Glassdoor has identified the data scientist role as the best job in the United States that offers the highest median salary of any career. The data science field is in high demand as machine learning, artificial intelligence, and algorithms change business intelligence.
Data science is a multidisciplinary approach to finding, extracting, and pinpointing patterns in data through analytical methods, domain expertise, and technology. Data mining, forecasting, machine learning, predictive analytics, statistical analysis, and text analytics are all used in data science. The more big data grows, the more businesses rely on professionals with data science skills who can find actionable insights and improve business intelligence. Data science teams use descriptive, diagnostic, predictive, and prescriptive capabilities in a data set to understand what happened and why and predict what will happen and what to do about the expected result.
What is a data scientist? Data scientists discover actionable insights from mass amounts of structured and unstructured data in alignment with business goals and needs. The data scientist role is in high demand as data analytics are increasingly driving business decisions. Businesses turn to automation and machine learning as the core of their information technology strategies.
The main objective of data science work is to analyze large amounts of data using the software. Data scientists need to ensure their results can be understood by stakeholders and other key team members who lack an IT background.
How data scientists approach, data analytics depends on their industry and the business’s needs. A data scientist needs business acumen to understand how to find meaning in structured and unstructured data. They translate business goals into prediction engines, pattern detection analytics, optimization algorithms, and more.
The main role of a data scientist is data analysis. They gather a lot of data from various data sources, known as big data. Data scientists work with structured data organized by categories that make it easy for computers to sort, read, and organize automatically. They also work with unstructured data from sources like reviews, emails, and social media posts. This data takes a lot of time to sort through and, surprisingly, is more difficult to manage with technology.
Data scientists work to understand stakeholders’ goals and find a way to use data to achieve business goals. The skillset of a data scientist is broad and includes designing data modeling processes, creating algorithms and predictive models that extract actionable insights, and analyze data. Gathering and analyzing data points to solve a specific problem follows several important steps.
Once the business problem is understood, data scientists gather and integrate raw data for exploration. It’s common to use a data visualization tool that organizes data points into visualizations that show patterns, correlations, and potential outliers. Analysts use algorithms to test, tune, and deploy models and then monitor, test, refresh and govern the models.
You will need to have several data science skills, including business skills, analytics skills, computer science/information technology skills, and communication skills. The most common data science job tasks include understanding complex problems and analytics, data collection, preparation, and basic exploratory data analysis, model development and testing, model deployment and monitoring, and communicating meaningful information to stakeholders.
Data science is being implemented across all types of industries. It’s used in the energy sector to optimize production and operations, and in the finance and insurance industries, it reduces risks, detects fraud, and optimizes the customer experience. Data science is used in the healthcare industry to improve patient care, improve operations, and reduce costs. The pharmaceutical industry uses data science to ensure drug efficacy, product quality, and safety, while the manufacturing industry uses it to optimize processes, monitor the supply chain, and improve quality.