Data Science Technology: Key for Beating the Competition
Many technology industry experts believe data scientists and data analysts are as important as the best engineers and designers. Why? Because the amount of data in our world has been exploding, and analyzing large data sets has become a key basis of competition. The increasing volume and detail of information captured by enterprises, the rise of multimedia, social media and the Internet will fuel exponential growth in data for the foreseeable future.
“It has never been a better time to be a data scientist. Companies want to turn this data into insights about what people like and what might be relevant to them, but they need very specialized analytical talent to do this.” – John Manoogian III, co-founder & CTO of 140 Proof.
According to Manoogian, individuals with data science skills are crucial to be able to dive into more than 250 billion publicly available likes, follows and other social relationships between people and things, products or brands that are growing at a rate of 2 billion data points a day. Demand for tech workers is expected to grow at a 19% clip through 2020.
Innovative tech companies such as Standard Treasury, Currency Cloud, BioCatch, Econiq and Rippleshot work to solve real business problems and are constantly on the lookout for data science professionals who can access data, integrate information from multiple data sources and spot trends.
Data Analytics Technology Will Remain Critical in Coming Years
As described in a recent article in Fast Company, General Electric has taken the lead in tying together what chairman Jeff Immelt calls “the physical and analytical worlds.” GE’s machines – from power plants to locomotives to hospital equipment – now pump out data about how they are operating. GE has secured an analytics team that crunches data and makes these machines more efficient. Given the scale, even tiny improvements are substantial. By GE’s estimates, data can boost productivity in the United States by 1.5 percent, which over a 20-year period could save enough cash to raise incomes by as much as 30 percent.
“Today the role set aside for collating, sorting and annotating data – a secondary responsibility in most environments – has moved to the forefront. Data is the ultimate roadmap, and job candidates who can navigate it are poised for success.”
Mark Bregman is senior vice president and chief technology officer at Neustar, a provider of real-time cloud-based information and analysis to the Internet, telecom, financial, media and retail industries. He states in a recent InformationWeek article that data used to be the backup for instinct and intuition, but now it is instrumental in how companies know which marketing campaign is working, which new markets have the best potential and which consumers represent the best prospects for growth.
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