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We’re living in the age of information. Companies, websites, and apps are collecting more data with every passing day, which is why analytics has become the need of the hour to pinpoint KPIs and marketing strategies amidst the vast ocean of information.
And who better to do this than Data Scientists, with their skills spanning programming, statistics, and business?
The growth of data arising from the explosion of data-hungry apps, IoT devices, and services today is making data science one of the top market differentiators in business analytics solutions.
In 2020, the frenzy of automation, software robotics, ML-based decision management and robotic process automation (RPA) will enable Data Scientists to create pipelines that help businesses innovate wisely with data-driven insights.
Companies use data to run their businesses making quicker and better decisions, which could possibly take them to the top of their market and ensure long-term survival. This motive is symbiotic with Data Scientists who are able to visualize, mine, and manage data.
A great example is Netflix. The streaming service giant leans heavily on data analysis as mentioned in their blog post titled “Data Science and the Art of Producing Entertainment at Netflix.”
In the article, they discuss how data is infused in their business and technical decisions such as planning budgets, building show sets, finding locations, and even scheduling guest actors. They analyze historical viewing trends for their content distributed across regions and for each new show. It’s a data science problem: predict the per-language consumption of each show months before it’s released.
If you have a substantial customer base, you need the expertise of professionals who turn cutting-edge technology into actionable insights like Netflix.
Even for smaller business owners, Data Scientists can help stabilize your business and assist in making key market decisions to sustain the firm through difficult economic times like the current coronavirus pandemic. An experienced Data Scientist is a trusted advisor and strategic partner to the organization’s upper management.
In upcoming years, the need for highly skilled Data Scientists across many businesses will only continue to skyrocket. You don’t need a large data science team to start getting value from your data – a smaller, unified team can be indispensable for gaining the knowledge you need to succeed.
The key is to properly leverage the skills of your employees to contribute in a meaningful way to impactful data projects.