Data science is the study of where information comes from, what it represents and how it can be turned into a valuable resource in the creation of business and IT strategies. Mining large amounts of structured and unstructured data to identify patterns can help an organization rein in costs, increase efficiencies, recognize new market opportunities and increase the organization's competitive advantage.
- Machine learning
- Statistical modeling
- Experiment design
- Supervised learning
- Unsupervised learning (clustering)
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The Future of Data Science
Over the next few years, data scientists will develop the ability to utilize all sorts of data in real-time. This will fuel the need for making more intricate predictions and computations at scale which will spark the emergence of new data science paradigms due to the needs of future applications.
More and more data will be used to drive key business decisions, and will enable innovations like “Deep Learning” that allow for accurate predictions and decision making.
Further, modern applications have brought to fore new statistical paradigms such as recommendation systems that are key enablers for many of the modern businesses being media portals, e-commerce portals, or social interaction platforms.