BizTech

Business and Technology News from NUS

Month: May 2020

The Future of Data Science

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In recent years, the popularity of data science has surged drastically. 

Industries such as agriculture, retail, risk management, fraud detection, marketing, media, and business analytics are the few among many to adopt data science as their integral part. 

Data science has proven to be a marvelous revenue generator. In the year 2015, it helped organizations generate $122 billion profit and is expected to be responsible for $274.3 billion by 2022, globally. 

Data backed business decisions have made organizations realize the value of data science and the right expertise to apply it. 

There is no doubt that the future of data science is very bright. Let’s understand in more detail.

What is Data Science?

Primarily, data science handles processes and systems used to draw information or insights from a massive quantity of data. 

Data science is extremely vast and involves the application of several statistical procedures. It is more of an exaggerated form of data analysis, such as statistics, data mining, predictive analysis, etc. 

How Will Data Science Rule in The Future?

Data science is applicable and vital to every business churning out a high volume of data. The data we have today is just a minor fraction of what it could be in the future. Let us see how data science will become inevitable in future. 

1- Organizations Will Adapt to Business Data Management

In recent years, a huge explosion of data was observed, which was held back both by organizations and consumers. By now, each person on earth is generating an average of about 1.7 MB of data per second, and the stored data is reaching 44 ZB.

Every business, organization, and consumer is generating data constantly and is expected to generate even larger data volumes as the IoT (Internet Of Things) devices will come into use in the near future. 

For example, by the end of 2019, consumers would have spent around 103 billion U.S. dollars on smart home systems, and the figure is expected to rise 157 billion U.S. dollars through 2023. Similarly, the industrial Internet of Thing’s market size is estimated to reach some 77.3 billion U.S. dollars by the end of this year.

Companies like an online grocery shopping can collaborate with a CPG data technology company to offer health and wellness information directly to its consumers.

Apparently, it will raise the need of data scientists for analyzing the data and acquiring the vital insights from it.  

2- The Regulations of Data Privacy will Still Exist

Data science also deals with using collected data in a beneficial way that meets privacy clauses. 

These days, consumers are more cautious about the consequences of sharing the data and the breaching of data. They are well aware of the GDPR that allows consumers to request organizations to delete certain data types. 

Hence, entrepreneurs cannot take the risk of handling such data casually. This is where the role of data science and scientists becomes more prominent. 

3- Data Science Will Keep Evolving

The magnitude of opportunities for data scientists will keep evolving in the near and distant future. The role of data scientists may be fragmented into multiple fractions, according to their specialization in different niches. Data scientists may be asked to focus on a specific area and hold expertise in the same. 

The specialization in areas could be anything from data mining and statistical analysis, cloud and distributed computing, data management and architecture, business intelligence and strategy, ML/cognitive computing development, data visualization and presentation, market related data analytics, etc. 

This field is highly intricate and sophisticated, and therefore the in-demand jobs, which involve data science like data scientist, data engineer, business analyst, research analyst, financial analyst, and others, require a degree in data science.

As data science requires more specialized skills, such a degree is an added benefit to cope with this ever-increasing and ever-challenging field. 

4- Data Science Will Have Extended Value to Business

Data science’s ability to extract more information from basic data is an added advantage to businesses. 

For example, a customer’s basic data in a customer service system can be used to draw more data by an employee, like rating of their business in different surveys by a particular customer, their retention period on a certain product page, return history, etc. 

This opens a source to understand the customer behavior, interest and feedback, which can be further used to create a business strategy or improve the services of an organization. 

In fact today, there are many tools available that are being used to analyze the performance of a business. For example, a comprehensive analytics tool uses data to make it easier for marketers to make measurable decisions. It helps to recognize bad traffic, perform audience analysis, check the performance of each page, and perform automatic conversion of real-time sources using an array of data.

5- Sources of Fresh Data Will Keep Growing

The concept of IoT is not new to the market but is not more common these days. But in the coming years there is a possibility that the interconnection between the devices will grow.  

This will further increase the need for collecting data from a more distinct range of sources, such as retail environments, manufacturing streams, employees, vehicles, etc. Certainly, the need for data science will keep growing.

Conclusion

With the above-mentioned factors, it is not difficult to understand why the need for fresh data scientists and data analysts is growing each year. It is not just the data scientists and data analysts, but every bright mind in related fields needed to fill the gaps. 

In the next few years, there will be a torrent of data, which will prove to be a propelling factor for the data science model, creating more scope for the data scientists and more possibility of using data innovatively.   

Summing up the whole article, you can be sure that the future of data science is bright and going to last for the next several decades to come.

Easy Opportunities for You to Change the World

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For those who aspire to change the world, the clothes you wear doesn’t appear a likely place to start. However, dismissing the idea out of hand would be a mistake. Fashion and ‘fast fashion’ in particular, meaning the kind of clothes that are meant to be worn a few times at most, have serious environmental consequences. Read on to learn about easy opportunities you can take to change the world, starting with your closet.

Buy Responsibly

It takes an average of 7,000 liters to make a single pair of jeans, about as much water as an individual might drink in 5-6 years. The garment industry produces 2 billion pairs of jeans each year, and 20% of industrial water pollution is due to dyeing and treating textiles. Add to these facts that 80% of the groundwater from major rivers in China is polluted and unsuitable for human use and you begin to see another opportunity to make choices that will have far-reaching effects. It is estimated that about 3 billion people across 50 countries will be confronted with water scarcity or stress by the year 2025. By 2050, that number is expected to rise to 7 billion at-risk individuals. But jeans are not the sole culprit. We must clothe ourselves, hence the importance of careful consideration before making any purchases, such as when shopping for Mother’s Day gifts with the impending holiday. Another easy way to reduce your environmental impact is by investing in pieces that don’t go out of style, such as classic jewelry pieces like pearls. Finally, look for labels that identify the material as sustainable, GOTS (Global Organic Textile Standard) certified, carbon-neutral, responsibly produced and/or made from recycled fibers.

Wear What You Have

The average garment is worn only four times. Worse, Greenpeace estimates that some 20% of clothing is not even worn once. Wearing your clothes just a little longer can have a significant impact on the environment: an extra 9 months of use reduces your carbon, water and waste footprints by 20-30% each. Figures on worldwide textile waste are not readily available but in the United States alone, some 15 million tons of clothing wind up in landfills each year. A clear opportunity to make a difference in the world is to wear what you already own. Also, consider borrowing or consignment shops for special occasion items you only intend to wear once.

Invest in Humanity

Another important reason to invest in quality apparel rather than inexpensive throwaways is the prevalence of slave labor in the textile industry. An estimated 40 million people are enslaved worldwide, and labor enslavement is extremely common in the manufacturing sector. Unsafe work environments, low wages, and uncertain or non-existent labor contracts add up to dangerous and insecure working conditions for millions of apparel workers around the globe. Sixty to seventy-five million people work in the garment industry, and the vast majority of these laborers are female. Many of these women are the primary provider for their family, but minimum wage or below is often the standard. A living wage is not only a basic necessity, it has been proven to offer benefits to the business itself. Support textile workers by buying from fashion and jewelry companies that invest in fair trade and have transparent business practices and ethical supply chains.

In summary, do your research, choose wisely, invest in quality and above all, wear what you already own. These simple steps can make great strides toward changing the world for the better.

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