Today, the world is being increasingly recorded and portrayed into digital bits for perpetuity. Our human existence is splashing into the digital kingdom with the pace never recorded. Talk about human emotions, behaviour, love, global business deals and so on. All of it is being measured in bytes and these when bunched together formulates MB, GB and TB. This is where “Data Science” comes in.
Data science is the technique of turning data into valuable information. It makes use of techniques and theories of different areas like Information Technology, Statistics and Mathematics. But it’s not just restricted to using data but rather winning its value from data and generating more data as a result. So it is not just about crunching or re-shaping the data but also enabling the creation of data products.
Let’s take the case of buying a shirt. Your preferences may be size, color, price, brand which you simply jot down on your shopping list. This denotes a piece of data. Now when you get to a multi-brand store to for shopping, you turn up to your data to pick out the shirt as per your set preferences and put in your shopping cart. At the cash counter, the teller scans the barcode on your shirt and records the price. You might have finished your shopping, but the data transformations would have started just then.
With this scanning, computer notifies the stock manager to put an order for the shirt to the supplier. You have a discount coupon which you present it to the cashier who scans it and reduces the burden on your wallet by the discount amount. At the end of the month, details of each of the scanned coupons get uploaded to the Shirt Company for reimbursement to the stores. Also, at the end of the month the store managers look upto the circle graphs and scatter diagrams to analyze the monthly sales of shirts and take a decision whether to increase or decrease the number of shelves for that particular brand of shirts.
Thus, the journey of small piece of data which started from your shopping list ended up at different places for decision making after some transformations.
- In summary, data science enables us
- To build strategies for financial security
- To identify the target markets
- To reduce wastage in manufacturing process
- To create new revenue streams
This is how “Data Science” is bringing in a breakaway in the modern organizations. Data science is increasingly becoming a competitive base for the organizations. It provides action reports to executives without exposing them to underlying figures or analytics. Even the way businesses make decisions has been evolving. Today every organization wants its decision making based on real information and thorough analysis of business environment rather than on inherent tendency or the loudest voice. Data science is increasingly becoming important because ‘Future belongs to companies that can turn data (eventually customer preferences) into products’.