Why data scientists are key resources for an organization?
The need for good decision-making never arises, when resources are abundant in the world. However, resources such as labour, land, equipment, raw materials are limited and finite, while there are limitless and unlimited human desires for goods & services. Only finite resources are available at any point in time. In the given scenario, what is very important? It is our ability to make quick decisions. In this competitive world, the one who takes quick good decisions will stand out from the rest of the crowd.
I recall a beautiful quote by W. Edwards Deming, he once said “Without data, you’re just another person with an opinion”. As he rightly pointed out, today, nobody is interested in listening to opinion, rather they would prefer seeing facts & figures. After all, hearing opinions and seeing facts will never be the same. Is getting data difficult? Certainly not. We are in a world full of data. Research indicates that more than 2.5 quintillion bytes of data is created each day. Enormous growth in data is coming. Every transaction or movement an individual makes, he leaves behind data which can be used to analyze his pattern and predict future behaviour.
With every organization now focusing on efficiency, the need for information is more important than ever before. Problem-solving is an important aspect of human life as long as there is a gap between the current state and the desired state. Data has to be handled scientifically and who can handle it better, than a data scientist. It is more likely that many jobs would face extinction in the future with rapid technological advancements and newer profiles would find its place in the organizational structure.
‘Data scientist’ as a role, is relevant across various domains. Be it for marketing a new product by understanding consumer behaviour, or Finance for effective fund management & investment decisions or Human resources for hiring the best talent and operations department for optimal decisions.
In a competitive world, companies need to analyse their marketing strategies. Not all activities yield the desired result therefore it is important for the companies to know what went wrong and do it right the next time. Customer feedbacks are analyzed and marketing strategies are devised accordingly. Also, it is very important to understand the needs of the customers after all one size doesn’t fit all. Companies need to be in a position to tailor-make their products that suit customer interests. Data collected can then applied for multiple purposes and thus the role of a data scientist becomes critical for every organization.
The role of a data scientist is not limited to only statistical processing but also support the management with clear insights. We cannot expect all departments to know or understand the analytical jargon and hence a data scientist needs to equip the management with data points which enable them to make better and informed decisions.