Whenever data science is brought up, regardless of who initiates or participates in the discussion, the importance of this multi-disciplinary field will always come to light. In the world where information translates to power, overstating the significance of data analysis is impossible. And while nearly everyone understands how vital it is, not too many individuals possess in-depth knowledge about how data science operates. So, why exactly is it so incredibly valuable?
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It Quantifies Efficiency
Absent systems that can measure performance, it would be impossible to determine the production levels of practically anything. Without data science, however, those measurements would be futile. Consider, for example, a situation in which someone sees that their vehicle is currently averaging 15 miles per gallon of fuel. While it is nice to know that 15 is the magic number, it holds absolutely no use to anyone who does not know how to apply basic data analysis. Once that person realizes that the average fuel efficiency in the U.S. is 23.6 miles per gallon, though, their measurement becomes a quantifier showcasing pretty poor performance.
Helps Make Better Decisions
According to Forbes, data analytics can help make better decisions that drive business growth. The same applies to almost every sphere of life. Just like organizations can analyze their marketing campaigns to improve their targeting and increase conversions, people can analyze their spending habits to build better budgets, per se. In fact, it is hard to find an area of life, whether it be entertainment, sports, healthcare, politics, or any other industry, where data analysis is not used daily.
Provides a Better Understanding of Day-to-Day Ventures
Even when data science has no impact on someone’s decision-making process, it can be instrumental to their overall understanding of events. For example, when President Obama won a large number of traditionally conservative counties in 2008, a lot of folks were confused about the sudden change in the voters’ mindsets. By leveraging data analyses, which revolved around demographics, however, media outlets were able to conclude that thousands of new residents moved to those counties since the last election. With the inflow of individuals who were younger and more liberal, though unbeknownst to the general public, the cumulative vote slowly shifted. Figuring out something like this without data science would be impossible. The reason why is that such analyses can compare countless factors that carry thousands, if not millions, of numbers, characteristics, and quantifiers.
Although the list could go on for hundreds of pages, the final reason why data science is invaluable boils down to its predictive abilities. Since the passage of time allows scientists to compile more and more information, they can predict potential scenarios that may happen in the future. For example, when the U.S. underwent the economic crisis in 2008, a lot of experts were already warning about it for a few years. By comparing some of the market indicators with their historical counterparts, these specialists were able to conclude that a financial downturn was inevitable. And while people who heed such warnings are sometimes few and far between, data science continues to forecast future with incredible accuracy.
As said, this list is not exhaustive. Albeit only a few examples, the aforementioned explanations nicely summarize why data science is so astonishingly important.