Why DATA SCIENCE is important to the business?
I could quote from numerous sources about the “explosion of data”, the “Big Data” phenomenon, “Data is the new oil”, the rapid expansion of the “Internet of Things” and so on..
As per my observation in the present global market, there is a hype about big data and data science.
I thought I would share one of my perspectives on why data science should be important to the business.
The main goal of data science should be to help the business make better and quicker decisions for all the industries, even though “decisions” are automated or seemingly happen without human intervention. Even in those industries a human needs to determine how the “machine” will make the decision.
There are multiple types of bias that happens during decision making.
During normal decision making, individuals anchor, or overly rely, on specific information or a specific value and then adjust to that value to account for other elements of the circumstance.
Usually once the anchor is set, there is a bias toward that value.
Take, for example, a person looking to buy a used car - they may focus excessively on the odometer reading and the year of the car, and use those criteria as a basis for evaluating the value of the car, rather than considering how well the engine or the transmission is maintained. This is an illustration of anchoring bias.
I could mention more examples.
Data science will help the business to make better decisions, Data science should be used as supplement to our human experience and knowledge. I certainly not suggest that data science replaces human decision making. There are many areas where the human mind outperforms data.
So make every effort to cut through the hype and employ data science techniques that can help your organization make better decisions as the combination of smart human thinking and data science is unbeatable.
Author : Venkata Rao
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