Data science is hailed as the new business lingo, giving firms an edge in competition by enabling them to swiftly transform data into information. Data science is the application of a variety such as statistical methods, statistical techniques, and software systems that aid companies analyze and extract information from structured and non-structured data sources.
Data is basically any type of information that is digitally recorded. This includes handwritten ledgers, books that are found on shelves but also the ones and zeroes being stored on your computer’s screen and converted into pixels various hues and densities.
The aim of data science is to discover this knowledge, transform it into insights and finally use those insights for decision-making and innovation. This article explores how to transform raw data into valuable data and how to design a data-science project.
This is a difficult job which requires expertise in a variety of fields, including business intelligence, analytics, programming (ideally using Python), database management, SQL querying and visualization. It requires a deep understanding of the domain you are working in, and the ability to communicate these insights to other team members and the stakeholders.
Examples of successful data science projects include the development of an online movie recommendation system and analyzing patient records to identify patterns and predict the severity of diseases, analyzing social media to understand customer sentiment, predicting stock prices or identifying patterns of crime for police. The goal of any data science project is to utilize those insights to make better business decisions, and also to drive scaling in the business.