DATA — The oil of the 21st century.
Most of us find the field of Data Science intriguing, partly because of its ever expansive nature and futuristic characterisation. But most of us struggle with grasping its true nature or form. Data Science is too broad a field to be fit into a definition. It is commonly used interchangeably with data analysis and wrongly so, because while data analysis deals with making sense out of events that have already occurred in the past and deciphering the raw data pertaining to the said event, Data Science is much more. It involves predictive analysis as well, identifying the occurrence of a particular event in the future through the use of advanced machine learning algorithms.
Data science involves a five-stage life cycle that comprises — Data Extraction, Data Processing, Data Classification, Data Visualization and Business Intelligence (BI) and Predictive Analysis. Ever wondered how is Netflix able to recommend the exact genre of movies that suits your taste or how Spotify creates a daily mix for you which comprises exactly the songs you love? The ability to get recommendations and filtered search results from an app or a search engine has been one thing that has been made possible because of Data Science. Other than that, things like fraud detection, automation, forecasting, facial and voice recognition and pattern detection have been simplified to a great extent. Healthcare industry has been one of the biggest beneficiaries of the Data Science breakthroughs. Faster diagnosis and preventive medical options have contributed to the growth of the industry.
Another component of Data Science is Machine Learning (ML). It is a type of artificial intelligence (AI) that allows software applications to become more accurate at predicting outcomes without being explicitly programmed to do so, that is, the ability to improve through experience. The ability to exhibit some basic human traits like intelligence, reasoning, problem solving, social intelligence etc. has led to growing usage of virtual assistants by companies like Apple, Google, Amazon and many others.
Contrary to the popular assumption, that AI will lead to joblessness as machines will replace humans in almost every walk of life, several studies and experts have suggested that it will rather create several new jobs and will change the fundamental nature of the workplace. It is also widely believed that data would be the dominant theme of the 21st century and would be a key determinant in shaping a new age international order. With the vast potential of Data Science remaining untapped, only the time will tell what a data driven world looks like and what course it may take.
Originally published at https://www.redwoodalgorithms.com.
