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| Data Science - the New Paradigm of Technology |
It is in fact an empirical concept to amalgam statistics, data analysis, machine learning and their related methods to analyze actual phenomena with data. Data is considered as a ‘fourth paradigm’ of science after empirical, theoretical, computational science and everything about science is changing because of the impact of information technology and the humongous data explosion. Companies employ data scientists to help them gain insights about the market and to better their products. Data scientists work as decision makers and are mainly responsible for analyzing and handling a large amount of data.
Data science makes use of several statistical procedures ranging from data transformations, data modeling, statistical operations to machine learning modeling. Statistics is the primary asset of every data scientist. Machine learning is a method of data analysis that automates analytical model building. It is a branch of artificial intelligence based on the idea that systems can learn from data, identify patterns and make predictions with minimal human intervention...
Data science brings together a lot of skills like statistics, mathematics, visualizations, optimization, programming and business domain knowledge. It helps an organization find ways to gauge the effectiveness of a marketing campaign, tap on different demographics, predict new business strategy and launch a product. Therefore, regardless of the industry verticals, data science is likely to play a key role in organization’s success.
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Source: Daily Excelsior
