Turnover Magazine

What is it?
Data science is the practice of extracting knowledge from data using techniques
such as statistical analysis, computer programming and artificial intelligence. It allows
businesses to make accurate decisions to improve their products and models.
Why is it important now?
Data science has developed due to the massive flood of data on the internet. Damien
Clements, data scientist at AVADO Learning, says: “Maybe 50 or 60 years ago,
you would have 1000 pieces of information, but now you’ve got billions. It’s really
the shift of technology and the shift of people’s habits that makes data science so
pivotal today.”
Is it dodgy?
It would be wrong to say that there are no evil data scientists, but like with most
things, there is always a bad guy lurking in the background. With the Cambridge
Analytica scandal last year, we saw the bad guy come to centre stage. However,
data science is not harmful in itself as long as the data is obtained through transparent
and consented means.
Do I need a data scientist for my business?
The term ‘data science’ has been thrown around so much that it may seem like the
alpha and omega of business. For a business just starting out, it is unlikely that
you would need to hire a data scientist as you probably won’t have enough data
to analyse. However, as your business expands, having a data scientist on board
is a good way of optimizing your business. A study by MHR Analytics last year
found that 80% of UK businesses are planning to hire a data scientist or seek data
consultancy this year.
cheat sheet
43
43
5AM Magazine.indd 43 11/03/2019 13:59:42