Data is everywhere. In fact the amount of digital data that exists is growing at a rapid rate and changing the way we live. This is a field that did not even exist 20 year back. According to an article by Forbes magazine, data is growing faster than ever before and by the year 2020; about 1.7 megabytes of new information will be created every second for every human being on the planet. Data science as a field is turning many heads in the technology and business spaces.
Data is essentially just raw bits of information science, on the other hand, can be used to mean any group of activities following a scientific method. Thus, data science is a field that uses scientific methods on large chunks of data. This data is accumulated, arranged and analysed to examine its effect on businesses.
Data science is all about uncovering findings from data. It is a field that comprises of everything related to data cleansing, analysis and preparation data science is a multidisciplinary blend of various tools, algorithms and machine learning principles with the goal to discover hidden patterns from the raw data. It is the scientific process of shifting and gathering data through the use of various techniques and tools and deriving business insights are called data scientists or data analysts.
Magic of data science is everywhere- from the votes we give in political elections to the pictures we upload on Instagram to internet search, face book, gaming, and price comparison on websites every. Bit of information is data. With so much data and information available, organizations are focusing more and more on using the insights from this data to evaluate progress build solution and make decisions.
Data science is being called the hottest job of the 21st century. It is making its presence felt everywhere and according to Mckinsey & company, big data will become a key basis of competition, underpinning new waves of productivity growth, innovation and consumer surplus.
Difference between Data Science, Big Data and Data Analytics?
Science all three terms deal with the word ‘Data’ there is a lot of confusion surrounding them. These three terms are not the same and there are many differences between the three different terms.
Data Science is a science or study of data and involves creating algorithms and models to extract knowledge from data.
Data Analytics refers to the analysis of data for drawing conclusions out of it. It is mainly used by business to make strategic decisions and solve problems.
Big Data is basically a term that describes large amounts of data. It is not a field in itself, but the analysis of big data is used in many different fields and to make better decisions by business.
To achieve all of the above, on any given day, a data scientist may be required to-
-collect huge data from multiple sources.
-Perform research on the messy data available and frame questions that need to be answered by the analysis on the data collected.
-Make use of high end analytics programmes, machine learning and statistical methods to organize data into a predictive model.
- Clean the huge volume of data to discard irrelevant information.
-Build new tools to speed work.
Successful data scientists come from a number of different disciplines, econometrics, computer science, physics, applied mathematics and statistical expertise is the foundation for any data scientist a strong background in business and strategy can help move your career forward.
Due to its multi-disciplinary nature, data science requires you to have a mix of technical and business skills including knowledge of mathematic, statistics, computer science and hacking/coding, coupled with substantial expertise in business or a field of science. Knowledge about the concepts of artificial intelligence and machine learning are also beneficial.
A data analyst requires to have
- Strong analytical skills
-Effective communication & presentation skills are also critical for a data analyst as this aids the management and understanding of data &paves way for good decisions.
-Basic use of statistical tools and fast mathematical calculation.
-Ability to work with large numbers and calculation.
-Data visualization and communication ability.
The big question is- how much can you earn in Big Data? Well, it depends for graduates from any field, starting salaries range between Rs. 3.5 lakh to Rs. 5 lakh per year. Postgraduates can start at anything between Rs. 6 lakh to Rs. 8 lakh per year.
Leading analysts with a lot of experience go on to manage teams of analysts and their roles become more customer-centric, more like a consultant. Compensation levels here would range between Rs. 20 lakh and Rs. 40 lakh, depending on the organization and role.
Data Scientists are in demand and candidates with the right mix of skills will be rewarded with a lucrative career the demand for data scientists is huge, the number is said to be much higher than the available candidates.
Job profiles such as data scientist, data analyst, big data engineer and statistician are being largely hunted by companies.
Data science is big deal across many industries from retail to government to biotechnology to sectors like.
-Gaming and hospitality
-Travel and transportation
Some of the top Indian companies that hire data scientists
Service-based company - Fractal analytics, Musigma, Citibank, HCL, Uber, Goldman Sachs, IBM, JPMorgan chase, Accenture, KPMG, E &Y & Capgemini
Product-based company- Amazon, Flipkart, Paytm, Haptik etc
SaaS-based company- Wingify, WebEngage, etc
SOME OF THE COLLEGES OFFERING COURSES IN DATA SCIENCE
Thus to build a career as a data scientist, degrees in mathematics, statistics, economics, engineering, computer science which helps in building base for a career in data science.
-Indian Statistical Institute(ISI), Multiple Locations
-Delhi University (Various colleges)
-IIT Kanpur offers B.Tech (Various branches), B.S. in mathematics and scientific computing
- Indian Institute of Management, Bengaluru
-MISB Bocconi, Mumbai
-SP Jain School of Global management, Mumbai
-Narsee Monjee institute of management studies, Mumbai
-Indian Institute of Management, Ranchi
-Institute of Management Technology, Ghaziabad
-Great Lakes Institute of Management, Gurgaon
-Praxis Business School, Kolkata and Bengaluru
-Aegis School of Business, Mumbai
-Bridge school of management, Gurgaon, Noida and Bengluru