Data Science: Data Science is a multidisciplinary approach that combines principles/ practices from the fields such as Statistics, Mathematics and Artificial Intelligence (AI) to extract actionable insights/trends hidden in an organization's large sets of complex data. These insights are used to guide effective data-backed decision-making and strategic planning.
As per reports by Statista, the total amount of data created, captured, copied, and consumed globally is estimated to increase quickly, reaching around 180 zettabytes in 2025. This has boosted the demand for Data Scientists who can handle and analyze large volumes of complex data sets. This blog will cover the importance of Data Science, top data scientist skills and top companies that every aspiring Data Scientist should know about for a successful and rewarding Data Scientist career.
Importance of Data Science: Why Every Business Needs It?
Data Science has become increasingly important across industries for several reasons. Here are some key reasons
Discovery of Hidden & Transformative Trends: Companies leverage Data Science to make sense of large volumes of raw data sets and use it to drive business decisions. Data Science techniques help companies to reveal low-cost changes that can be made to resource management for optimum impact on profit margins. E-Commerce & Retail Giants such as Amazon, Alibaba, Walmart and Target use Data Science to optimize product recommendations, pricing strategies, and inventory management.
Implementation of Real-Time Optimization: Data Science helps companies predict change and react optimally to different circumstances on almost a real-time basis. Companies like Uber use Data Science to optimize their routing algorithms, pricing strategies, and driver matching to match a particular region's demand-supply equation.
Customer Satisfaction: Data Science can help companies better understand their customers and their needs. Companies can develop more targeted marketing campaigns by analyzing complex customer data and personalizing products and services per customer requirements/ expectations. Big Healthcare & Diagnostic Companies like Novartis use Data Science to improve patient outcomes by identifying health risks and developing more effective treatments based on an individual's independent body assessment.
Competitive Edge: Data Science reveals gaps and problems within the company's current processes/ products, which drives innovation in internal operations and external solutions. For instance, financial institutions like JPMorgan Chase and American Express use Data Science to improve key finance cores such as fraud detection, risk assessment, and customer targeting. Similarly, Manufacturing companies like GE (General Electric), Boeing, and Ford use Data Science to optimize manufacturing processes, reduce production costs, and improve Quality Control (QC) techniques.
Top Skills Required for Data Scientist in 2023
In today's data-driven world, becoming a successful Data Scientist requires a strong foundation in technical skills. An aspiring Data Scientist needs to be proficient in various skills, to extract meaningful insights and provide management with accurate data-backed trend analysis. Below are a few of the top skills for Data Scientist:
Programming Languages: Proficiency in Programming Languages like Python and R is necessary for effective data sorting, analysis and presentation. Python as a programming language is preferred for Data Scientists as it synchronizes well with Artificial Intelligence (AI) and Machine Learning (ML) tools to provide data in a simple format. Data Scientists should learn to use Python by pursuing courses such as Complete Data Science Course with Python as this course is suitable for all learners, from beginners to advanced, as there are no set enrolment prerequisites. The CVT for this course reveals that the course features Live Classes, Personalized Teaching, Capstone Projects, Hands-On Training, internships and Job Assistance.
Database Management and Data Wrangling: Having an idea of database management concepts, tools and systems can help a Data Scientist retrieve information from company databases more quickly and efficiently. Aspiring Data Scientists can pursue courses such as Database and Node (with Capstone Projects), which helps candidates master skills in Node.js and Relational Databases. Candidates should also invest their time in staying updated with the latest trends in the Data Science field by reading trending data scientist blogs, watching the latest videos on social media platforms or listening to podcasts of professionals who have done big in this field.
Statistics: Data Scientists use their skills in Statistics and Probability to predict trends and develop forecasts in the data sets, making Statistics one of the top skills needed for data scientist . Getting yourself skilled in pursuing top courses in Statistics can help you to establish a relationship between two points in the data and also interpolate missing data points.
