{"id":6018,"date":"2017-08-02T14:18:52","date_gmt":"2017-08-02T18:18:52","guid":{"rendered":"https:\/\/blog.brainstation.io\/?p=6018"},"modified":"2020-12-14T00:41:12","modified_gmt":"2020-12-14T05:41:12","slug":"data-science-top-gigs-next-decade","status":"publish","type":"post","link":"https:\/\/brainstation.io\/blog\/data-science-top-gigs-next-decade","title":{"rendered":"What Is Data Science? Dissecting One of the Top Gigs For the Next Decade"},"content":{"rendered":"

Data Science is giving new meaning to the common phrase \u201ccrunching the numbers.\u201d<\/h2>\n

This relatively new job title is being hailed as the \u201csexiest job of the 21st century\u201d by the likes of the Harvard Business Review<\/span><\/a>, and is one of the tech industry\u2019s favorite new professions.<\/span><\/p>\n

But what <\/span>is<\/span><\/i> Data Science? This somewhat mysterious profession is new \u2014 it\u2019s only come onto the scene in the last few years as the comparatively ancient discipline of statistics was paired with Computer Science, according to <\/span>Forbes<\/span><\/a>.<\/span><\/p>\n

So, why is this burgeoning position getting so much buzz? And why should you care? Let\u2019s take some time to dig into what Data Science is, how its best practices are applied, and why it\u2019s worth considering a career in this field, regardless of your industry.<\/p>\n

The Benefits of Big Data: What is Data Science?<\/strong><\/p>\n

We\u2019re relying more than ever on smartphones, millions of apps are available for download, and all our personal and professional data is stored in cloud-based networks. The rise of evolution of new technologies has created a powerful byproduct: Big Data. <\/span><\/p>\n

You\u2019ve probably heard all the buzz around Big Data \u2014 as more businesses transition to digital enterprises, they have access to mounds of data that could affect their bottom line. Companies can access valuable insights on their customers from all the aforementioned sources, as well as their own systems and processes (web traffic, support tickets, etc.).<\/p>\n

Because there\u2019s so much data now available, Data Science is the the convergence of multiple skill-sets and disciplines. This Venn diagram visualizes this overlap well:<\/p>\n

\"what<\/a><\/p>\n

Image: Forbes<\/span><\/a><\/p>\n

And while automation is a wonderful thing, we still need humans to sort through these mountains of information and analyze it. It\u2019s here that companies can gain insights and make more data-driven decisions \u2014 whether it\u2019s improving the customer experience, increasing sales conversions, or closely monitoring the productivity of your employees, data can reveal a variety of actionable takeaways that can directly help or hurt a business.<\/p>\n

And that\u2019s where Data Scientists come in.<\/p>\n

Why Data Scientists Impact More Than the Tech Industry<\/strong><\/p>\n

From website traffic, conversion reports, sales numbers, and the results of marketing campaigns, businesses across the board are collecting servers full of information. But handling all this data is overwhelming and unwieldy. It\u2019s tough to make sense of all this information and figure out how to leverage it to help a business succeed.<\/span><\/p>\n

While many technology firms have long recognized the value of data scientists, the demand for these analytics pros has increased across all industries and niches:<\/p>\n

\"What<\/a><\/p>\n

\"What<\/a><\/p>\n

Image: KDNuggets<\/span><\/a><\/p>\n

For example, <\/span>McKinsey reported<\/span><\/a> that big data initiatives in the U.S. healthcare system accounts for $300 billion to $450 billion in reduced health-care spending, or 12-17% of the $2.6 trillion baseline in U.S. health-care costs. Conversely, they believe that bad data is estimated to cost the U.S. roughly $3.1 trillion a year.<\/span><\/p>\n

But how exactly do Data Scientists help businesses across the board? What are some tangible actions they execute daily?<\/p>\n