Data science is a multi-disciplinary field that uses scientific methods, processes, algorithms and systems to extract knowledge and insights from the huge amount of data – structured, semi-structured and unstructured, that is being generated every second. Digging in deep at a granular level to mine and understand complex behaviours, trends and inferences, data science is about gaining hidden insights that help and enable companies to make smarter business decisions.
- Online marketplace behemoths use Data Science to identify major customer segments and unique shopping behaviours, which helps them with recommendation engines for “targeted messaging” catering to different market audiences.
- Streaming content providers use data science to study viewing patterns and thus understand what drives user interest to accordingly create and deliver curated content.
- Multinational FMCG majors use data science to understand future demand, and thus plan for and optimise production and distribution.
Data scientists explore data, understand and discover patterns, apply quantitative techniques to process data, build testing and training models and recommend action based on data analysis and insights. This data-driven insight is central to providing strategic guidance on how to act on findings.