Data Science

Data Science
Student Name
Institutional Affiliation
Data science
Data science can best be described as an interdisciplinary approach, which has numerous dynamics relating to the extraction, formatting, and interpretation of large volumes of data to come up with insights and decisions. In the world today, data has become an essential part of most organizations notwithstanding the types of organizations. This dependence on data has come as a result of increased data collection points. The revolution of the technological world through the introduction of the Internet has led to the development of major data points. These majorly included phones, computers, and many other devices that are connected to the Internet. Companies to make insights concerning the decisions relating to sells and how they can increase their profitability use this data. Data science is also used in other sectors such as governments, research institutions, and even meteorological departments. This data is used in making predictions with a basis on previous events that have taken place. Over the past, data has been a by the way. However, this notion has changed to make data science one of the most relied decisions making tools world over.
As a manager or entrepreneur, data science means a lot to me because it enables me to make the best decisions concerning the direction that the company should take (Provost & Fawcett 2013). To begin with, data scientist provides the management with data-driven insights concerning trends in the market.

This form of insight may influence a decision to shift the company operations in such a way that they can suit the trends in the marketplace. Such decisions may be relating to how a business can communicate to more customers and convince them to make a purchase. As such, the data scientist will test for particular variables such as the most probable client to make a return purchase or even the most viable language in convincing a customer to make a purchase. Data science is a good tool used by managers to gain insight concerning various market trends.
Another importance of data science is that it enables managers through data scientists to find out about unseen opportunities in the marketplace (Waller & Fawcett 2013). Most opportunities are usually hidden in the marketplace. As such, it is tough for one to see them, which requires a stronger eye to look out for various opportunities in the marketplace. Data science also goes ahead in enabling a manager in an organization to target his advertisement or marketing campaign to a specific group (Waller & Fawcett 2013). This enables one to make much more sells than they may think. Therefore, marketing is very important in that it helps companies to identify a target market and choose the best options for reaching such a market.
In conclusion, data science is an array of skills that are used in manipulating data to get the most appropriate results concerning a specified topic. In business, data science is paramount because it enables businesses to make informed decisions. In every market, there are usually various trends at any given time. The use of data science enables organizations to note various trends in the market and enable it to come up with decisions on how to tune itself to move according to the said trends. The use of data science also enables managers to identify opportunities in the business sector and make decisions to go after such opportunities. As detailed above, it is almost impossible for a business to progress without data science.

References
Provost, F., & Fawcett, T. (2013). Data Science for Business: What you need to know about data mining and data-analytic thinking. ” O’Reilly Media, Inc.”.
Waller, M. A., & Fawcett, S. E. (2013). Data science, predictive analytics, and big data: a revolution that will transform supply chain design and management. Journal of Business Logistics, 34(2), 77-84.