What is Data Science?
Data science is the study that uses modern techniques and tools to deal with an immense amount of data to find out the unseen patterns, help in making business decisions, and derive useful information. It makes it possible by using complex learning algorithms, which help in building predictive models. It sources the data for analysis from multiple places and in various formats.
We know what data science is, but is it essential?
Why Data Science?
As the name suggests, data science is a data-driven science, and it allows you to make better decisions by making a pattern discovery and predictive analysis. It also lets you:
- Do exploratory study and research on data
- Find the primary cause of a problem by presenting the right questions
- Visualize and communicate results with the help
- Use various algorithms to model the data
It is in practice and has helped the airline industry predict disruptions during travel. This helps to alleviate the trouble for both passengers and airlines. In the same way, data science is also used for these purposes in the airline industry:
- Come up with predictive analytic models that forecast delay in flights
- Make decisions about whether the flight should take a direct route or a connecting path
- Decide which class of planes will give a better overall performance which helps them make the right purchase
- Create personalized offers considering customer booking pattern
Data power today’s world. From discovering new ways for improved decision making to unleashing innovations, data has the power to unlock the success factor for many industries.
Clearly, data science is highly influential in today’s times. This has led to several job opportunities that have mushroomed all over the world. In fact, according to an industry report, it makes up 28% of all digital jobs in 2020. The job is very high-paced, and people with the right set of skills and experiences are much in demand because of this rise in the industry.
Required Skills for Data Scientists
- Knowledge of mathematics, algorithms, machine learning, and statistics.
- Basic understanding to frame the right questions to achieve the most accurate answers from available data.
- Programming languages such as Python, SQL, Hive, R, and SAS.
- Good communication skills to convey the results effectively and clearly to the whole team.
Salary
India falls in second place to recruit the highest number of employees in the field of data analytics and data science. With 50,000 available positions, India comes second to the United States. There is a high and competitive demand for data analytics and data experts, starting from small businesses and start-ups to big e-commerce industries and big companies. The average salary of a Data Scientist is 698,412 rupees per annum. At the entry level, with a year or less experience you can earn 500,000 rupees per annum.
