2022

Importance of data
science

FATIMA NAVID (22L-6082)

SECTION: BBA-1C2

SUBMITTED TO | Noor Zahid

Contents
What is data science?....................................................................................Error! Bookmark not defined.
Importance of data science:....................................................................................................................2
FUTURE OF DATA SCIENCE:.................................................................................................................3
Bibliography................................................................................................................................................3
What is data science?
Data science means to extract important statistics (insights) from unstructured data by means of
urbane diagnostic gears for decision-making, planning, and other purposes. As the name
suggests, Data science is more data than science. With the help of data science we can try to get
solution of problems by handling and examining rough figures because it will give us the
information what happened in the past and on the basis of that we can predict future. Data
science uses compound machine learning algorithms to build foretelling business models.
Modern analytics tools played a significant role in the development of data science over the past
few years. The demand for data scientists is increasing day by day. As the US Bureau of Labor
Statistics states the number of businesses calling for Data Science expertise is likely to increase
by 27.9 percent by 2026 (blog, 2022).

Importance of data science:

Data science is very helpful in the new era because today’s organizations most important asset is
DATA and data science will diminish the disgusts of ambiguity for establishments. Data science
is a speedily developing job. In 2003 due to the lack of reach because of data science iTunes took
100 months to reach 100 million users, while for Pokemon in 2016 only took couple of days to
reach the million mark. Everyone can clearly see that from 1878, how user reach increased by
changing from the old techniques of advertising and advancements. This shows how from two
decades back, businesses moved from old techniques to social media. This change happened due
to the immense digitization of marketing stages that run on data insights (why do we need data
science, 2022).
Extracting insights from data has due importance because that data is used for making business
strategies. There are a few vital phases for consuming data science within businesses. From
evaluating business financial position to testing data through data emptying, storing, processing,
studying and then finally envisioning and cooperating (why do we need data science, 2022).
Some factors that make data science important are given below (Trivedi, 2018).
1. Data is useless if it is not structured
2. Understanding data will help to improve the customer experience and hence boost the
revenue.
3. Data is not restricted to any one field.it can be used in finance department, security,
marketing etc.

FUTURE OF DATA SCIENCE:

The future of data science is very optimistic, and with amplified applications across territories,
its prospects are immense. Along with artificial intelligence and machine learning, data science
will contribute towards a higher level and intelligent decision-making for businesses (future of
data science, 2022).

Bibliography
blog. (2022, october 1). Retrieved from world data science:
https://www.worlddatascience.org/blogs/why-data-science-is-the-most-indemand

future of data science. (2022, october 1). Retrieved from naukri.com:

"http://www.naukri.com/learning/articles/future-of-data-science

Trivedi, A. (2018, April 6). Photograph. Retrieved from How to become a Data Scientist? — A detailed
step by step guide!: https://medium.com/cutshort/how-to-become-a-data-scientist-a-detailed-
step-by-step-guide-635b079937e2
why do we need data science. (2022, october 1). Retrieved from analytixlabs:
https://www.analytixlabs.co.in/blog/why-do-we-need-data-science/