Data Science: Promising career option for bright future

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Data science is an interdisciplinary field to extract knowledge or insights from data in structured or unstructured form leading to substantive decision making. This being interdisciplinary area employs knowledge and theory from multiple fields such as statistics, mathematics, computer science and programming. Data science finds applications in diverse fields from healthcare management to politics, cyber security to genetic engineering and marketing to operations etc. Data science is playing pivotal role in academic and applied research in different domains.



Leading banks and retailers of the world have been using data driven analytics for marketing promotions and risk assessments since the time when it was called analytics. In last decade data, have been used in multiple fields of business and science leading to emergence of Data Science as stream. It would not be exaggeration to state that data science is a promising career option for bright future. Harvard Business Review described data scientist as sexiest job of the 21st century. Various reports state that most of the organizations are going to invest more strategically to use the power of data science to drive their business decisions. McKinsey & Company projecting a global excess demand of 1.5 million new data scientists. 
Data scientists use the data for exploratory analysis, mathematical model development and visualization to draw insights hidden in the data. They use their analytical ability to form hypothesis and draw inference using data to communicate and present the findings to the desired audience or decision makers. Skillsets of Data scientists are visualized in the below diagram.

In last 5 years’ data science profession, has caught lot of attractions in the job market as top global organizations have established center in India. Global technology, banking, retail, pharma and consulting organization like Microsoft, Lenovo, LinkedIn, Bosch, HSBC, Citi, GE, Deloitte, BCG etc. are need of data science professional. In the corporations, emergence of data science led to create designation like chief data officers, chief analytics officers and chief data scientists at leadership level. Data science is being used to drive business decisions for revenue growth, operational efficiency, risk and fraud management, security and regulatory compliance.
Number of institutions in India and outside India have launched academic programs including online and on campus certificate programs to fill the gap of data science practitioners demand in the world. Multiple opportunities are available in India and abroad for an exciting career in the field of data science. Those who are interested in this field must upskill themselves in programming and machine learning algorithms.


References
1.     http://www.pacific.edu/About-Pacific/Newsroom/2015/February-2015/Analytics-are-used-in-variety-of-fields.html
2.     http://www.allanalytics.com/author.asp?section_id=3858&doc_id=282185&
3.     Data Scientist: Sexiest job of 21st century by Thomas H. Davenport and    D.J. Patil, Harvard Business Review. October 2012.
4.     Big data: The next frontier for innovation, competition, and productivity. McKinsey Global Institute. May 2011


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