IT sector is facing some slowness these days due to multiple reasons. Everywhere people are talking that there will be huge cut in IT job in coming years.
Which is scary for the people working in the IT sectors. However, at the same time there are many other fields in which the opportunity has just begun like Artificial intelligence, block-chain technology, data scientist etc.
Out of these Data Scientist has been called as the sexiest job for 21st century and it is true for all the right reasons. Data mining and finding insights from it is not a new job that has started these years.
People are doing these things with different techniques from ages. For instance the most used least square method for regression was first published by Legendre in 1805, and by Gauss in 1809 .
Random forest and decision tree has beed used for the Xbox 360, where random forest was first proposed by Ho in 1995. Data science has a very long history.
But what has brought the revolution in this field these years that this has now become the sexiest job of the century, the answer is the drastic improvement in the computing cabapality of the computers.
Data mining needs a lot of data to gain some true insights from it and playing with GBs of data was heck a job in early days, but now very high output computers are available not only easily but at very cheap cost.
Also in many prediction it has been predicted that lakhs of new job opportunity will open in the comming years. Hence the need of the time for IT professionals is to re-skill.
As easily said, it is not an easy task to re-skill yourselves to become a data scientist. The very first question comes to our mind is “What is data science?”.
You can look into internet and you will get a lot of answers on this in a very scattered manner, most of them are the biased with the personal opinion. And this will not only confuse you but also scare you.
My sincere effort in the series of the blogs will be to simplify what is working in data analytics and provide all the basic information required to answer this question.
What is Data Science?
Data science is the skill of extracting the knowledge from the data. The knowledge could be information, insight, any signal which is useful. and you used this knowledge to predict the unknown. We use the past data, study it and use it to predict the unknown. The goal of the data science is to improve the business outcomes with the power of data. Data science deploys the techniques and theories from the broad areas of mathematics, statistics along with information technology(data analytics using r tool/python/SAS tool), data retrieval techniques and the domain knowledge.
Data science is not restricted to any domain, it can be used in any field where we have past data and with the help of which we can make some useful predictions. For example, in medical science it is used to classify the diseases based on the symptoms observed from many patients and with this we can quickly diagnose the diseases at early stages and start treatment rather than waiting to get the clear indication of the diseases. In retail we can use data analytics for sales forecast, inventory management assortment planning and product pricing, this will not only save time but the predictions would be fa more accurate as compared to manual predictions.
In every field we can find the use of data science for improvement.
Who is a Data Scientist?
A data scientist is the practitioner of data science. One who uses all the theories, technologies and domain knowledge to extract knowledge from the data for betterment of business outcomes. A data scientist should be expertise in data engineering,data analytics, statistics and business domain.
We will continue the discussion with the information of the Data science life cycle in the next blog.