Technology

What is Data Science? – A Complete guide

Data science combines multiple fields such as statistics, scientific methods, artificial intelligence (AI), and data analytics to extract value from data. Data science practitioners are called data scientists. They combine various skills to analyze data collected from the web, smartphones, clients, sensors, and other sources to derive actionable insights.

Data science encompasses preparing data for analysis, cleaning, aggregating, and manipulating data to perform advanced analysis. Analytics applications and data scientists can review the results to uncover patterns and enable business leaders to gain informed insights.

Data Science an Untapped Resource for Autonomous Learning

Data science is one of the most sensational fields out there today. But why is it so important?

Because corporations have a treasure trove of untapped data, now that modern technology has enabled the creation and storing of ever-increasing amounts of information, the volume of data has exploded. It is estimated that 90% of the data in the world was generated in the last two years. For example, Facebook users upload 10 million snaps per hour.

But this data is often just sitting still in databases and data lakes, basically untouched.

The massive amount of data collected and stored by these technologies can benefit organizations and societies worldwide, but only if we know how to interpret it. That’s where data science comes in.

Data science reveals trends and generates information that companies can use to make better decisions and create more innovative products and services. Perhaps most importantly, it allows machine learning (ML) models to learn from the vast amounts of data fed to them rather than relying primarily on business analysts to see what they can discover from the data.

Data is the foundation of innovation, but its value comes from the information scientists can extract and then use.

What is the Transformation between Data Science, Artificial Intelligence and Machine Learning?

To better understand it (and how you can take advantage of it), it’s essential to know other terms related to the field, such as artificial intelligence (AI) and machine learning. You’ll often find these terms used interchangeably, but there are nuances.

It is a summary:

  • AI means making a computer mimic human behavior in some way.
  • Data science is a division of AI that refers to the overlapping areas of statistics, scientific methods, and data analysis, all of which are used to abstract meaning and visions after information.
  • Machine learning is another division of AI and consists of the techniques that allow computers to discover things from data and perform AI applications.

And, just in case, we include another definition.

  • Deep learning is a machine learning division that allows computers to solve more complex problems.

How Data Science Is Transforming Business

Organizations use data science to turn data into a competitive advantage by refining products and services. Some use cases for data science and machine learning include:

  • Determine customer churn by analyzing the data collected from call centers so that the Marketing department can retain customers.
  • Improve efficiency by analyzing traffic designs, weather conditions, and other factors so logistics companies can improve delivery times and reduce costs.
  • Improve patient diagnoses by analyzing medical exams and reported signs so doctors can diagnose diseases earlier and give them more effectively.
  • Optimize the supply chain by expecting when equipment failures will occur.
  • Detect financial services fraud by recognizing suspicious behavior and strange actions.
  • Improve sales by creating references for customers based on previous purchases.

Many companies have prioritized data science and are investing heavily in it. For example, in Gartner’s latest survey of more than 3,000 CIOs, respondents ranked analytics and business intelligence as the most critical technologies to differentiate their organizations. In addition, the CIOs surveyed see these technologies as the most strategic for their companies and are making the corresponding investments.

How Data Science is Done

The process of analyzing and using the data is iterative rather than linear, but this is the standard data science lifecycle flow for a  modelling project:

Planning

Define a project and its possible results.

Build a Data Model

Data scientists frequently use a variety of open-source libraries or in-database tools to build machine learning models. Users often need APIs to help with data ingestion, visualization and profiling, or feature engineering. In addition, they need the right tools and access to the correct data and other resources like processing power.

Evaluate a Model

Data scientists must achieve high accuracy in their models before confidently implementing them. Model evaluation typically generates comprehensive metrics and visualizations to measure the model’s performance against new data and rank it over time to enable optimal decision-making behavior. Model evaluation goes beyond raw presentation to take into account likely baseline behavior.

Explaining the Models

We have not always been able to explain the inner mechanics of the results of autonomous learning models in human terms, but this is becoming increasingly important. For example, data scientists want automated explanations of the relative weighting and importance of factors that generate a prediction, along with model-specific descriptive details about the model’s predictions.

Deploy a Model

Taking a trained machine learning model and deploying it to suitable systems is often a time-consuming and challenging process. However, this can be simplified by operationalizing the models as secure and scalable APIs or using machine learning models within the database.

Monitor the Models

Unfortunately, the implementation of the model is not the final step. Models should constantly be monitored after deployment to ensure they are working correctly. Over time, the data on which the model was trained may become outdated for future predictions. In fraud detection, for example, criminals are constantly finding new ways to hack into accounts.

Tools of Data Science

Creating, evaluating, implementing, and monitoring machine learning models can be complex. It is why the number of data science tools has increased. Data scientists use many tools, but one of the most common is open basis notebooks, web applications for text and running code, visualizing data, and viewing results, all within a single environment.

Some of the most standard notebooks are Jupiter, RStudio, and Zeppelin. Notebooks are handy for analysis, but they have some limitations when data scientists work in teams. To solve this problem, data science platforms were created.

For example, some users prefer a data source independent service that uses open source libraries. Others like the speed of machine learning algorithms in the database.

Who Oversees the Data Science Process?

In most organizations, this projects are typically overseen by three types of managers:

Business Directors

These directors work with the data science team to define the problem and develop a strategy for analysis. They may be the heads of a line of business such as Marketing, Finance or Sales and have a data science team directly reporting to them. They work closely with the Directors of Data Science and Information Technology to ensure that projects come to fruition.

CIOs

Senior CIOs are responsible for the infrastructure and architecture that will support data science operations. They continuously monitor operations and resource usage to ensure this teams operate efficiently and securely. They may also be responsible for creating and updating IT environments for data science teams.

Data Science Directors

These managers oversee the data science group and their day-to-day work. They are team makers who can balance team development with project planning and monitoring.

Conclusion

Data Science is responsible for analyzing large volumes of information with the help of artificial intelligence to improve information management.

Also Read: What is a Digital Product? – Benefits, Types, and More

 

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