Importance of Data Science in the digital economy

Data science for business is a new field that is still evolving and developing. The field has become increasingly important to businesses as the amount of data being collected has increased. In this context, I will do a brief introduction to data science, what it takes to be a data scientist, why it is important for businesses to hire data scientists, and how they can use data science in their business.
Some of the topics that will be covered include:

-What is Data Science?
• What skills do I need to get hired in 2022?

-What is Digital Economy?

-Why data science is essential to the digital economy?
• Why should I hire a Data Scientist?

What is Data Science?

Data science is the process of extracting knowledge or insights from data in various forms, either structured or unstructured, similar to how one might use a calculator to extract numbers from mathematical expressions. Data science can be applied to an enormous range of tasks, including predictive modeling, which is the process of using statistical techniques and machine learning algorithms for predicting future outcomes based on data about past events.

Some examples of such tasks are:
-Predicting customer churn in order to improve customer retention rates
-Predicting whether a person will default on their credit card debt in order to offer them a lower interest rate
-Predicting what products customers are likely to buy in order to offer appropriate recommendations

What skills do I need to get hired in 2022?

Data science skill is an important skill in the modern workplace. It has been a popular topic for many years now and it will continue to be in the future. Data science is the practice of extracting knowledge or insights from data and using those insights to make decisions or predictions. Data scientists are experts in collecting, analyzing, interpreting, and visualizing data from various sources.

These are the skills crucial to data science:
• SQL
• Statistical programming
• Machine learning
• Probability and statistics
• Data management
• Statistical visualization
• Econometrics
• For more info:7 In-Demand Data Analyst Skills to Get You Hired in 2022 | Coursera

What is Digital Economy?

The digital economy is a term that refers to the economic activity that takes place in cyberspace. It includes digital goods, services, and transactions that are traded online.
Furthermore, it includes all activities related to digital data processing and storage. The digital economy is a broad term that can be applied to any country.

Digital technologies are used in all economic sectors, including agriculture, manufacturing, and service industries.
Digital technologies have changed the way we live our lives and they have also changed the way we do business. They have created new opportunities for innovation, productivity, and growth in many sectors of the global economy.

Why data science is essential to the digital economy?

We will explore how data science skills are in high demand, and how they're shaping the digital economy as we know it.

Why should I hire a Data Scientist?

Data Science is a hot and popular field today. It is the intersection of computer science, statistics, mathematics, and other disciplines. Data Science professionals are in high demand for their expertise in data analysis, machine learning, and data modeling.
Hiring Data Science professionals will help companies to better understand their customers, predict future trends and make strategic decisions based on data-driven insights.

References

Why Data Science Is Important And Why Do We Need It? (analytixlabs.co.in)
Goal Setting in Data Science. Data is the new gold in the digital… | by Dnyanesh Walwadkar | Dream of Data | Medium
The Role Of Data In The Age Of Digital Transformation (forbes.com)
Digital Economy: Definition, Advantages, Disadvantages, Videos (toppr.com)
Importance of data science in digital marketing | OrangEdge Marketing

Written by: Xiao Tong Loh