Data science is hailed as the new technology that will give companies a competitive edge because it allows them to swiftly transform data into information. Data science is the application of a range of techniques that employ statistical methods and software systems that assist companies analyze and extract information from structured and non-structured data sources.
Data is basically any type of information that is recorded digitally. This includes handwritten ledgers and books sitting on store shelves but also the ones and zeroes being stored on your computer’s display and encoded to pixels in various hues and densities.
The aim of data science is to collect this knowledge, transform it into insights, and then make use of those insights to drive decision-making and innovation. This article examines the process of transforming raw data into valuable information and the best way to start the foundation for a data science initiative.
This is a complicated process and requires expertise in a variety of areas like business intelligence and analytics programming (ideally with Python), database management systems, SQL querying, visualization and machine learning. It also requires a broad knowledge of the field within which you are working and the ability to communicate those insights to team members and business stakeholders.
Successful data science projects can include the development of a movie recommendation system, studying patient files to discover patterns and predict disease studying social networks to learn about customer sentiments, predicting stock price or identifying criminal patterns to assist police. The ultimate goal of a data science project is to use the data to make scalable and better business decisions for the organization.