0% found this document useful (0 votes)
27 views

Data Science Toolkit

This document provides an overview of data science and its growing importance and applications. It discusses how data science supports decision making across industries, helps analyze marketing campaigns and product development, and predicts trends. It also summarizes how data science helped address the COVID-19 pandemic by analyzing health data and aiding supply chain monitoring. Finally, it provides examples of data science applications in banking/finance and education.

Uploaded by

Enosolease Ame
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
0% found this document useful (0 votes)
27 views

Data Science Toolkit

This document provides an overview of data science and its growing importance and applications. It discusses how data science supports decision making across industries, helps analyze marketing campaigns and product development, and predicts trends. It also summarizes how data science helped address the COVID-19 pandemic by analyzing health data and aiding supply chain monitoring. Finally, it provides examples of data science applications in banking/finance and education.

Uploaded by

Enosolease Ame
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 14

TOOLKIT

TO BECOME
A DATA SCIENTIST
Introduction
While the fourth industrial revolution has been painted by data science, the centrality of the
field is here to stay even as we transition into the fifth Industrial revolution. This largely owes to
the fact that Data Science and Analytics strike the right balance of “humanness” in midst of
an automation revolution, something that is said to define Industry 5.0. We are well within the
age of Big Data and the decision making that it drives across industries for business growth.
From enhancing leisure experiences such as filtering Netflix recommendations to suggesting
a direction for legal policies, Big Data is at the core of it all. By making holistic concepts now
measurable and predicting something as grand as “how people will live,” Big Data shines with
immense possibilities.

Yet, all this data, with its unparalleled potential, is of little use unless the right minds are at
work to process it. Employers worldwide thus realize the importance of data scientists and
even encourage a “culture of analytics” that we see emerging in workplaces today.

Data Science,
Analytics and
the Way Ahead
While the fourth industrial revolution has been painted by data science, the centrality of the
Dataisscience
field here toisstay
a field that
even as functions at more
we transition into than oneIndustrial
the fifth level. Meaningful insights
revolution. are drawn
This largely owes to
from
the data
fact sets,
that producing
Data knowledge
Science and that
Analytics helps
strike theinright
recommending apt actions forinbusiness
balance of “humanness” midst of an
growth. Therevolution,
automation knowledgesomething
derived from
thatdata science
is said being
to define at play5.0.
Industry is a We
combination of technolo-
are well within the age
gy,Big
of statistics
Data and and trends
the in the
decision business
making domain.
that it This all-encompassing
drives across capacity
industries for business of data
growth. From
science and
enhancing analytics
leisure explains why
experiences suchthe field hasNetflix
as filtering been among the Top 3 emerging
recommendations jobs for
to suggesting 3
a direc-
yearsforrunning,
tion according
legal policies, Big to a LinkedIn
Data is at the(2020)
core ofreport.
it all. By making holistic concepts now measur-
able and predicting something as grand as “how people will live,” Big Data shines with
Organizations,
immense on unlocking the potential of data science, have been known to see increased
possibilities.
efficiency on several fronts. These include finding ways to reduce costs, expanding into new
markets,
Yet, all thistapping on its
data, with different demographics,
unparalleled potential, analysing the unless
is of little use effectiveness
the rightofminds
marketing
are at
campaigns
work and it.
to process ultimately,
Employers deciding on the
worldwide thusnew products
realize and services
the importance thatscientists
of data can be and
launched.
even This isaresonated
encourage “culture ofinanalytics”
Gartner predicting that,
that we see emerging in workplaces today.
“By 2022, 90% of corporate strategies will explicitly mention
information as a critical enterprise asset and analytics as
an essential competency.”

Collaboration
despite Disruption
While the COVID-19 pandemic marked 2020 as a year of disruption in work, trends for Data
Science and Analytics surfaced differently.

A. Transition by occupation and job cluster of source occupation

Data and AI
Cloud Computing
Product Development
People and Culture
Marketing
Engineering
Content Production
Sales

0 20 40 60 80 100
Share of transitions (%)
Same occupation Same emerging job cluster Any emerging cluster Any occupation outside emerging cluster

The study shows that among all major job clusters, professionals in Data and AI constituted the maximum percent-
age of those able to retain their employment in the COVID-19 pandemic. Further, those with the same background
were able to retain employment either in the same emerging job cluster or other emerging job clusters, which also
accounts for the versatility of opportunities offered in Big Data.

