It was "Information Technology" around 20 years ago which brought in revolution to how we function in our day-to-day life. Computers and power of computing platforms existed much earlier as 1960s; however its true potential came to the fore in late 1990s. Countries and companies invested a lot into it; and now reaping benefits. Another such technology in current trends is "Data Science", which is going to bring in generational shift and transformation to how we operate in today's world.
Technologies and concepts such as Big Data, Data Analytic, etc have been in existence for over five years now. However, with the advent of advanced hardware, cheaper storage; it is taking prominent place. Now a comprehensive concept of Data Science is taking a center stage; combining the powers of Big Data, Data Analytics, Digital and preparing Companies and Countries to Think Ahead, and Be Ahead!
Companies and various government set-ups need to invest in setting up Data Science as a separate and dedicate departments. This departments needs to primarily have few objectives such as
- Identifying and tracking important KPIs
- Developing trends, and forecasting future
This team needs to consists of three dedicated skill-sets - Business Analysts possessing stronger domain/ business knowledge, Statisticians who would perform hypothesis development, modelling and forecasting, Technical Architects who would facilitate data transfers across technologies.
Governments will have to play a key role in bringing in changes to the educational curriculum. Information Technology as a separate stream was brought in at least 8-10 years of its advent. There must not be more delay here in Data Science. There should be a dedicated stream to produce Data Science graduates. To me this looks to be more of engineering stream with a focus on Statistics, Data Analysis, and Technology role. The flavor of domain/ business needs to be brought in too. The primary ones are Healthcare, Banking, Insurance, etc...Numerous leading educational providers and institutes have already set-up a masters program for Data Science and Analytics.
Predictive and Prescriptive modelling, and using this as a method of research has gained momentum over the years. All of leading marketing and sales organizations would drive their strategies basedon Data Science. Healthcare organizations would derive the optimum outcomes through Clinical research done through Data Science. Data Science will also play an important role in government Security agencies. It is matter of time, when Data Science would de-facto become an important aspect of running organizations and countries.
