comprehend this complex process. As a business owner, you need to understand all about data science to be ahead of your competitors. It pays to have more knowledge. It will eventually lead you towards the success of your business.

Data Science: The Discovery of Data Insight

Data science is all about revealing findings that you can get from data. This is digging into a deeper understanding of complex behaviors, the trends, as well as inferences. It focuses on uncovering hidden insights which can help the company make smarter decisions. One of the best examples is how Netflix studies the viewing patterns to understand what most of the viewers want. This is also used by Netflix to determine the next Netflix original series.

How to Mine Insights.

You may wonder how data scientists get all these insights. Data exploration is essential they investigate leads and patterns within the data. To do this, you have to be REALLY good with analytic creativity. Then the data scientist may apply techniques to move to a deeper level. This scientifically builds a view of what the data is telling them.

       Data Science: The Data Product Development

A data product uses data as an input. It also processes these data and turns it into algorithm-generated results. One of the best examples is Amazon’s recommendation engine which gives its viewers suggestions on items that they can buy, determined by their algorithms. This technique is also done by Spotify and Netflix.

A data product is different from the data insights. Here, it encapsulates an algorithm and directly integrates it to core applications. The data scientists are the stars in developing the data product. Their job involves building, testing, refining, and deploying the algorithms into the production system.

       Analyst and Data Scientist: The Difference

Sometimes we get a little confused about their job descriptions. An Analyst may represent different roles. Could be a data analyst, or a marketing analyst, financial analyst, etc. But is this somewhat the same as a data scientist?

A data scientist works at the database level to get insights and build a data product. While an analyst may look at data and try to gain insights. They can work both at the database and summarized report level. So it is safe to say that “analyst” and “data scientist” is not exactly the same, but their jobs interact when it comes to data exploration and insights.

If you want your company to enhance its status by being data-driven, data science is the answer. Data science projects can give you a huge return on investment. However, hiring these people who can work with you can be challenging. This is why when you find a good data scientist, don't let them go. They are in demand right now, but so little in number.