Source: The Future of Jobs Report, World Economic Forum


Data Science and
Solutions to COVID-19
Relevance of the field is further validated by the roles of
data science and analytics that collaborated in various
industries to effectively deal with the unprecedented
situations arising from the pandemic. Data Scientists, on
studying various data pools, were able to offer metrics on
mortality rates, hospitalization trends, etc. that aided
governments worldwide to have the apt policies in place,
especially as national lockdowns were lifted.

A related contribution made by analytics was in the field of


healthcare where skillfully studying data revealed efficacy
of various medical approaches to combat the virus. Further,
as last-mile deliveries became the preferred way for one’s
everyday needs, data scientists helped companies in main-
taining product quality by building apt monitoring systems.

Other Applications
of Data Science
While the COVID-19 pandemic has highlighted new
uses of data science and analytics, the more traditional
applications of the domain also continue to surround us
in our everyday lives. The use-cases can be found across
industries.
Banking: Fraud, Risk
Detection and More
One of the earliest applications of Data Science was
in finance. Riddled with losses and bad debts, compa-
nies decided to hire data scientists who could deci-
pher the great amount of data collected via loan
applications, etc. and tell them what they were doing
wrong. The utilization of big data and data science
techniques has since remained vital in the finance and
insurance sectors to identify patterns of fraudulent
transactions, predict frauds in progress, and in notify-
ing both the bank and customers to prevent damage.
Further, with analytics, the implementation of
non-compliance fines is made easier and risk of repu-
tation loss is averted. Banking companies have further
also used data science and analytics to promote their
most profitable banking products.

Education:
Bridging the Gaps
Emergent gaps in traditional teaching method-
ologies are a matter of great concern for devel-
opment of human capital. Data science and
analytics have proven to be extremely useful in
filling these gaps by addressing evolving
needs of learners. Applications have been built
that are facilitating a personalization of the
classroom experience, which in turn suggests
innovations in the curriculum and improves how
students perform. An example is the monitor-
ing of student requirements and using it to
provide appropriate interventions and changing
teaching methodologies to meet student
expectations.
Marketing:
New Heights
of Personalization
Those in marketing have always “targeted” ads
on the basis of knowing the consumers of the
product that they are promoting. However,
marketing has also considerably gained from
the evolution of the internet and big data.
Customer sentiment analysis is at the centre of
personalizing marketing. Here, language
processing plays a pertinent role to understand
how a brand is being received and on the basis
of this brands can further improve their
products. As the market place evolves for
retail and e-commerce becomes the new
reality, data and analytics keep up and even
lead the way. Performance data in the form of
modern metrics also spells out the real terms of
a marketing campaign’s efficacy. Data science
and analytics further aid decision making
regarding how marketing channels can even
be blended in the age of social media.

Transportation: Apps, Maps and


Self-Driving Cars
The transportation industry has benefitted from data science and analytics across domains and
at different levels. Not only does knowledge from big data help you navigate your route
through Google maps, but it is also the reason why self-driving cars are a reality. An intelligent
vehicle collects data through various sensors in real time and by coupling it with machine
learning algorithms, it is able to carry out the decision making involved in driving. Further, we
also have examples of airlines using big data, not only to plan routes but also to optimize fuel
use. The collaboration of data scientists with airlines is actually well reasoned in the fact that a
transatlantic flight can generate data amounting to 1,000 gigabytes.
Oil and Gas:
Fuelled by Data
Big data is often referred to as the new oil, and
it might be so even in the oil and gas industry.
Oil companies generate great volumes of data
at a high rate everyday, making them ideal
locations for incorporating data science in
business operations. Data science increases
efficiency in the industry at various levels, from
exploration and discovery to maintenance of
equipment. Given how drilling is a time-bound
process, making decisions in real time gets
substantially easier with accurately analysed
data. With the help of neural networks, other
functions are also taken care of such as alerts
against washouts.

Cyber Security: Big Data to


Counter Big Threats
In times when the internet becomes a vital part of our lives on all fronts and data sharing
becomes a crucial aspect of it, big threats to security also loom around the corner. Thus, it
becomes mandatory to utilize data science to mitigate cyber security risks. Employees in
research & development domains need to know how to handle cyberattacks. For example,
IBM has quickly capitalized on the potential of analytics and cyber security to introduce
hundreds of security products.

