Data science can seem a daunting prospect when trying to catch up with artificial intelligence (AI), machine learning (ML), data analytics, statistics, and other relevant disciplines. Data science, which encapsulates all of these, is emerging as the hottest technology trend today, and you cannot ignore it. All over the world the investments in data science are booming as the enterprise leaders seek step-change growth in their businesses. However, the Chief Executive Officers (CEOs) and the decision-makers are encountering difficult technical dilemmas such as how should I educate myself and the other executives about data science; how can I use data science for the growth of my company; which data science and machine learning (DSML) platforms should I go for; how should I scale technology to drive the business; and so on.
There is no doubt that data science has enhanced the decision-making process more than ever. It is facilitating the decision-makers to make better-informed choices, to formulate predictions for the future with more efficiency, and to forecast the impact of decisions yet to be implemented.
Within the next few years, the enterprises struggling to become data-driven will face only two choices either to transform or vanish. The time has arrived for enterprises sitting on the fence to jump into the emerging trend and lead the change effort. In the process, the business leaders will have to disrupt their traditional markets and business models to make way for the new ones. The farsighted CEOs should embark on digitally transforming the businesses faster than ever and rewriting their playbooks to log an early win.
“To innovate their way beyond a post-COVID-19 world, data and analytics leaders require an ever-increasing velocity and scale of analysis in terms of processing and access to succeed in the face of unprecedented market shifts,”
– Rita Sallam, Vice-President at Gartner