Data Science Toolkit
Data Science 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
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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,
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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.
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.
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.
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
11 Project Managers
14 Robotics Engineers
15 Strategic Advisors
17 FinTech Engineers
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.
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 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.
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
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