The list of industries incorporating data science and analytics only continues to grow. The spe-
cialization further commands authority across processes involved in Healthcare, Talent
Acquisition, Inventory Management, Recommendation Systems and Price Optimization
among other key business insights. With its inherently adaptive nature, the world of data
science and analytics is here to stay and those mastering the tools and techniques of it stand
to advance their careers while being at the forefront of all innovation.
Becoming a Data Scientist
U.S Bureau of Labour Statistics predicts that 11.5 million new Data Science and Analytics jobs
will be created by the year 2026.

Increasing demand

1 Data Analysts and Scientists

2 AI and Machine Learning Specialists

3 Big Data Specialists

4 Digital Marketing and Strategy Specialists

5 Process Automation Specialists

6 Business Development Professionals

7 Digital Transformation Specialists

8 Information Security Analysts

9 Software and Applications Developers

10 Internet of Things Specialists

11 Project Managers

12 Business Services and Administration Managers

13 Database and Network Professionals

14 Robotics Engineers

15 Strategic Advisors

16 Management and Organization Analysts

17 FinTech Engineers

18 Mechanics and Machinery Repairers

19 Organizational Development Specialists

20 Risk Management Specialists

Source Future of Jobs Survey 2020, World Economic Forum.

While it is true that Data Science and Analytics is one of the most lucrative job clusters in the
world, equally factual is the shortage of data scientists as validated by a report by IBM. This is
largely because of the holistic skillset that is required for the profession and scarcity of training
programs that encompass all of the aspects. At the same time, the larger misconception of
Data Scientists absolutely requiring a PhD must be busted.

Individuals with a basic educational background and an intellectual curiosity towards the
subject matter have the odds to chart a career path in Data Science and Analytics, especially
with access to the right training programs. An understanding of the right combination of
required tools and techniques in the field therefore must be a priority for anyone aspiring to
specialize in it.
The Essentials: Skills, Tools and
Techniques
A good academic background can always be a plus when you are embarking on your journey
but there are certain specific skills that are essential to master the tools and techniques. The
right combination of technical and non-technical skills is imperative to chisel out a career in
Data Science and Analytics.

Grasp on Mathematics
Classical statistics and Bayesian statistics are very crucial to Data Science but certain mathemat-
ical concepts are also key to the field. Quantitative techniques such as linear algebra are
often backbone to inferential techniques and Machine Learning algorithms.

Strong Business Acumen


Data Scientists are critically positioned to contribute to business strategies as they have
the exposure to data like no one else. Thus, in addition to deriving the most useful informa-
tion, data science professionals should also be able to effectively share this knowledge with
other stakeholders who can apply it to business solutions. This makes a strong business acumen
necessary for fulfilling one’s responsibilities in the role. A strong business acumen is especially a
consideration when decision intelligence is gaining importance in key business operations.

Problem Solving
A look at the functions of data science and analytics across industries makes it clear that
calculating risks is a major part of the job. Along with a good knowledge of the business
models, therefore, data science professionals are also required to maintain exceptional
problem-solving skills that keeps them thinking on their feet.

Technological Expertise
Complex algorithms and sophisticated tools make up a large part of a data scientist's day. In
addition to data analysis tools, keeping up with the latest tools in data acquisition, data
cleansing, data warehousing and data visualization is becoming increasingly important as the
historically separate roles of data scientist and analyst become merged for increased efficiency.

Python is the lingua franca of data science but knowledge of R, SAS, SQL, and sometimes Java,
Scala, Julia among others must also be acquired at the foundational level itself. Technical
soundness is a must for moving forward towards solutions while avoiding roadblocks.
Life as A Data Science and
Analytics Professional
Some of the Top Roles in Data Science and Analytics

Data Scientist and Analyst


Augmented analytics has enabled the worlds of data and analytics to fuse in the same
market. Optimization is the goal with which data scientists and analysts process data.
The tasks include munging, visualization, etc. that enable one to provide the right
business solutions.

Data Architect
Huge amounts of data are not only being generated but also collected. Gartner predicts
that by 2022, 35% of large organizations will be either sellers or buyers of data via formal
online data marketplaces. The role of data architects has been gaining significance under
these developments as companies use them to integrate, centralize, protect and
maintain their data sources.

