Data is expected to rule over the 21st century. Most companies across various sectors of the economy have declared data science an indispensable part of their system. Data is everywhere, and data science is required by businesses & organizations to develop effective measures and take action to grow consistently.
The increase in the role of data science in industries has increased the demand for data scientists worldwide. As per the US Bureau of Labor Statistics, the requirement for professionals with data science skills is going to increase by 27.9% by 2026. This makes data science a lucrative career option in today’s time. In this blog, we’re going to discuss everything about the growth in the field of data science and the best course you can opt for to become a high-paying data scientist. Let’s start.
What is Data Science?
Data science combines specialized programming, scientific methods, advanced analytics, math & statistics, data visualization, and AI to track patterns and develop business insights using raw data. A data scientist is responsible for transforming huge amounts of data into relevant & useful insights. A data scientist analyzes structured and unstructured data sets to develop practical measures, useful insights, and appropriate analysis to help an organization grow. Moreover, data science is also used in various sectors of the economy for solving different purposes.
What Skills are Needed to become a Data Scientist?
Following are the essential skills you’ll require to become a data scientist:
Similar to any other field, solid communication skills are vital for a data scientist. Data scientists are professionals who understand, extract, and examine data. However, data scientists often fail to communicate their analysis with the organization and cannot help the company benefit from their knowledge. Thus, it is important for data scientists to have great communication skills to be able to explain their findings in simple words.
As a data scientist, you need to have a strong command of several programming languages like Perl, Python, C/C++, Java, and SQL. Python is the most widely used programming language that every data scientist should learn to land lucrative data science jobs in their career.
Every data scientist should be able to understand analytical tools to successfully extract correct useful information from organized and unorganized data sets. Hive, SAS, Hadoop, Pig, R, and Spark are some popular analytical tools that can be used by data scientists. You can learn these tools through certified courses to add to your credibility in terms of your expertise in the tools.
Solid Business Acumen
A good data scientist’s attribute is having solid business acumen. A data scientist goes through various data sets to come up with an analysis and effective measures for the organization’s growth.
Without business intelligence, a data scientist won’t be able to develop effective solutions for the company and will fail to help the organization grow. Thus, it is vital for data scientists to have an in-depth understanding of businesses and how they work.
Another basic yet essential skill required to become an excellent data scientist is a mathematical skill. As a part of the job, data scientists go through huge sets of data, and they need strong mathematical skills to sort everything out and extract useful information. A data scientist without mathematical skills is going to have a hard time going through the everyday processes, and it is important for them to hone these essential skills.
Which Fields Could Have the Highest Impact from Data Science?
Banking and Insurance
While the banking industry doesn’t seem like it uses a lot of technology, the banking sector is also slowly evolving with rapid technological advancements across the world.
For example, the Bank of America has used predictive analytics and natural language processing to develop Erica, which is a virtual assistant created to help customers look at their upcoming bills or even look at their transaction history.
Erica also gets smarter as more knowledge and information is fed to the system. The Bank of America is also working on a system where Erica will be able to track your transactions to detect a pattern and make personalized suggestions for managing one’s finances whenever necessary.
The healthcare industry is continuously using data and analytics with an aim to make improvements in the medical industry in a lot of ways. To give an example, the medical industry uses wearable trackers so that people can track their health, and medical practitioners can look into the data to treat their patients effectively.
The trackers also allow the doctors to track whether their patients are following the prescribed medicines and taking the treatment properly. Over time, the huge sets of data collected by the physicians allow them to take appropriate steps to take necessary actions for their patient’s health. Additionally, the data also helps hospital managers work effectively by reducing waiting time.
Consumers expect companies to develop quality content in various formats as technological advancements come into play. This problem has been solved by data science as it can be used to benefit from mobile & social media content to get an understanding of the content absorption patterns. Companies have now been able to create content desired by their target audience, measure their content’s performance, and make relevant recommendations.
For instance, Spotify is a music streaming platform that uses Hadoop, a data analysis tool to collect and examine data from its users spread across the globe. Doing so allows Spotify to make appropriate music recommendations to the users depending on their individual tastes.
In order to ensure that the customers get exactly what they want, it is a task for retailers to anticipate customer demands accurately. Data & analytics allow retailers to get an insight into how to make their customers happy and ensure they come back later. Doing so also gives retailers a competitive advantage.
Is Data Science really ‘the Hottest Job of the 21st Century?
As per the Harvard Business Reviews, becoming a Data Scientist was referred to as “the sexiest job of the 21st century.”
A data scientist is a professional who comes up with effective measures for real-life problems by collecting, sorting, and understanding huge data sets. There has been a rise in the demand for data scientists as technological advancements have led to building an important role for data scientists in every industry. From the healthcare & medical sector to the legal field, every market now requires data scientists to solve their problems. According to The Information and Communications Technology Council (ICTC), data scientists are a part of the top 15 digital jobs in demand through 2023.
The demand for data scientists is also increasing as Fortune 500 companies have huge chunks of data that are yet to be analyzed. To become a skilled data scientist, you need to have various skills alongside a tight hold on many essential programming languages so that you can make the most of your theoretical knowledge combined with your analytical expertise to drive useful measures for accurate decision-making.
A great data scientist also has various soft skills like communication skills so that they’re able to communicate their insights with the decision makers of an organization. All in all, data science is a lucrative & fulfilling career option where you constantly learn & evolve as per the industry demands. With the increase in the importance of data science, we can also say that it is “the hottest job of the 21st century.”
How to Become a High-Paying Data Scientist?
Data science is known to be a blend of business acumen, mathematics, ML techniques, algorithms, and tools. Data science can help you find patterns and insights from data sets, and these insights can be used to make relevant changes with the aim of economic growth.
If you’re intrigued by the field of data science & want to start building your career as a data scientist, the Data Science course offered by IMS Proschool will be your best bet. The data science course by IMS Proschool will help you become a skilled data scientist with the appropriate knowledge & skills to lead in the field as an industry expert.
You’ll be trained by experienced mentors who will help you acquire the skills while ensuring that you get practical exposure by analyzing real data. The successful completion of this course will ensure that you’re ready to build a lucrative career as a data scientist and that you can make your humble contributions toward the betterment of the world.
Data scientists are professionals with diverse skills, an attribute that cannot be found in an individual. Data scientists are reputed professionals, and becoming a skilled data scientist is not a piece of cake.
You need to pick the right course and get appropriate training, certification, & exposure to get equipped with the right skills. If you’re ready to take the first step to becoming a data scientist, you should opt for the Data Science course offered by IMS Proschool for the best training. The course will ensure that you’re able to understand industry-specific problems to come up with effective measures for the same.