What is Data Science 101 and Why is it Important for Businesses

Data Science 101: Meaning and Importance in the Business:

 

Introduction to Data Science:

Data Science refers to the science of extracting relevant insights or useful patterns from the raw data. It is an interdisciplinary field whose main focus is to extract knowledge from large data sets. It further applies the knowledge and insights from the raw data to solve problems in different domains. The work of a data scientist is to collect, analyze, and interpret a large amount of data.

 

Importance of Data Science in Businesses:

Businesses today are becoming data-centric. They are using data to make decisions and grow their businesses in the right direction. They are taking the help of data science to ease their regular processes. We shall further learn how data science is important for a business:

  • Business Intelligence to make smart decisions – The traditional business intelligence model was more static and descriptive. After the addition of data science, it transformed into a more dynamic field. The insights help the data science companies to make better decisions.
  • Make better Products – Companies should make their products in such a way that they can attract a large number of customers. The products should fulfill the requirements and needs of the customers. To develop a suitable product, industries must do the process of analysis of customer reviews. They should also utilize the current market trends to develop the product.
  • Manage the business efficiently – Data Scientists analyze the health of the businesses. Companies can predict the success rate of their strategies with data science. You can identify the key metrics essential for business performance with data science. Further, this helps the management to take valuable measures needed for the business.
  • Use of Analytics to predict outcomes – Predictive analytics is the most important aspect of businesses. Since there is a huge rise in advanced predictive technologies and tools, companies are now prepared to deal with a diverse range of data.

 

Data Science Certification Courses :

There are many data science certification courses online with Great Learning that will help you learn more even if you are a beginner. Some of the courses it offers are:

  • Data Science Foundations – It helps you with the basics and teaches you about the introduction to data science.
  • Introduction to R – It is a graphical and statistical programming language that is becoming popular among data analysts.
  • Probability for Data science – To know details about data science, you must know the concept of probability. This course teaches you the basic knowledge of probability.
  • Basics of Exploratory Data Analysis (EDA) – EDA is a type of story-telling technique for statistics experts. You get to learn about the various patterns and insights with visual methods (mostly).
  • Statistical methods for Decision Making – Tools like sampling, normal distribution, hypothesis testing, etc., are required in the process of Data Science. This course teaches you those important tools required for decision-making purposes.

 

Business analytics online:

Business analytics is slightly different from data science. In data science, coding is heavily used, and the results of data science are not used in the day-to-day decision-making of the business. Whereas, in business analytics, there is not much need for coding. However, the results are used in the daily decision-making process. You can learn about business analytics online from the courses offered by Great Learning.

 

Conclusion:

With the advancement of technology and data usage in businesses, the need for data science and similar courses is increasing. Stay updated to help your businesses grow further.