Business Analyst
Technological solutions work out for business problems with a middleman between
them. This middleman is often found in the role of a business analyst. Research and
communication thus become important aspects of the role in addition to technical
expertise.

The other promising roles in the domain include Data and Analytics Manager,
Machine Learning Engineer, Data Engineer, Database Administrator, Statistician and
Data Analytics Consultant among others.
Salaries
Varying data sources confirm the same fact that the average annual salary of a Data Science
and Analytics professional is well over USD 100,000.

Source: Indeed.com

LinkedIn further reports that data science and analytics talents are most widely hired in the San
Francisco Bay Area, New York, Washington, D.C., Seattle, Boston.
Paving Your Way into
Data Science and Analytics
When encountered with resounding information about brimming opportunities in a professional
field such as data and analytics, waiting to start can be difficult. However, when you choose to
embark on this journey towards a grand career path, the smallest steps can be taken by you
today itself.

Revisiting your mathematical and statistical abilities can be a good motivator to further your
journey into a data science and analytics specialization. While you must be experienced with
programming, hands on experience with Python, R, etc. will mark the beginning of your transi-
tion into data science. A befitting program will not only commence with fulfilling these require-
ments for you but should be built to translate your learnings into a successful career with a
comprehensive curriculum.

A Road Map to Power Ahead

Foundations Essential Techniques Domain Exposure


(Basics of Python, (Supervised, (Solve real-life business
Understanding Unsupervised Learning problems by applying
Business to grasp model tuning, principles of data
Statistics) time series forecasting, science and analytics)
etc.)

Live Mentorship
Sessions Program Support
(learn with and Networking Career Assistance
industry experts (Benefit from (With expert coaching,
and peers to Personalized translate your training
unravel practical Academic & into a real job role)
side of real-world Non-Academic
datasets) Support)

For your learnings to translate into a successful career outcome, the knowledge received from
experts must be coupled with opportunities to apply it ourselves. The PG Program in Data
Science and Business Analytics by McCombs School of Business at The University of Texas
at Austin therefore includes not only video lectures from the university faculty but also
real-world 8+ projects and 20+ case studies under the guidance of industry experts that will
tangibly enhance your data science and business analytics potential.
Postgraduate Program in
Data Science and Business
Analytics

The Post Graduate Program in Data Science and Business Analytics (PGP-DSBA) is a
6-month long comprehensive program designed to enable career outcomes in Data Science
and Analytics.

The program uniquely combines a comprehensive curriculum, covering the most widely-used
tools and techniques in the industry, with a hands-on learning approach. A structured learning
journey keeps you on track throughout as you achieve your weekly learning milestones with
your mentor and benefit from their rich professional experience.

Following a “learn by doing” pedagogy, the program offers you the opportunity to apply your
skills and knowledge in real-time every week through interactive mentor-led practice sessions,
quizzes, assignments, hands-on projects, culminating. As you do so, you come to truly appreci-
ate the nuances of data and build your portfolio in the process.

On a whole, the program empowers you with the skills, body of work, and job market insights
you need to find the right career opportunities in data science or lead data science efforts in
your current organisation. All this comes with the credibility, global advantage, and academic
leadership of McCombs School of Business at The University of Texas at Austin.
Are you ready to become
a Data Scientist?

LEARN MORE

Contact Details:

+1 (512) 647-2647

[email protected]

References
World Economic Forum Report: http://www3.weforum.org/docs/WEF_Future_of_Jobs_2020.pdf
LinkedIn Emerging Jobs Report: https://business.linkedin.com/content/dam/me/busi-
ness/en-us/talent-solutions/emerging-jobs-report/Emerging_Jobs_Report_U.S._FINAL.pdf
Top 9 Data Science and Analytics Roles: https://www.mygreatlearning.com/blog/different-data-sci-
ence-jobs-roles-industry/
Indeed Salaries insights: https://www.indeed.com/career/data-scientist/salaries
Gartner: https://www.gartner.com/smarterwithgartner/why-data-and-analytics-are-key-to-digital-transformation
IBM and BHEF Report: https://www.ibm.com/downloads/cas/3RL3VXGA

You might also like