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.
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: