Data is the new electricity - Satya Nadella (CEO, Microsoft)
We live in a time where huge amount of data are generated every second through website visit, social media likes and posts, online purchase, gaming, and online movie streaming among others. With an estimated 2.5 quintillion bytes of data generated each day, it is now inevitable for individuals and businesses to strategize on ways to derive valuable insight from this huge data lying around.
Now that you have an idea about the data boom, let’s look at what data science is all about.
Definition
Data science is a multidisciplinary field that involves using statistical and computational methods to extract insights from complex data sets. It encompasses various techniques and tools, including data preprocessing, analysis, visualization, and machine learning.
In summary...
Data science is a multidisciplinary field that involves the processes, tools, and techniques needed to uncover insight from raw data.
It plays a critical role in enabling businesses to leverage their data assets and stay competitive in today's data-driven economy.
Now that you have an idea of what data science is, we need to understand why data science is important, and its role in modern businesses.
VIDEO
Let us now examine a selection of companies that have incorporated data into their operations and are effectively leveraging it to enhance the triumph of their respective brands.
Here is a random list of companies currently leverage the use of data to power their brand and product...
Amazon collects lots of info about its customers to show them ads and make customer service quicker and more helpful by knowing who you are right away.
Facebook gathers info on what you like, share, and who you interact with to show ads tailored to your interests, making sure you see content and promotions that match what you're likely to care about.
Google uses data from your searches, location, and browsing habits to personalize your search results and ads, aiming to make the information you find more relevant and helpful to you, whether you're looking for a local service or researching a topic.
American Express uses past shopping details to guess which customers might stop using their cards soon, finding out that they can predict 24% of closures in Australia months in advance.
General Electric (GE) puts sensors in machines to gather data, helping them find ways to make these machines work better and more reliably, potentially boosting US productivity and incomes over 20 years.
Miniclip , a game company, uses big data to see what players like or dislike, helping them keep players interested and make more money from games.
Netflix looks at what shows and movies people watch to decide what new content to create or buy, like choosing to make more Adam Sandler movies because they're popular in Latin America.
Starbucks uses big data to pick new cafe locations by studying people's habits, traffic, and the local area to make sure new stores are successful, even if they're close to each other.
Given its significance in modern-day organizations, data science holds crucial importance to decision making and business success. However, there is a growing need for professionals who are equipped with data science skills... could that be you?
Definition...
A data scientist is a professional who uses statistical and computational methods to analyze and extract insights from complex data sets.
As an important part of every business, the role of a data scientist includes the following...
Collecting, processing, and analyzing data to identify patterns and insights that inform decision-making processes.
Developing predictive models that can be used to forecast future trends or outcomes based on historical data.
Creating data visualizations that make complex data sets easy to understand and communicate to stakeholders.
Collaborating with cross-functional teams to identify business problems and opportunities that can be addressed using data-driven insights.
Developing and deploying machine learning algorithms and other advanced analytical techniques to solve complex problems and generate insights.
Ensuring the accuracy, integrity, and security of data throughout the data lifecycle.
Staying up-to-date with the latest trends and tools in data science, and continuously improving skills and knowledge through ongoing learning and development.
Lesson summary...✍🏾
Data science
Data scientists
Businesses
Why is data science important for businesses?
Highlight 2 things a data scientist doesn't do in an organization.
Answer these questions in the padlett below.