Data science is hot right now. Harvard Business Review reports that companies in all sectors are struggling to find — and retain — qualified data scientists, because this field requires such a unique blend of computational, analytical, quantitative, and leadership skills. But while large, established companies are competing for the services of experienced data scientists, even small businesses can benefit from looking at their data through a scientist’s eyes.
Data science can open up new pathways for success for any business. It can help you make sense of consumer data, including click-through rates, credit-card data, and conversion. Whether you’re an entrepreneur with an interest in data analytics or a computer scientist looking for a job in the corporate sphere, formal training in data analytics can help you meet with business success.
How Data Science Benefits Businesses
One of the most tangible ways in which data analysts can help the businesses they work with is by deciphering the needs and desires of the fickle modern consumer. Today’s consumers want a higher level of personal service than ever before. They expect to be treated with genuine gratitude by the companies that manufacture the products they buy. Consumers increasingly want one-on-one relationships with the companies that serve them.
Data scientists have the tools companies need to profile these consumers and to help your company understand what reaches them. Data analysis helps companies understand how consumers perceive their products, and helps them test changes that can affect every aspect of production from costs to market performance. With the help of data analysis, your company can better understand the factors that create market risk. And that’s not even to mention keeping important, private customer data safe, generating new streams of revenue, customizing your company website to meet customer needs, and even making real-time suggestions similar to Amazon’s use of the “Frequently bought together” suggestions, which help the company rake in an extra 20 percent in sales revenue.
Improve Your Own Career Prospects With Training in Data Science
If you have a scientific bent, computational skills, a good head for quantitative analysis, and the spirit of an entrepreneur, a career in data science might be for you. These days, you can earn an advanced degree in the field and even go on to pursue doctoral-level work in data science or a related computational field. Whether you’re already in business for yourself or want to pursue a position working for another organization, data science can open up many doors.
If you’re an entrepreneur at the helm of a small to medium-sized business, training in data science can help you understand how to make the most of the data at your disposal. Since qualified data scientists can be hard to find and harder to hold onto, cultivating some understanding of the field yourself is beneficial. Of course, good data science is a team effort, requiring a group of professionals with a broad range of skills. You’ll need folks who can pick out the right data, folks who can make sense of it and create visual presentations for the benefit of clients or others in the organization, and folks who understand the privacy and security risks inherent in working with data and how to mitigate them.
If you’re looking for an organization role, you’ll have plenty of opportunities as a data scientist. You can start out as a data analyst at $50,000 a year or more, and salaries can go as high as $250,000 a year for skilled, experienced data scientists in charge of research and development or analytic teams. You shouldn’t hurt for opportunities, either; companies of all sizes need data scientists of all kinds, and demand should only go up as technology becomes more advanced and more ubiquitous and companies come to rely more and more on professionals who can make sense of the information at their disposal.
Data science has many benefits for business, and a skilled data scientist can help any business reach its full potential. That’s why businesses of all sizes and in all sectors are seeking out these professionals. Training in data analysis and data science can help you grab a piece of the lucrative big data pie, and carve out a respectable niche for yourself in a field that’s fast becoming one of the cornerstones of 21st century industry.
