Abstract
The data scientist is a new profession which is considered as a key profession in the world oftechnologies and is one of the best paid jobs. A data scientist is a person who has developedexpertise in the mathematical modelling and statistics that dominates programming and itsdifferent languages, computer science, and analytics. Data science comprises of datagathering, data warehousing, data analysis, data mining, online analytical processing,artificial intelligence, machine learning, and decision science for Predictive and prescriptiveanalytics for supporting managers for future decision process in a hectic competitiveenvironment. Due to globalization and ICCT supported automation of many businessprocesses, big data supported data science importance in many industries and hence Datascientists are also getting huge demand. Data scientists are key change-makers inside anenterprise that provides knowledge that they can illuminate the company's journey toward itsultimate business goals they have strong market demand. They are instrumental in inspiringboth leaders and developers to build better products and paradigms. Their role in bigbusiness is becoming increasingly important, they are in ever shorter supply. Demand fordata scientists is so exponentially growing that McKinsey expects a 50 percent difference indata scientists' supply versus demand by 2018. In this paper, we have analysed the continuedopportunities for data scientists for 21st century business and how lucrative and challengingis their job based on opportunities and challenges framework.
Highlights
Data science is an interdisciplinary subject that leverages computational methods, processes, algorithms, and systems to extract knowledge and observations from both formal and unstructured knowledge
Data science comprises of data gathering, data warehousing, data analysis, data mining, online analytical processing, artificial intelligence, machine learning, and decision science for Predictive and prescriptive analytics for supporting managers for future decision process in a hectic competitive environment
Data Scientists conduct the exploratory analysis to discover insights from it and uses several advanced machine learning algorithms to identify the future occurrence of a particular event
Summary
Data science is an interdisciplinary subject that leverages computational methods, processes, algorithms, and systems to extract knowledge and observations from both formal and unstructured knowledge. Data science is an interdisciplinary area using scientific methods, processes, algorithms, and systems to draw knowledge and insights from both structural and unstructured information. Data science is a 'concept for unifying analytics, data analysis, machine learning and related approaches' to 'understanding and analysing actual phenomena' with data [1]. It employs techniques and theories derived from many fields in the context of mathematics, statistics, computer science and information science. Data Scientists conduct the exploratory analysis to discover insights from it and uses several advanced machine learning algorithms to identify the future occurrence of a particular event. Measure and enhance stakeholder outcomes, and make feedback-based changes to replicate the cycle for solving a new question [3], [5]
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