Data Science deals with analyzing hidden data. Data Scientists uncover peculiar insights to improve and make smarter business decisions. They try to understand the characteristics or patterns within the data. Business organizations realize the necessity of extracting and analyzing historical data to make clever decisions which could help the organization bag a great amount of profit. Their career path is never-ending as the generation of enormous amount of online data will continue to grow exponentially. Here are the top reasons why you should become one.
ORGANIZATIONS FACE REAL CHALLENGES IN MANAGING DATA
Over the last two decades, there has been a surge of data logs, data generation, and electronic content creation. This shows us that every company has a big pile of data which can be used for making better decisions but does not know how. According to Glass Door’s statistical reports this year, it highlights that data scientist is at the top spot for two consecutive years.
SHORTAGE OF SKILLED DATA SCIENTISTS
McKinsey Global institute study proves that there is a shortage of about 190,000 data scientists in 2018 in the United States. The demand is critical, especially in India considering the technologies and tools. According to the CEO of Fractal Analytics, they perform analytics whereas Analytic Consultants interpret and use the data effectively. The supply is scarce but the demand is huge.
HIGH PAID JOB
They have one of the top paying jobs in the industry at the moment. According to Glass Door statistics, the average salary in the United States for Data Science jobs is more than $62,000. According to PayScale, In India, highly skilled ones get paid as high as 19 Lakhs Per Annum.
Being a data expert is considered to be cool and impressive with top ones working in Facebook, Twitter, Google, Amazon, LinkedIn etc. It is no surprise that Harvard Business Review marked it as ‘The sexiest job of the 21st century’. The kind of work a data scientist performs, helps them advance in their career, sharpen their analytical skills over a large number of domains such as Machine Learning, Big Data etc.
DEMOCRATIZE DATA SCIENTISTS
Global tech giants are not the only companies which require data scientists. According to Harvard Business Review, companies in the top third of their respective industries, which makes data-oriented decisions, on an average, were 5% more productive, and 6% more profitable when compared to other companies which did not use it to make their business decisions. Now, many start-ups are looking to hire entry level data scientists with a good pay.
Many industries, like manufacturing, healthcare, banks, information technology, etc. are hiring data scientists. This shows that they are not limited to industries. They are widespread across geographies. Therefore, irrespective of a person’s location or domain of work, data science and analysis persists everywhere and is open to anyone who is determined to pursue it as a career.