Data Science and Analytics

August 29, 2020

data-science-and-analytics

Data science uses data analytics, data processing, and other related disciplines to assist extract meaningful insights from various data sources. Both these terms are often used together and many times, also interchangeably. However, data science and data analytics are two unique fields. All terms that are used to mine large datasets are used under the umbrella term of Data Science, and Data analytics is a more focused term devoted to realising actionable insights which are applied immediately to address existing queries.

Data science is not concerned with answering specific queries, but analysing massive datasets in sometimes unstructured ways to produce insights. Data analysis works better when it is focused, having questions in mind that need answers based on existing data. Data science produces broader insights that consider which questions should be asked, while big data analytics emphasises discovering answers to questions being asked. Therefore it is safe to say, data science is more concerned about asking questions than finding specific answers. The field is concentrated on establishing potential trends supported existing data, also as realising better ways to research and model data.

The two fields can be considered different sides of the same coin, and their functions are highly interconnected. Data science lays important foundations and parses big datasets to make initial observations, future trends, and potential insights which will be important. This information by itself is useful for some fields, especially modeling, improving machine learning, and enhancing AI algorithms as it can improve how information is sorted and understood. While many people use the terms interchangeably, data science and large data analytics are unique fields, with the main difference being the scope. Data science is an umbrella term for a gaggle of fields that are wont to mine large datasets. Data analytics software is a more focused version of this and can even be considered part of the larger process. Analytics is dedicated to realizing actionable insights which will be applied immediately supported existing queries.

Another significant difference between the two fields may be a question of exploration. Data science isn’t concerned with answering specific queries, instead parsing through massive datasets in sometimes unstructured ways to show insights. Data analysis works better when it’s focused, having questions in mind that require answers supported existing data. Data science produces broader insights that consider which questions should be asked, while big data analytics emphasizes discovering answers to questions being asked. When thinking of these two disciplines, it’s important to ditch viewing them as data science Vs. data analytics. Instead, it is essential to see them as parts of a bigger term and vital to understanding not just the knowledge but the way to better analyse and review data. Data science, analytics, and machine learning are growing at an astronomical rate and corporations are now trying to find professionals who can sift through the goldmine of knowledge and help them drive swift business decisions efficiently. People have tried to define data science for over a decade now. Data science may be a concept accustomed to tackling big data while also involved in data cleansing, preparation, and analysis. A data scientist gathers data from multiple sources and applies machine learning, predictive analytics, and sentiment analysis to extract critical information from the collected data sets. They understand data from a business point of view and are able to provide accurate predictions and insights which have the ability power critical business decisions.

A data analyst is typically the one that can do basic descriptive statistics, visualise data, and communicate data points for conclusions. They must have a basic understanding of statistics, an ideal sense of databases, the power to make new views, and therefore the perception to see the information. Data science is not a new term in the world of technology today. It has taken over the corporate world in the last few years. 2.5 quintillion bytes of data sets get generated each day, and companies are trying to capture this data, convert it into insights, and utilise it to stay on top of the competition. The demand for skilled data science professionals has seen an upsurge, as organizations are on the constant look out for data science professionals to resolve business complexities with efficient data analysis. Good analysts have unwavering respect for the one golden rule of their profession: not to come to conclusions beyond the information available. While statistical skills are required to test hypotheses, analysts are your best bet for coming up with those hypotheses in the first place. It takes strong intuition about what might be going on beyond the data, and the correct communication skills to convey the options to the decision-maker.

By now it must be evident that data science is a field which impacts every department. Data science is a shift in mindset about how we work. It is is about solving business problems. Behind the term lies very specific set of activities and skills that companies can leverage to their advantage. Data science allows businesses to use the information at their disposal, whether it is customer data, financial data or otherwise, in an intelligent manner. The results are the key drivers of growth. Although it is not wrong to ascertain that data science is a true game changer for business, that doesn’t mean it is easy to do well. Data is one among the important features of each organization because it helps business leaders to form decisions based on supported facts, statistical numbers and trends. Due to this growing scope of knowledge, data science came into picture as a multidisciplinary field. It uses scientific approaches, procedure, algorithms, and framework to extract the knowledge and insight from an enormous amount of knowledge . The extracted data can be either structured or unstructured. Data science is a concept to compile ideas, data examination, Machine Learning, and other related strategies to grasp and dissect genuine phenomena with data. Data science is an extension of varied data analysis fields like data processing, statistics, predictive analysis and many more.

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