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Why is Data Science Important?

Data creates magic. Industries need data to help them make careful decisions. Data Science churns raw data into meaningful insights. Therefore, industries need data science. A Data Scientist is a wizard who knows how to create magic using data. A skilled Data Scientist will know how to dig out meaningful information with whatever data he comes across. He helps the company in the right direction. The company requires strong data-driven decisions at which he’s an expert. The Data Scientist is an expert in various underlying fields of Statistics and Computer Science. He uses his analytical aptitude to solve business problems.

i. Data Science for Better Marketing

Companies are using Data to analyze their marketing strategies and create better advertisements. Many times, businesses spend an astronomical amount on marketing their products. This may at times not yield expected results. Therefore, by studying and analyzing customer feedback, companies are able to create better advertisements. The companies do so by carefully analyzing customer behavior online. Also, monitoring customer trends helps the company to get better market insights. Therefore, businesses need Data Scientists to assist them in making strong decisions with regards to marketing campaigns and advertisements.

ii. Data Science for Customer Acquisition

Data Scientists help the company to acquire customers by analyzing their needs. This allows the companies to tailor products best suited for the requirements of their potential customers. Data holds the key for companies to understand their clients. Therefore, the purpose of a Data Scientist here is to enable companies to recognize clients and help them deliver the needs of their customers.

iii. Data Science for Innovation

Companies create better innovations with an abundance of data. The Data Scientists aid in product innovation by analyzing and creating insights within the conventional designs. They analyze customer reviews and help the companies craft product that sits perfectly with the reviews and feedback. Using the data from customer feedback, companies make decisions and take proper action in the right direction.

iv. Data Science for Enriching Lives

Customer data is key to making their lives better. Healthcare industries use the data available to them to assist their customers in their everyday life. Data Scientists in these types of industries have the purpose of analyzing the personal data, health history and create products that tackle the problems faced by customers.
From the above instances of data-centric companies, it is clear that each company uses data differently. The use of data varies as per company requirements. Therefore, the purpose of Data Scientists depends on the interests of the company.

Jobs scenario:

Career opportunities in data have exponentially grown in the recent few years. Companies are eager to capture data and derive insights from it because of the technological advancements we are seeing. Accessibility of the data today can help to reap multiple benefits organizations from it. Because of this reason, companies are not shying away from offering increased data scientist salary in India. Companies are throwing huge salaries at those having skills to take on the positions of Data Analysts, Scientists, Engineers, etc.
India is the second-highest country to recruit employees in the field of data science or data analytics, etc. with 50,000 positions available – second only to the United States. The demand for data experts is equally competitive, whether you look at the big companies, the e-commerce industry or even start-ups.