Why Data Science Matters And How It Powers Business Value?

Without the expertise of professionals who turn cutting-edge technology into actionable insights, Big Data is nothing. Today, more and more organizations are opening up their doors to big data and unlocking its power—increasing the value of a data scientist who knows how to tease actionable insights out of gigabytes of data.

It’s become a universal truth that modern businesses are awash with data. Last year, McKinseyestimated that big data initiatives in the US healthcare system “could account for $300 billion to $450 billion in reduced healthcare spending, or 12 to 17 percent of the $2.6 trillion baseline in US healthcare costs”. On the other hand, though, bad data is estimated to be costing the US roughly $3.1 trillion a year.

It is becoming clear by the day that there is enormous value in data processing and analysis—and that is where a data scientist steps into the spotlight. Executives have heard of how data science is a sexy industry, and how data scientists are like modern-day superheroes, but most are still unaware about the value a data scientist holds in an organization. Let’s take a look at the benefits of data science.

What Does a Data Scientist Do?

Most data scientists in the industry have advanced and training in statistics, math, and computer science. Their experience is a vast horizon that also extends to data visualization, data mining, and information management. It is fairly common for them to have previous experience in infrastructure design, cloud computing, and data warehousing.

Here are some advantages of data science in business:

• Mitigating risk and fraud. Data scientists are trained to identify data that stands out in some way. They create statistical, network, path, and big data methodologies for predictive fraud propensity models and use those to create to alerts that help ensure timely responses when unusual data is recognized.
• Delivering relevant products. One of the advantages of data science is that organizations can find when and where their products sell best. This can help deliver the right products at the right time—and can help companies develop new products to meet their customers’ needs.
• Personalized customer experiences. One of the most buzzworthy benefits of data science is the ability for sales and marketing teams to understand their audience on a very granular level. With this knowledge, an organization can create the best possible customer experiences.