Increasing importance of data science!
With the rapid advances in the field of data science, lucrative new opportunities have surfaced and the future of digital economies seems bright. It was estimated that the global digital economy in 2018 was around $12.9 trillion and it was forecasted that within 2025 it will double up to $23 trillion. No doubt data science has been instrumental in helping digital industries to flourish as leading companies like Google, Facebook, Amazon and Uber- all have data scientists playing crucial role for them.
More and more businesses are embracing data science
- Nike recently announced that it is acquiring Celect, a retail analytics company. Interestingly Nike had also acquired Zodiac, a consumer data analytics company in 2018. The main reason behind such acquisitions is the company’s digital transformation and increasing emphasis on Data Science to earn an edge over its rivals Adidas and Under Armour.
- Accenture India, a leading technology service provider is planning to increase its data science work force significantly in order to make it a hub in the Asia Pacific. Eying the flourishing digital economies of India and Malaysia, Accenture India is investing more and more in data science.
Let’s understand how businesses utilize data science with the help of an example:
Shopee is a leading e-commerce platform based in South-East Asia has a great data science team that has been a key to Shopee’s extra ordinary success. Dr. Pan Yaozhang, the head of data science at Shopee claimed in an interview to vulcanpost that the e-commerce giant has been using data science to track performance, monitor business and utilize data driven insights since the inception of the company. Data scientists at Shopee can detect potential frauds automatically with the help of a scripted Machine Learning model. The team has also developed a personalized recommendation algorithm which enables the customers of Shopee to enjoy a great shopping experience. Merchants selling their products at Shopee also benefit from data science as they are offered keywords based on which the merchants can advertise their products.
Data science does not only help businesses but also talented and creative individuals by providing them with a great career path!
Data science is the hottest job sector at the moment with an increasing demand and offers high pay packages and most importantly futuristic job roles like data engineer, data architect and data scientist. Individuals trained in data science tools like SAS and based in flourishing digital economies like Malaysia stands to gain much. For instance, with SAS training in Malaysia an individual will most definitely land a job on big analytics companies like Fusionex and Nielsen. SAS training in Malaysia can be especially beneficial because there is a lack of skilled data scientists in Malaysia.