Until recently, Data Scientists seem to be in a world of their own, but as we seen the advancement of big data within business of all shapes and sizes, so too do we see an increase in demand for Data Scientist. But what is data science and why do we need it?
Today’s businesses clearly need to be driving innovation, creating a community, promoting customer engagement and being thought leaders within their chosen industry, but how do we get straight to the heart of what makes our customers buy from us. By using data, of course. However, collecting data is one thing, but once you have it, how do you interpret into something more meaningful and relevant for your business? This is where data analytics come in.
A Data Scientist, or in most cases of team of Data Scientists are able to solve complex data problems through scientific discipline; using mathematics, statistics and computer science, in what is know as data analytics. There are various methods of data analytics within the Data Scientist toolbox, but below we take a look at a few of the more common methods.
Prescriptive Analysis looks at the here and now, such as; Why is this happening? What will be the outcome if this keeps happening?
Descriptive Analysis takes looks at past behaviour, such as; What is the problem? What happened? What do we do?
Both of the above methods use reporting, drill drowns, alerts and random mining, as a way of collating data to be analysed.
Predictive Analysis on the other hand, is where we look at future possibilities, by asking ourselves the questions; What happens next? Or, what course of action should we take?
With this we use predictive modelling, forecasting and statistical modelling to foresee what might happen, and give us a course of action.
By using data analytics, we can not only analyse past performance and trends for our business, but predict future possibilities and customer behaviour. Enabling us to deliver great value to our customers through out business.
Interested in a career in data science? Check out our data science pathways pdf.