MS Excel: Knowledge of MS Excel is essential for an aspiring Data Scientist as it serves the dual purpose of performing complex data calculations and presenting data in the aptest format. Aspirants can pursue Perfect E Learning's Best Excel Course to gain skills such as drawing Pivot Tables, Performing Data Analysis and Preparing Conditional Statements, all using MS Excel.
Data Analytics and Visualization: As a Data Scientist, the professional should have the data analysis skills to use statistical methods and tools and create insightful visualizations effectively. Candidates can pursue the Data Analytics Course by Perfect E-Learning which will help candidates learn about Data Analytics tools such as Hadoop, Hive and Spark. The course also covers daily business data visualization tools like MS Excel and Power Bi.
Query Languages: Data Scientists use a query language to ask about databases and information held. Structured Query Language is a domain-specific language specially designed for interacting with databases. Pursuing SQL courses help candidates become an all-around asset for their potential employers and land high-paying job roles.
Data Science in Machine Learning: Data Scientists should remain familiar with the basic concepts of Machine Learning (ML) and AI. Data Scientists use ML to discover patterns in data and perform complex calculations, thus improving efficiency by preventing human error. Pursuing a course such as Perfect E-Learning's Python + DS + ML (Bundle) helps data scientists learn how to use ML for complex data calculations.
Top Sectors with Huge Demand for Data Scientists
Data Scientists are in high demand across various industries. Some of the top sectors that employ Data Scientists, along with company names:
Information Technology (IT): Tech Giants like Amazon and Microsoft have massive Data Science teams that work to develop and improve their products and services.
Banking, Financial Services, and Insurance (BSFI): Financial Institutions such as Bank of America and Goldman Sachs use services rendered by professional Data Scientists to improve their risk management practices.
Healthcare and Diagnostics: Companies like Pfizer and Aetna use Data Science to develop new treatments and optimize healthcare delivery based on customer body metrics and region-wise segmentation.
E-Commerce & Retail: E-Commerce & Retail Giants like Alibaba, Walmart, and Amazon use Data Science to optimize inventory management, forecast demand, optimize pricing, and personalize marketing recommendation campaigns.
Final Thoughts: Future of Careers in Data Science
The future of Data Scientist Professionals looks bright, with an increasing demand to process large amounts of data generated by businesses and organizations worldwide. The US BLS (Bureau of Labor Statistics) predicts that the employment of Data Scientists will expand by about 36% from 2021 to 2031, which is faster than the average growth for all occupations. Also, the median salary for Data Scientists is around $100,910 annually, which shows that the field is also rewarding regarding salary compensation.
Advancements in AI, Machine Learning, and Big Data technologies are expected to continue to drive demand for Data Scientists. With the growing adoption of AI and Machine Learning in industries like Healthcare, BFSI (Banking, Financial Services, and Insurance), E-Commerce and Manufacturing, the need for Data Scientists will likely increase steadily. careervira , speedpaper , topics ,amazon , datamation , analytics insight.
Perfect eLearning is a tech-enabled education platform that provides IT courses with 100% Internship and Placement support. Perfect eLearning provides both Online classes and Offline classes only in Faridabad.
It provides a wide range of courses in areas such as Artificial Intelligence, Cloud Computing, Data Science, Digital Marketing, Full Stack Web Development, Block Chain, Data Analytics, and Mobile Application Development. Perfect eLearning, with its cutting-edge technology and expert instructors from Adobe, Microsoft, PWC, Google, Amazon, Flipkart, Nestle and Infoedge is the perfect place to start your IT education.
Perfect eLearning in Faridabad provides the training and support you need to succeed in today's fast-paced and constantly evolving tech industry, whether you're just starting out or looking to expand your skill set.
There's something here for everyone. Perfect eLearning provides the best online courses as well as complete internship and placement assistance.
Keep Learning, Keep Growing.
If you are confused and need Guidance over choosing the right programming language or right career in the tech industry, you can schedule a free counselling session with Perfect eLearning experts.