As the amount of data generated by the typical modern business increases, so does the prominence of data scientists hired by organizations to help them turn raw data into valuable business information. Data extraction is the act of retrieving specific data from unstructured or poorly structured data sources for further processing and investigation. Data scientists must possess a combination of analytic, machine learning, data mining and statistical skills, as well as experience with algorithms and coding. Along with managing and interpreting large amounts of data, many data scientists are also tasked with creating data visualization models that help illustrate the business value of digital information.
Benefits of data science
The main advantage of enlisting data science in an organization is the empowerment and facilitation of decision-making. Organizations with data scientists can factor in quantifiable, data-based evidence into their business decisions. These data-driven decisions can ultimately lead to increased profitability and improved operational efficiency, business performance and workflows. In customer-facing organizations, data science helps identify and refine target audiences. Data science can also assist recruitment: Internal processing of applications and data-driven aptitude tests and games can help an organization’s human resources team make quicker and more accurate selections during the hiring process.
The specific benefits of data science vary depending on the company’s goal and the industry. Sales and marketing departments, for example, can mine customer data to improve conversion rates or create one-to-one marketing campaigns. Banking institutions are mining data to enhance fraud detection. Streaming services like Netflix mine data to determine what its users are interested in, and use that data to determine what TV shows or films to produce. Data-based algorithms are also used at Netflix to create personalized recommendations based on a user’s viewing history. Shipment companies like DHL, FedEx and UPS use data science to find the best delivery routes and times, as well as the best modes of transport for their shipments.