What is Data Science?
The data science discipline combines applied statistics, computer science and business knowledge to generate information that helps decision making. All companies generate data: inventories, purchases, sales and forecasting, activity in social networks, clients, key performance indicators, etc. In order for companies to capitalize on their data, it's important to use the mentioned areas as follows:
Computer science
In the digital era, all data is found in computer systems. Databases, programming languages, cloud tools and many other technologies are involved.
Statistics
Mathematical formulas and data analysis are used to generate insights from the data. Strong statistical skills are required to adhere to the scientific method in experimentation and hypothesis testing.
Business understanding
To prioritize insights and take action. It is a requirement to understand the costs and benefits of implementing a data science strategy.
The information requirements of companies are simple, but they are critical for the business health, for example:
- Where should I open a new store?
- What targets should I direct my advertising to?
- How much will I sell next year?
- How and what is the customer journey of my clients?
- How can I optimize my production processes and budget?
These, and all the questions that guides a company's decisions, involve planning and investing resources. Therefore, there is a high value in having quality in these responses. Decision making must be supported by evidence, with data and scientific methods. This is where data science generates products that guide businesses in all areas.
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