Description
Data science is the field of applying advanced analytics techniques and scientific principles to extract valuable information from data for business decision-making, strategic planning and other uses. It’s increasingly critical to businesses: The insights that data science generates help organizations increase operational efficiency, identify new business opportunities and improve marketing and sales programs, among other benefits. Ultimately, they can lead to competitive advantages over business rivals.
Data science incorporates various disciplines — for example, data engineering, data preparation, data mining, predictive analytics, machine learning and data visualization, as well as statistics, mathematics and software programming. It’s primarily done by skilled data scientists, although lower-level data analysts may also be involved. In addition, many organizations now rely partly on citizen data scientists, a group that can include business intelligence (BI) professionals, business analysts, data-savvy business users, data engineers and other workers who don’t have a formal data science background.
This comprehensive guide to data science further explains what it is, why it’s important to organizations, how it works, the business benefits it provides and the challenges it poses. You’ll also find an overview of data science applications, tools and techniques, plus information on what data scientists do and the skills they need. Throughout the guide, there are hyperlinks to related Tech Target articles that delve more deeply into the topics covered here and offer insight and expert advice on data science initiatives.
Why is data science important?
Data science plays an important role in virtually all aspects of business operations and strategies. For example, it provides information about customers that helps companies create stronger marketing campaigns and targeted advertising to increase product sales. It aids in managing financial risks, detecting fraudulent transactions and preventing equipment breakdowns in manufacturing plants and other industrial settings. It helps block cyber attacks and other security threats in IT systems.
From an operational standpoint, data science initiatives can optimize management of supply chains, product inventories, distribution networks and customer service. On a more fundamental level, they point the way to increased efficiency and reduced costs. Data science also enables companies to create business plans and strategies that are based on informed analysis of customer behavior, market trends and competition. Without it, businesses may miss opportunities and make flawed decisions.
Data science is also vital in areas beyond regular business operations. In healthcare, its uses include diagnosis of medical conditions, image analysis, treatment planning and medical research. Academic institutions use data science to monitor student performance and improve their marketing to prospective students. Sports teams analyze player performance and plan game strategies via data science. Government agencies and public policy organizations are also big users.