For several years now, we have been reading and listening about Big Data, that it has the potential to transfigure business. On the basis of this we can grasp that, today, the organization wants to move toward becoming a data driven decision making entity from an entity that has been largely making decisions on gut-feelings or sheer experience or maturity of decision makers. In unison we are also smack with the information that an organization will have to depend on a completely new role aka “Data Scientist” to transform their business.
Organizations like Google, Facebook, Amazon and other similar entities and other organizations have started gambling on this one digital force that is big data. Many of the organizations are now feeling intense urge to get an alteration, to be specific, data driven, for their survival in the future.
Why ‘Want For A Transformation’
The reasons are down here.
The Obligation to be connected with the consumers 24×7
The thing which switched consumer as the king of all trades is not the print media or television but social & mobile computing. Today’s consumer is just so comprehended about the external environment that to disregard mobile based social networking is considered as lethal for the organizations. The Organizations are now obliged not just to be in touch with their consumers but also to act before consumers can react to something adverse to the business or some incident causing a public outcry against the business model itself.
Swift Innovative World
Ongoing swift innovation in the world is forcing business models to change or get replicated very quickly. With boosting suppliers, consumers & competition spread across the globe, idea escalation has accelerated. So when an organization is occupied with spending its top funding in research & development, can come up with a highly innovative & disruptive business model, product or service in any corner of the world, it will not surprise anyone if the same is replicated somewhere else in the world, with minute changes, in a very short time by a competitor who was unknown or non-existent till that time.
Young Consumers Ruling The World
The end of cold war prompted a vast Geo-economical change by brining world’s most densely populated countries, i.e. China & India, in the consumer market, which made the younger consumers rule the market. This is the thing, younger consumers cannot have enough of what is available, always looking out for new things above the proven & tested products & services. Now, this is a message for the organizations to develop the product on regular basis confirming that the customer is still listing to you. Because if you fail in doing so consumer will switch to the next new thing even if it’s still developing.
This is a time when the demand is coined – system that is not just fast, but provides a degree of conviction to the decisions being taken. Now, the old data is more relevant now than ever before. Old data which are in store for a long time helps in decision making in today’s ever changing consumer world. Now, because of this the word “Data Scientist” is gaining fame.
Data science simply means a science to extract knowledge from data. This gives a clear definition of the person, the data scientist. He is the person who can extract insights from data. But this job is not as simple as it sounds. To do this job data scientist needs to be scholarly with not only statistical analysis techniques, but also a good computational back-ground backed by a sound understanding of the business domain.
Though data scientist is a must but organizations should have supple teams consisting of a right mix of statisticians, computing experts & domain experts till the organization matures in this changing dynamics or technology evolves to a level where it can replace some aspects of data analysis.