Why Data Scientist Jobs are in High Demand
To survive in today’s competitive marketplace, you need to possess a diverse range of skills that are highly relevant to different types of companies. Because of that, a lot of professions that had lots of potential just a decade or two ago are becoming obsolete – with so many tasks being automated, many of the most in-demand jobs today revolve around solving problems.
But while some professions are disappearing, others are thriving in this new environment.
Namely, Data Scientists are one of the most coveted types of specialists that the most prominent companies are fighting for because they can help businesses solve one of their most significant problems – sorting through vast amounts of data and making accurate assessments.
A Data Scientist has a wide range of skills and qualifications – to do their job properly, they need to have a strong mathematics background, as well as a deep understanding of computer science, IT, and many other fields.
However, even though there are so many companies that need Data Scientists and are willing to pay significant salaries to hire them, there’s still a shortage of people fit for the position.
In this article, we’ll explore what the responsibilities of a Data Scientist are and why they are in such high demand.
First things First: What is Data Science?
The term Data Science is used commonly in various circles, but what exactly does it mean?
Well, Data Science is a field that combines various technological and software tools, machine learning, AI, and algorithms to analyse and process raw data and figure out ways how to use the data to make accurate predictions in the future.
So, a Data Scientist has wide-reaching responsibilities – he has to not only be able to analyse and understand large amounts of data but also have the tools and expertise necessary to use those insights for building prediction models.
This requires the ability to analyse the data from various angles and discover new ways to gain insights that can be used, basically contextualising information that otherwise would seem meaningless on its own
Why is Data Science So Important for Any Business?
As we mentioned before, Data Scientists are in high demand by businesses in almost any field. But why exactly that is?
Well, the main reason is pretty simple.
The success of any business depends almost entirely on its ability to make accurate decisions in day-to-day operations. Therefore, most often, the company that can consistently make good choices is virtually guaranteed to outperform its competition and achieve sustainable growth.
As we talked about before, the role of a data scientist revolves around taking raw data that a business generates such as performance metrics and analysing it, allowing to learn from the data and use that information for making better predictions about outcomes in the future.
If done correctly, over time this can allow a business to have a data-based model for predicting what decisions are most likely to pay off, eliminating guesswork, and greatly increasing the chances of a decision being the correct one.
This can allow the business to reduce or at least control risk factors, minimise their losses, and ensure that no resources and time are wasted on ventures that aren’t likely to be worth it.
Another area where Data Science can be beneficial is customer relationships – by analysing performance metrics and the habits and preferences of their audience, businesses can deliver more personalised messages that resonate better and produce better results.
With Data science, it becomes possible to accurately predict which products will sell best, gaining a better understanding of when and where to release a specific product to maximise the chances of success.
The possibilities that data science can offer apply to almost any industry, so there are no limitations for where it could potentially be used. Sure, some fields haven’t utilised data science to its full potential yet, but that just opens up even more opportunities for companies that will be pioneers in their marketplace.
Data science can help optimise and improve every part of the business, including manufacturing, sales, inventory, staffing, and countless others areas.
The Lack of Data Scientists
As recently as in 2015, there was actually a surplus of data science professionals available in the jobs market, but that situation has changed drastically in the last couple of years.
Today, there’s a shortage of more than 150,000 people with data science skills, and that number is poised to keep increasing as the demand continues to rise.
Just a few years ago, data science jobs weren’t popular in most sectors and were mainly needed in the tech and finance fields. But, as we mentioned before, today data science is becoming a necessity in almost all industries, so that has created an abundance of job opportunities for the right candidates.
As businesses become aware of the possibilities that data science can offer, there is no better time to pursue a career of a Data Scientist than now.
If you are interested in a career in Data Science or AI, please contact one of our team.