Firms use data science aggressively to be a market leader. Data is streaming in from different sources like web, social media, customer reviews, internal databases, and governmental datasets. But just having those data stored will not help firms in any way, to utilize the data one needs to analyze it. Analyzing data is not an easy job as the trends are hidden.
Data science industry is earning revenues from all industries domestic and international both. Revenue of $1.27 billion is earned in the last year only and it is predicted to touch $20 billion by 2025. This sudden growth is because big data is proving to be of great value to the business. Some of the uses are:
- Helping understand the market demand.
- Helps in the innovation of new product and services.
- Helps in customer retention and satisfaction.
- Helps in communicating the brand to the customers.
- Helps in digital and social media marketing.
- Helps in real-time experimentation and keeps a check on business performance.
ROLES OF DATA SCIENTISTS:
Data scientists are data wranglers who search for meaning in the data collected. A data professional has many roles in their data to day activities. As the entire data process is a pipeline of many steps linked together, a data scientist might do them all together or separate experts are appointed to complete the process.