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The Business Impact of Data Science

It seems as if everyone in business is talking about data science. For many of us, we still believe data science is reserved for large enterprises; however, things are changing… rapidly. In fact, it's been predicted that data will grow at a compounded annual growth rate of 61 percent between now and 2025. That is a massive acceleration of information and tons of big data. This is one of the reasons why data science is rapidly growing in importance for businesses, spanning across size and industry.

As our world continues to become increasingly digital and more interconnected—from e-commerce, to electronic health records, to social media—businesses of all sizes are presented with a huge opportunity to leverage big data for enhanced insight into customers, operations, finances, and more. Still, according to a recent study conducted by Oracle, 93% of executives believe their organization is losing revenue as a result of not being able to fully leverage the data they collect.

Why Data Science?

The purpose of data science is to take an extremely large volume of data, which cannot be conveniently dealt with in traditional methods, and drive business decisions in order to make a positive impact. Since knowledge is power, properly utilizing big data to your business’ advantage can set your organization apart from its competitors in a radical way.  Data science can impact business decisions through making evidence-based decisions on optimizing processes, improving products, day-to-day operations, overall efficiencies, marketing, sales, recruitment, and so much more.

What Do Data Scientists Do?

Data science techniques include data mining, big data analysis, data extraction and data retrieval. Additionally, data science concepts and processes are derived from data engineering, statistics, programming, social engineering, data warehousing, machine learning and natural language processing.

Data science is a complicated discipline; however, that’s not to be confused with being unachievable within smaller organizations. Yes, most data scientists have a Master’s degree or PhD; however, it is also feasible to integrate skills into those who are not currently holding a data scientist job role. These professionals are well-rounded, data-driven individuals with high-level technical skills who are capable of building complex quantitative algorithms to organize and synthesize large amounts of information used to answer questions and drive strategy in their organization.

Successful Data Scientists are able to identify relevant questions, collect data from a variety of data sources, organize the information, translate results into solutions, and effectively communicate their findings. These skills are required in almost all industries, causing skilled data scientists to be increasingly valuable to companies.

Technology Trends Aligned with Data Science

Hand-in-hand with data science is the correlating conversation about cloud computing, as it is expected almost 50% of that data will be stored in the cloud. Another conversation closely aligned with data science is surrounding Internet of Things (IoT). The International Data Corporation (IDC) predicts 90ZB of data will be created on IoT devices by 2025. And currently, organizations that incorporate IoT into their business successfully are able to profit from the investment in 94% of the cases. So keep in mind when speaking of data science, it’s also equally important for businesses to define their cloud and IoT strategies. When it comes to integrating innovation and business transformation, it is also necessary to familiarize with Artificial Intelligence (AI) and Machine Learning.

New Horizons can help along the way with our data science training courses. Our courses are for data scientists who want to learn or add particular skillsets within Microsoft Azure, R Programming, or Python Programming.

Incorporating data science in your business can add an array of benefits, allowing your company to make evidence-based decisions in order to expand its strategy and success. Find how we can help your business learn how to transform data into value. Reach out to us!

Looking for additional content on data science and other IT trends and technologies? Check out our New Horizons YouTube Channel to see recordings from our webinars.

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NH Learning SolutionsAndrea Reynolds

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