Data Science & Big Data Analytics: How is it transforming today’s world?
Human civilization has evolved to a remarkable extent!
The advent of new technology along with the generation of smart techniques and equipment have made almost everything accessible.
Around 4.27 billion users interact and share data on the internet daily. With this myriad of data around us, Data Science and Big Data Analytics are rapidly becoming one of the leading technologies across every industry.
Businesses and researchers in the field of technology are consistently working on how to use big data science effectively.
Here is a brief guide on how big data science and analytics are transforming the world and introducing technological advancements to the majority of operational sectors!
Data analytics and its significance?
Data analytics is the science of examining and analyzing raw datasets to procure valuable insights.
In other words, it’s a process of extracting, inspecting, and cleansing data to find useful information, metrics, and conclusions for human consumption.
The increasing demand for data analytics has changed the world in a real sense.
This technology helps in optimizing performance, making agile decisions, and increases the overall efficiency of a business or system. In addition
- Data Analytics reinforce the knowledge capabilities of the product development process. It analyzes the market needs and enables businesses to predict future outcomes.
- Having information about the demands beforehand makes business decisions more customer-oriented. Data analytics allows organizations to generate targeted content, improving the overall efficiency of marketing and sales efforts by cost-cutting.
- Data Analytics help businesses identify which functioning areas are error-prone and which need improvement by examining potential problems for operational efficiency.
Application of big data analytics?
Big data analytics is vast and extremely versatile. It usually holds overwhelming volumes of data that need to be processed. Today, several industries use this revolutionary concept across the globe!
Take a look at these 3 major sectors where big data analytics has been applied to achieve intelligent solutions :
Business: Companies using big data analytics harness their data and utilize it to identify new opportunities. That, in turn, leads to efficient operations, smarter business moves, higher profits, and a competitive edge. According to Accenture, a staggering 83% of organizations have pursued big data projects to achieve competitive advantages.
Life Science: The advancement of big data analytics has helped the life science industry in evaluating risks such as reducing the spread of epidemics like COVID-19, preventing fatalities, and increasing life expectancy. The global life science data analytics market is projected to reach 42 billion by 2025.
Finance: Many financial institutions use big data to gather insights for their economic advantages and provide consumers with value-driven services that are customized as per their needs. Based on a study by McKinsey, data-driven tools help banks boost their targeted campaign, resulting in a 15% reduction in churn rate.
Key tools of big data analytics and how they work?
Data science and big data analytics cannot be narrowed down to a single technology or tool. Instead, various types of tools work hand in hand to help you collect, analyze, process, and cleanse big data. Some of the substantial components of big data ecosystems are listed below.
- Predictive Analytics
- Data management
- NoSQL databases
- Machine learning
- Data mining
Importance of data science in today’s world
With a growing interest in big data science, the market is shifting in new directions. This area of advancement is building new technologies by analyzing data to find solutions and assist industries for future use.
With the increasing importance and utility of data science around the world, demand for its related roles has grown significantly as well.
The Bureau of Labor Statistics forecasted that the field of data science and big analytics will create around 11.5 million jobs by 2026.
- Data Scientist
- Data Analyst
- Machine Learning Engineer
- Data Consultant
Ready for prime time
Companies in many industries are deploying data science & big data analytics to transform their business for better efficiency and productivity.
VLink brings out the best in data analytics capabilities for your organization and helps transform that data into actionable insights for critical and confident decision-making.