Why is Data Science the future?

Today’s society is all about information – whether it is for a project you are working on in school, or a business that is trying to be more cost effective. From a business point of view, one can imagine a reality of being able to know every customer interaction, every moving part in your business as well as every transaction that is made globally. This is the true power of data and technology.

What is Data Science and how is Data disrupting business process?

Data Science is the use of scientific methods, processes, algorithms and systems to extract knowledge and insights from unstructured and structured data. You can use this data to improve customer service, build products faster, or spot fraud. Used effectively, this data can assist in predicting events before they occur, prevent customer turnover and ensure financial failures do not happen by analyzing data trends.

What are the job opportunities within Data Science?

Data Science has brought about some new and exciting job opportunities across all industries. Some of the typical titles you will see when trying to work in Data Science are Data Scientist, Data Analyst, Data Engineer, Business Analyst, Database Administrator, Statistician, and Data Architect.

Here is a brief description of all the typical job titles in Data Science:

• Data Scientist: Probably the most popular job title in this field. The ideal candidate will be able to possess multiple skill sets such as handling raw data, analysing that data with the help of statistical techniques, to interpret and share the data with key stakeholders within the business and help make practical changes to the company.
• Data Analyst: For this role you will need to master a large spectrum of tasks. This can vary from creating systems that will allow employees to get operation insights, set data quality standards as well as data analysis. Becoming a Data Scientist or Advanced/Senior Data Analyst would be the next step in your career.
• Data Engineer: The key aspect of this role is to make the jobs of Data Scientists and Data Analysts easier. Most of your responsibilities are done behind the scenes. You possess in-depth knowledge of Hadoop and Big Data technologies such as Python, Hive, Pig, SQL Solutions and data warehousing solutions. Your main responsibility is to ensure that the data is accurately accessible for the Data Scientists and Data Analysts. This is done by creating a variety of databases or data warehouses.
• Business Analyst: This role is very similar to the tasks needed by Data Analysts. However, you would possess specialized knowledge of a particular business domain. You are seen as linkers between the data produced by the Data Scientists and Data Analysts and the business.
• Database Administrator: For this position you will be responsible for all things pertaining to the monitoring, operation and maintenance of databases. You will be an expert in installing databases applications, initial set up, training of users and maintaining documentation for the databases.
• Statistician: This person serves as the mathematical expert and is ultimately responsible for gaining insights from data. Equipped with a strong background in statistical theories and methodologies as well as a logical and statistics oriented mind-set. Statisticians put the data together and convert it into information and knowledge. There are an array of exotic sounding job titles for this kind of position. However nothing is more evident than the fact that their background and practical application of math principles are transforming businesses.
• Data Architect: This position requires creating blueprints for data management systems to integrate, centralize, protect and maintain the data sources. There is a growing demand for these candidates due to the rise of Big Data.

What is the impact that Data Science can bring?

Data Science is transforming a wide range of industries including Medicine, Retail, Construction, Banking and Transportation.

• Data Science and its impact in the Medical industry

The medical industry depends on specialized equipment to track vital signs, assist with procedures and make diagnoses. An example would be trackers that are worn by patients to transmit information to physicians. This data informs physicians of patients’ behaviors, from taking their medicines and if they are following treatment or disease management plans. Through Data Analytics, it gives businesses a competitive advantages in customer retention and product development.

• Data Science and its impact in the Construction industry

Construction companies track everything from materials-based expenses to the average time needed to complete tasks so naturally analytics would be transformative. For example, the time it takes for goods to be sent for and received is a key aspect of business and effects how projects are completed.

• Data Science and its impact in the Banking industry

One of the most affected industries is the Banking sector. Big Data is altering how banks are targeting customers and custom tailoring their services and solutions based on analytics.

Opportunities in Data Science have risen steadily over the years. Reported by Indeed, there is a 29% increase in demand for data scientists year on year and a 344% increase since 2013. While the demand in the form of job postings continues to rise sharply, searches by job seekers skilled in data science grew at a slower pace of 14%. Similarly, data from technology job site Dice showed the number of data scientist job posting on its platform increase by 32% year on year. Dice also noted that the job postings are from companies in a wide variety of industries, not just tech. Hence, there is a high demand for data scientists, but talent is scarce.

How does the job market within Data Science look like in Singapore and Hong Kong?

In Singapore, data scientists are currently the most in demand job, and India continues to be a top source of talent for contributing almost 22% to those migrating to the city. According to Linkedin report, data scientists worked as researchers, software engineers, research assistants, or pursued PhD degrees. In the same report, it mentioned that the promise of engaging work, and the scope to drill down into interesting data, can be powerful draw cards for curious and intelligent candidates. The firm observed that most data scientists came from academic backgrounds, which could pose challenges for in finding the right culture fits.

Another hot market for data scientists in Asia is Hong Kong. Hong Kong is transforming itself into one of the newest technology hubs in the world. The Hong Kong government has earmarked HKD50 billion in its latest budget for supporting innovation and technology developments. The Hong Kong government is also collaborating with universities and technology companies from the mainland as well as from the United States. This is because most companies have realised that robust analytics can help them make better decisions. Data Scientists are in demand not just in technology companies but even more traditional sectors which have the ability to become heavily influenced by data.

Are you interested to find out more?

Data Science is transforming the way companies view data and businesses are seeing the value of analytics. As a result, businesses are actively hiring subject matter experts to help put the data together and see practical business applications.

If you are a data science professional looking for opportunities in the sector, or would like to give your feedback on this article, do connect with me on Linkedin For further enquiries, please drop me an email at [email protected] or contact me at +65 6572 4556 for a quick chat. If you’d like to find out more about other industry-related insight, do visit our website.