Importance of Data Science for Business Leaders in India

Data Science is an extremely promising and evolving career field. As per a LinkedIn study, Data Science is the fastest-growing new employment category. Professionals with training in Data Science witnessed extraordinary 37% hiring growth over the last three years. We spoke to Lalit Sachan, co-founder and data science and Al / ML trainer at Edvancer Eduventure, he says, “Data science is reforming every business vertical and garnering traction daily. The Bureau of Labour Statistics indicates jobs in data science will increase by 27.9% by 2026. It further anticipates that the market will grow to USD 322.9 billion by 2026. Also, as per the Analytics Insights report, India will seize 32% of the big data market globally and generate USD 20 billion by 2026.”

Lalit Sachan says, “Data scientists have become indispensable to all industry verticals in the last decade. They have facilitated business leaders’ efforts to reduce costs, perform in-depth market analysis, and primarily predict outcomes with the help of predictive models.” Lalit Sachan share benefits of ‘Data Science’-

Benefits of Data Science for Business Leaders

Allowing better decision-making

A qualified data scientist is likely to be a trusted advisor and strategic partner to the organisation’s senior management by making sure that the employees make the most of their analytics abilities. A data scientist links and determines the value of the institution’s data to enable better decision-making processes across the entire organisation, via measuring, tracking, and recording performance metrics and other parameters.

Recommends trend-based actions that define goals

A data scientist scrutinises the organisation’s data, after which they propose and recommend certain measures that will help improve the company’s performance, engage customers more efficiently, and eventually boost profitability.

Help Embrace best practices and focus on issues that are relevant

One major role of a data scientist is to make sure that the employees are well acquainted with the organisation’s analytics product. They arm the employees for success by showcasing the effective use of the system to extract insights and drive action. Once the employees recognise the product's capabilities, their focus can shift to addressing key business challenges.

Recognising prospects

During their interface with the organisation’s existing analytics system, data scientists question the current procedures and expectations for the purpose of developing additional methods and analytical algorithms. Their job necessitates them to continuously improve the value that is derived from the organisation’s data.

Better decision-making backed with quantifiable, data-driven suggestions

Data scientists, who gather data and analyse from varying sources, rule out the need to take high-stakes risks. They craft models with the help of prevailing data that simulate different potential actions—in this way, an organisation can decide which course will bring lucrative business outcomes.

Quantifying the success of these decisions

It is also important to understand how decisions have impacted the business. This is where a data scientist comes in, as they study the key metrics that are related to important changes and measure their success.

Learn about target audiences

From Google Analytics to customer surveys, many companies have at least one source of customer data that is being collected. Data scientists use existing data that is not essentially valuable on its own and combine it with other data points to generate insights that an organisation can use to derive more information about its customers and audience.

They assist with the identification of the key groups with accuracy via a detailed analysis of different sources of data. With this valuable insight, businesses can customise their services and products to specific customer groups and improve their profit margins.

Engaging the Right Talent

With vast amounts of information available on talent—through social media, corporate databases, and job search websites—data scientists can find their way through all these data facts to recruit the candidates who are the best match for the organisation’s requirements. They can make HR's hiring processes faster and more accurate.

Real-time optimisation

Data Scientists can help optimise product development by recognising patterns in engineering data such as design, testing, and manufacturing data. This can facilitate businesses finding new opportunities for product improvement and boost competence in the product development method.

Conclusion

Data Science is a promising field considering its applications across verticals owing to the increasing amount of data being generated. The data scientist job is slated to become the highest-paying one in a few years. The growth prospect is staggering. A Data Science certification course can offer the essential skills and training needed to excel in the field.