Data science is one of the most fast-growing areas in the industry. Data-driven decision making is taking over all other traditional approaches to decision making. The ability to take decisions based on data empowers businesses and individuals to avoid losses and provides a streamlined approach to make a decision. This is highly beneficial in the long run as well from the scale perspective.
Benefits of data-driven decision making
Compared to traditional decision-making, data-driven decision making offers the following benefits.
1. Greater control over losses – Most traditional decision-making approaches don’t account for losses unless proactively thought about it. Data gives complete information about the loss that can occur in case we pursue a decision.
2. Greater clarity – Data-driven making brings more clarity among stakeholders and team members. Thereby, reducing risks of mistakes or miscommunication. Results can be determined beforehand, which further gives a direction for unanimous direction for collective action.
3. Scalability- Data-driven decision making is easy to scale up compared to traditional approaches.
4. Specialist knowledge – Data science requires a special skill set that brings together people with the same skillset. It was absent in the past. Organizations had to rely on their experiential knowledge and guesswork to hire talent and build teams.
5. Decision-making teams – The responsibility of decision –making has come down to managers and the incumbents below C-suite and board members.
The role of data science
Data science streamlines decision making with the help of quantified approaches. Statistical methods, machine learning algorithms, and programming make it easier to analyze a humongous amount of data and turn them into actionable insights. These insights can be further used by organizations to make decisions. This, however, requires specialized knowledge and skillset. Unfortunately, data science professionals are in short supply, while the demand for data science talent is steady.
University, colleges, and even schools have a significant role to play in propagating data science education. Corporates are walking in hand-in-hand to facilitate data science education by university funding programs. Google, Microsoft, Adobe, Oracle, Facebook, and other global tech companies are equally invested in promoting data science education.
Similarly, global data science initiatives like World Data Science (WDSI) are engaged in promoting data science education too. The initiative aims to train 2,50,000 data science professionals and offers up to $300 million in funds for educational institutes in funding.
WDSI offers universities and colleges to set up the International Centre of Excellence that promotes data science research and studies. Across many global universities like Harvard University, the University of Florida, the University of California, Northwestern University, among others have a state-of-the-art center of excellence that facilitates top-notch data science education.
In brief, WDSI and similar initiatives are incredible funding opportunity for data science programs. Federal and state governments offer university funding to promote data science education.
Preparing data science talent
The demand for data science professionals has been steady for the last few years. Supply on the other hand has been dwindling due to the unavailability of industry-relevant data science education programs. Universities, colleges, and other academic institutions are increasingly introducing data science programs to meet the demand for talent. Corporates are preparing talent by upskilling and reskilling programs.
IBM, Amazon, Microsoft, Dell, etc. run online data science certification programs that aim to educate their own employees and other professionals in data science. At the same time, these corporates offer university funding to promote data science education. The University of Virginia, University of California, Indian Institute of Technology, MIT, and other prominent global technology institutes offer online data science certifications and courses.
Data-driven decision making is increasingly becoming imperative for organizations. It enables organizations to maximize their returns on nearly all their efforts related to business and otherwise. Data science also provides a competitive edge to organizations. Not keeping up will result in losing to competitors. To keep up, however, large scale data science education is needed.