Data Science is a profession that companies are increasingly demanding, especially in times of digital transformation . In fact, it is expected that by the end of 2020 the international demand for professional experts in Big Data and Digital Analytics will increase by about 28%, that is, about 700 thousand new vacancies are expected, according to the study “The Quant Crunch ”, developed by IBM. Therefore, it is necessary for companies to know the importance and value of this discipline.

While it is true that technology continues to produce unprecedented advances at a rapid pace, digital transformation can only give us its full potential if we channel the power of the data it provides. Since data scientists have a deep understanding of the data, they work very well to drive organizations towards deep, automatic learning and the adoption of Artificial Intelligence (AI), as companies generally have the same data-based objectives.

All the actors of a company must know the importance and value of data scientists, because to generate better analysis and predictive models, it is necessary to have different perspectives that generate real benefits for companies,

Today, 90% of business leaders cite data as one of the key resources and a fundamental distinguishing factor for businesses , along with basic resources such as land, labor and capital, according to a report from the Software Alliance. That is why it is crucial that companies that want to execute an AI-based project have a data scientist in the team to customize algorithms, make the most of the data and make decisions focused on them.

To help companies prepare for the bright future of data science, Data Science training institute in Bangalore lists 4 ways in which this profession can help a company:

Foster new ideas and commercial disruption

With their ability to detect complex business problems with the help of machine learning, such as operations research difficulties, data scientists have the key to discover better solutions. They may even discover errors that had been overlooked.

An example of this is the multinational correspondence company, UPS. Its Integrated Highway Optimization and Navigation System, better known as ORION for its initials in English, used data science to discover how to significantly change the route of its delivery trucks using various data sources. The impact was a saving of approximately 50 million dollars in one year and a better customer experience.

Data tracking and analysis

Data scientists can play the role of analysts and data manager, reporting industry changes, internal resource expenditures, profit expectations and other variables. In addition, they can set more informed goals, so with a little time, the daily management of the company will eliminate inefficient bottlenecks in the workflow and improve the performance of the business model.

Improve existing processes and products

A data scientist can develop in the production area and establish models to refine processes and products according to the information he collects and analyzes. Some examples of this are present in marketing: retailers adjusting dynamic pricing models or banks adjusting their financial risk models.

Prototyping and testing of new ideas

Data science, and especially machine learning, are excellent for solving complex and data-rich problems. Trends can be easily discovered by Data Science, resulting in market trends, new ideas and problems that are not yet addressed.

Get success in your career as a Data Scientist by being a part of the Data Science training institute in Bangalore.