February 21, 2024

Innovation & Tech Today


Buyer’s guide: The Top 50 Most Innovative Products
data scientist

How Data Science is Reinventing Businesses

By Abhisek Ag


In a report published by CBS News, based on a Glassdoor forecast, the top job in the U.S. based on median salary and job satisfaction for the fourth year in a row is “Data Scientist.” Additionally, there are other data-related opportunities that can prove to be promising, such as a career as a data analyst, a data engineer, or a data architect, among others.

What necessitated the increased demand for data professionals? What kind of jobs are available in the field? More importantly, how is data science helping and reinventing businesses? Keep on reading and we’ll answer these questions.

Data Science is Diverse

Data science is a multi-disciplinary field, and it has given rise to different kinds of data-related jobs in recent years. The field is so broad that people with data science degrees and backgrounds can be more than just a data scientist.

Related: How to Become a Software Engineer, 2019’s Best Job

The job opportunities extend to data engineers, database developers, data analysts, platform engineers, cloud architects, data specialists, database administrators, business intelligence developers, data strategists, and decisions analysts, among others. Oftentimes, data scientist is used as a blanket job title for different positions with varying functions in an organization.

Businesses Need Data Scientists

Because of the complex operations of businesses, decision makers need to enlist the help of data scientists. Their popularity can be attributed to the fact that businesses recognize their roles and importance in a company. Business organizations, often confronted with massive information, can be clueless when it comes to making sense of it all. This is where data scientists enter the picture.

However, it should be pointed out that not all businesses need to work with data scientists. To start, they have extremely high wages, so they may be an unaffordable luxury for small businesses. More so, according to one article from Forbes, hiring data scientists will be crucial for business intelligence and artificial intelligence industries, but not the information technology world as a whole.

How Data Scientists Can Help and Reinvent Businesses

The manufacturing industry is one of the biggest benefactors of data science. Ford uses big data for product development and advanced engineering. They exploit data in many ways, such as using it to improve existing products and deliver compelling experiences to their users.

Data science is also redefining the retail industry. It can help to unlock insights that will allow retailers to determine how they can win customers and drive loyalty. It’s already able to help retailers uncover trends and make faster production and sales decisions. Plus, it can be a useful way to make recommendations based on a detailed online shopper profile analysis.

In the financial sector, data science will also assume a critical role. Real-time data analytics can help in detecting and preventing fraud. Data science can also be used to manage customer data, model various risks, and create customized campaigns to reach businesses’ customers, among other highlights.

Data science is critical for businesses to reinvent themselves. In an era when organizations are more data-driven, they need to work with the right professionals. Nonetheless, this does not mean that it is mandatory for all businesses to embrace data science. The volume and value of available data, among others, will dictate the need for a data scientist, along with the available hiring budget.


By I&T Today

By I&T Today

Innovation & Tech Today features a wide variety of writers on tech, science, business, sustainability, and culture. Have an idea? Send it to submit@innotechtoday.com

All Posts






* indicates required


We hate spam too. You'll get great content and exclusive offers. Nothing more.



Looking for the latest tech news? We have you covered.

Don’t be the office chump. Sign up here for our twice weekly newsletter and outsmart your coworkers.