What is a Data Scientist?
Data Science is a field that specialises in data interpretation and the formulation of future predictions by using numbers. It is a method that is beneficial to a company, which seeks to accurately predict finance and profits. This technique is commonly used for minimising risk assessment for decision making.
Your data doesn’t require any form of structure, as there are a lot of tools and methods to gather the information you need.
Helpful Hint: If an Excel sheet puts you to sleep, then you may need a Data Scientist!
What methods does a Data Scientist use, to accurately interpret my data?
- Statistics
- Model predictions
- Market Optimisation
- Data Preparation
- Machine learning
- Public policy
- Analytical Marketing
- Detection of Fraud
- Risk Management
Data Science is heavily influenced by mathematics, IT, Information Science, Chemo metrics, Probability models, data engineering, learning pattern recognition and computer programming – to name a few.
What are the benefits of using Data Science?
Data Science is a huge benefit to a majority of businesses, mainly for its use of providing answers to a formed corporate decision. They can sift through the external and internal data, to analyse the strength and future forecast of profits or loss.
Business sectors that most benefit from using a Data Scientist:
- Firms that use brands
- Ecommerce
- Retailers
- On-demand services
- Content
However, an increasing number of markets that have branched out online for business have found many great advantages from using Data Science and have enjoyed success.
How to employ the right Data Scientist?
Data Science has become increasingly popularwith a huge market over recent years, so it can be a very daunting task when it comes to hiring the correct Data Scientist. Here are some brief tips on obtaining the full benefits and complete value, with a reliable service.
Determine what data needs interpretation, and for what purpose. To forecast future profits, knowing what you want is important, and DataScience is no exception!
- Google ‘Data Scientist Services’ and read through the multiple services available.
- Check forums, so you can check customer reviews on services – if there’s a highly rated popular service then research them further.
- Always make sure you compare fees to get the best deal!
Warning:
It is important to note whether the data will be processed by a machine or by humans, as it won’t work for both – the processes are different.
Machine Data Science:
- A computer is used as the decision maker, through the recommendation of products, targeting ads, etc.
- Complex digital models can use insights from huge amounts of data, which can display stock trades and adverts.
- Statistical, mathematical and computer fluency will provide future predictions.
Human Data Science:
- The calculations will be done by a human, who will understand retention and growth.
- Data must be in a readable format for human understanding.
- Although a computer can handle much larger data in quicker time, the benefit of having a person as a decision maker is that it will be more thought out and not automated (ideal for decisions requiring higher attention to detail).
To sum it up
Data Science has grown enormously over the last decade, especially for a business that wants to obtain an edge over its competitors.
Many companies store huge amounts of data, and it is usually not used properly or misunderstood; hiring a Data Scientist can help you to use your information more shrewdly for future decisions and investments.
