Although all these sounds a bit technical for a newbie starting in data science, it is easy to learn provided the right training. Edutemy, an established Data Science Course in Kerala provider with branches across Kerala, offers data science courses at affordable prices.
A blend of various tools, algorithms, and machine learning principles, data science is a process whereby you make decisions and predictions from raw data. Data science is primarily used to arrive at informed decisions through predictive casual analytics, prescriptive analytics (predictive plus data science), and machine learning.
Predictive casual analytics: Predictive causal analytics predicts the possibilities of an event in the future by analyzing patterns in the data. For instance, if you are giving some money to the customer on time, you want to know whether he will pay it back at the given time. To ensure that, you analyze the payment history of customers and it will help you predict his/her behaviour towards the same.
Prescriptive analytics: Considered as an extension of predictive analytics, prescriptive analytics uses specific models to generate automated recommendations and solutions. A comparatively new discipline in data science, it is an evolving technique that is being experimented across various industries. For instance, Google’s self-driving car is one example of prescriptive analytics as it takes a decision based on data.
Machine learning for pattern discovery: While predictive analytics uses historical data to predict events and prescriptive analytics uses specific models to generate automated recommendations, machine learning helps you to find hidden patterns within the data set to make meaningful predictions. The common algorithm employed for pattern discovery is clustering.
In business, knowledge is power, and data is the fuel that makes that power possible. Data science combines domain knowledge, programming abilities, and subject knowledge of maths and statistics to extract useful insights from data. To obtain meaningful insights, they use a variety of abilities to analyze data received from the web, smart phones, customers, sensors, and other sources. Organizations that want to stay competitive in the age of big data should progressively work on building data science capabilities. According to a study by Oracle, 92 percent of the world’s data was created in the last two years.
Every organization faces challenges to maintain a large volume of data. As businesses make decision-making through analyzing data, they need people who have expertise in it. Secondly, there are only a few who have an understanding of data science. There is a lack of skilled data professionals in the industry. Thirdly, it is the combination of several disciplines, such as statistics, data analysis, machine learning, and computer programs.
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