Eight mind-blowing facts you didn’t know about Data Science

Big data is not a fad. We are at the dawn of a revolution that will impact every business and every individual life on this planet. But most of us are still treating the notion of big data as something they can choose to ignore - when in reality, we are about to be run over by the steamroller that is big data.

Data science is the process of obtaining insights and information, really anything of value, out of large amounts of unstructured data. It deals with vast volumes of data using modern tools and techniques to find patterns, derives meaningful and useful information, and helps facilitate business decisions. It uses complex machine-learning algorithms to build predictive models for studying vast amounts of data.

Data Science is a relatively new field, and hence much is not known about the subject. Our objective is to inform you about the amazing possibilities that Data Science holds for people with a passion for problem-solving.

1. “Hottest job of the 21st Century” -Harvard Business Review: In this data-driven world, data scientists have emerged as a hot commodity. The chase is on to find the best talents in the field of Data Science. Experts estimate that millions of jobs in this field may remain vacant for some time due to the lack of readily available talent.

2. For the uninitiated, Data Science is the process of going through massive amounts of data, processing and analysing them to derive meaningful information that can help businesses get insights on concerns, customer experience, supply-chain and other prime aspects that would in turn help improve their business operations.

3. The data volumes are exploding, more data has been generated in the past two years than since the invention of the internet. About 1.7 megabytes of new information is created every second for every human on the planet.

4. Less than 0.5% of the data that we create is analysed and studied by businesses. Even a slight increase in accessibility and examination of data will result in more than $70 million of additional net income for a typical Fortune 1000 company.

5. In the next year, there will be more than 50 billion smart connected devices in the world, collecting, analysing and sharing data. By the year 2025, the Data Science and analytics sector in India is estimated to grow at least eight folds, reaching approximately $16 billion.

6. Every second there are 60,000 search queries made on Google and 1.2 trillion searches every year. This has generated so much data that there are almost as many pieces of digital information as there are stars in the galaxy

7. Bad data costs US businesses $600 billion annually. The US leads the data science market, requiring more than 200,000 data scientists by next year. 70% of data is created by individuals on the internet, but enterprises are responsible for storing and managing 80% of that.

8. IoT, the latest technology that contributes to Data Science is the ecosystem of devices connected to each other via the internet. Smart homes, smartwatches, health gears are all part of the Internet of Things ecosystem. Not just devices, but there also exists smart breweries.

How to Pursue a Career in Business Analytics and Data Science?

Bengal Institute of Business Studies (BIBS) is the first and only business school in West Bengal, with a Business Analytics and Data Science (BA&DS) MBA Programme in collaboration with the global giant IBM. A regular two-year MBA programme under Vidyasagar University, a NAAC accredited, WB State Government University, designed for candidates who want to take a leap into the world of Analytics.
The MBA program, in collaboration with IBM, will help students become industry-ready for Business Analytics and Data Science job roles. IBM also provides students access to it’s talent network thereby allowing them to get job opportunities as soon as they are available.

 

Note: The views expressed in this article are that of the institute and do not reflect/represent those of Shiksha