DATA SCIENCE IN BUSINESS
Published: 2023-04-19 09:47:41

Introduction:
Data science is defined as the collection, organization, analysis, and presentation of the given data to acquire the insights of a business and understand the opportunities that they present for its growth. Thus, even though data science is closely related to computer science, it is a completely different field. Although it uses programs and algorithms like computer science, the data analysis is done in a way that may not necessarily require a computer. 

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Since data science uses statistical analysis, techniques, and programming languages to promote business growth, the main pillars of data science on which a foundation of data science lies are:
Mathematics: Statistics and probability 
Computer science: programming languages
Business management
Communication skills
To envision a career as a data scientist, a person, irrespective of his/her educational background, must be efficient in at least these four fundamental areas.

Benefits of data science in business: 
As stated above, one of the most significant uses of data science is to promote business growth. So it becomes necessary to understand the benefits which can be yielded in the business's favor by using data science.

One of the major advantages of using data science is mitigating risks and frauds. Data scientists are trained to recognize unusual data. They are trained to perform statistical analysis to identify fraudulent data, thus helping a business avoid potential loss.

It also helps in defining a company's goals. This means data scientists analyze and organize a company's data to help improve the company's performance and help direct the company towards the goals that may be beneficial to their growth in the imminent future.

Since the company data is continuously analyzed and an organization's process is frequently observed, data scientists, with the help of a company's analytics team, help improve these processes and methods, thereby directing the company to new and better opportunities.

Data science plays a major role in identifying the target audience and often helps the company define its target audience for improving its product value. They often help the company by analyzing the current trends and delivering a product customized to the target audiences' needs. 

 It also helps in speeding up the hiring process. This is simply done by shortlisting the candidates from the applicants based on the criteria that would help boost the company's efficiency.

Scope of Data Science in the future:
Over the years, data accumulation has increased exponentially and is growing rapidly, so the need for proper and fast data analysis in the immediate future is bound to increase as well. With the increase in companies' demands to predict the outcome of their decisions, the need for data science is going to be extremely important.

Conclusion:
In conclusion, we can say that even though data science includes analysis of organized and accumulated data, it is a very advanced field that requires in-depth knowledge of mathematics and the application for it to be done. 

Overall, data science proves to be a big aid for businesses by broadening and boosting their goals, opening them to newer and better opportunities, saving them from potential frauds and losses, and hiring employees more efficiently and quickly. 

As you can see, this new emerging field proves to have a bright and prominent future. 

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