How Data Science Powers Businesses in 2021

Atif M.
5 min readJul 8, 2021

The idea of big data has been around for years. Most companies have realized that if they capture all the data that streams into their businesses, they can apply analytics and obtain significant value from it.

Big data analytics assists companies harness their data and employ it to identify new opportunities. That, in turn, assists in making smarter business moves, more organized operations, higher profits, and happier customers.

Big data is useless without the experts who turn cutting-edge technology into actionable insights. Today, more and more companies are starting their journey with big data and unlocking its power- making a data scientist highly valuable who knows how to extract actionable insights out of gigabytes of data.

It is a universal truth that modern businesses are flooded with data. Last year, McKinsey estimated that big data initiatives in the US healthcare system “could account for $300 billion to $450 billion in decreased healthcare spending or 12–17% of the $2.6 trillion baselines in US healthcare costs”. On the flip side, though, bad data is estimated to be costing the US roughly $3.1 trillion a year.

It is being proven by the day that there is significant value in data processing and analysis — and that is where a data scientist comes into play. Executives have heard of how data is an attractive industry, and how data scientists can be regarded as modern-day superheroes. However, most are still not aware of a data scientist’s value in a company. For this reason, let’s explore the benefits of data science.

What Does a Data Scientist Do?

Most data scientists in the industry are experts of statistics, mathematics, and computer science. Their experience is a vast horizon that also extends to data mining, data visualization, and information management. It is quite common for them to have prior experience in cloud computing, infrastructure design, and data warehousing.

Some upsides of data science in business are:

  • Decrease particular frauds and risks. Data scientists are skilled to identify data that plays an essential role. With this expertise, they can employ a network, path, or big data to create predictive fraud propensity models…

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Atif M.

CEO @ Inqline — inqline.com l AI Hub events l Hosting 30-hours data science hackathons l Philanthropist l World Traveler l Athlete