How Data Science Can Help You Make Better Business Decisions

Data Science is the core skill today’s businesses need to be competitive and grow exponentially, yet data science skills are hard to find. However, there’s a solution! Learn how Data Science can help you make better business decisions with the Data Science Online Course to start making your business more data-driven today!

What Is Data Science?

Data science is a discipline that bridges the gap between business, information technology, and science. As data becomes the lifeblood of business, analysts rely on increasingly sophisticated techniques to extract knowledge from raw data. In this Online Data Science Certification course, you will study mathematics and statistics as well as more than twenty tools for data exploration. Understanding how to extract meaning from patterns in large datasets has become essential for enterprises such as Google, Amazon, Intel, and NetFlix. The increasing importance of data-driven decision-making in every industry means that the demand for data scientists is booming. Some estimates suggest there could be more than 20 million new jobs created by 2020.

Why Should We Use It?

Data science is the use of data to build a strong foundation and understanding of an individual customer base. If you’re in a service business, it means working to determine which customers are the most valuable and where the demand for your product is coming from. However, if you’re running an e-commerce company, it’s about knowing who to target with marketing campaigns and how often to run them in order to maximize sales.

What Are Its Tools and Techniques?

Data science is a field of study that relies on data to find insights. Whether it be through math or machine learning, with data science you can glean insights about your company, your customers, and your products. Imagine that you run a bookstore and want to understand why people are abandoning their shopping carts. To identify what may be happening, you could turn to predictive analytics for help. Predictive analytics leverages modeling tools to forecast future outcomes. Through sophisticated algorithms, predictive analytics assesses various factors (e.g., age, gender) in order to make predictions about whether someone will complete an action (e.g., buy a book). 

Where Does Big Data Fit In?

At the risk of sounding a little cliché, big data is pretty much everywhere. We live in a world where we generate around 2.5 quintillion bytes of data every day. And with IoT generating, even more, every year, it seems there’s just no stopping it from becoming an integral part of our lives and how we operate as businesses. In fact, some experts predict that by 2025 90% of all business intelligence will come from predictive analytics derived from machine learning or natural language processing. So what does this mean for you? It means that your competition might be gathering insights on you using these same methods so if you want to stay ahead, then now’s the time to start getting familiar with how data science can help you make better business decisions!

What Are Some Other Applications Of This Field?

Data science has applications in marketing, sales, customer service, finance, economics, and sociology. Organizations use data science to provide accurate and personalized customer experience which yields a good return on investment.

Additionally, big data is the new norm and with effective data science implementation, the success rate of projects can be significantly improved with minimal input of human labor. Data scientists are also essential to assess risk and other factors that may go unnoticed without expert analysis.

What Makes You A Good Data Scientist?

Data scientists come from a variety of backgrounds and can be broadly classified into two categories: business professionals with knowledge of data, or domain experts with knowledge of data. It is crucial to recognize the type of person you are when deciding to become a data scientist. If you have the necessary business skills but lack mathematical foundations, there are many opportunities that await you as a successful data analyst or statistician.

Next Steps – Setting Up For Success!

The most important thing to do when designing a course of study in DataMining and DataScience is to determine the level of expertise you are seeking. Do you want to be able to learn how to design predictive analytics from basic linear regression models? If so, start by reviewing statistics and mathematics courses such as those inferential statistics, probability theory, numerical analysis, and regression modeling.