The Data Scientist Job was named “the sexiest job of the century” by Harvard Business Review. India has 50, 000 open positions for Data Analysts, according to a June 2017 study by Analytics India Magazine. So, what does a data scientist do? What are the key roles & responsibilities of a data scientist? What are the required skills and experience in order to get hired as a data scientist? We will look into these answers in this post. Additionally, we will also have a look at the top employment sectors, top companies and best training courses (online) for data science.
Roles & Responsibilities of a Data Scientist
The role of data scientists is becoming more and more important as businesses are increasingly relying on big data and data analytics to drive decision making and growth hacking. Data scientists work towards the discovery of meaningful insights from massive amounts of data by implementing special software. A data scientist proactively fetches information from various sources and analyzes it for better understanding about how the business performs. They are responsible for organizing and presenting the results to the key stakeholders and investors in an easy-to-understand manner. Additionally, a data scientist also builds machine learning (ML) and artificial intelligence (AI) tools that automate certain processes within the company.
Image Credit: Edureka
The data analyzed by a data scientist, is often termed as the big data. There are two types of big data – structured data and unstructured data. Structured data is typically organized and easy to sort out by a system. Structured data range from data collected by services, products and electronic devices to the website traffic data, sales figures, bank account information, GPS coordinates collected by a smartphone. This kind of data is rarely collected from human input.
In contrast, the unstructured data is likely to come from human intervention – customer reviews, emails, social media posts, videos, etc. This kind of data is the fastest growing form of big data. Typically, the unstructured data is not streamlined; hence, more difficult to sort through and less efficient to manage with technology. Typically, a data scientist is hired to pull out relevant data using relevant keywords, and make sense of the unstructured data. Whereas, other IT professionals are responsible for managing and maintaining structured data. Read more about the roles and responsibilities of a data scientist.
Top Technical Skills & Experience Required for Data Scientist Jobs
Image Source: LinkedIn
- Excellent understanding of machine learning techniques and algorithms, such as k-NN, Naive Bayes, SVM, Decision Forests, etc.
- Experience with common data science toolkits, such as R, Python, Weka, NumPy, MatLab, etc
- Experience with data visualization tools, such as D3.js, GGplot, etc
- Proficiency in using query languages such as SQL, Hive, Pig
- Experience with NoSQL databases, such as MongoDB, Cassandra, HBase
- Excellent applied statistics skills, such as distributions, statistical testing, regression, etc.
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Top 7 Industries for Data Scientist Jobs
The websites and e-commerce sites are collecting more data than ever, and this will keep on increasing. Offerings include Cross-selling, re-marketing, packaged services, customized offers, or personalized products. As a data scientist, you will be responsible for helping an e-commerce business to understand buying patterns, search histories, and behavioral analysis. Secondly, you will also help to improve customer service and develop relevant portfolio of services and/or products.
The banking sector is always under the threat of frauds, hacking activities and other cyber-crimes. Data science is very useful to detect irregularities, manage the customer data and mitigate financial risks. As a data scientist in the banking domain, you will be playing a pivotal role in monitoring the financial markets and implementing network analysis for detecting and countering malpractices. Besides, you will also need to take care of improving customers’ regular banking experience.
Finance is traditionally all about numbers; and the financial market is one of the most unpredictable sectors. So, the requirement for integration of mobile feeds, real-time market insights, customer sentiment analysis, and transaction details with the historical data is on an all-time high. Data science can help the finance sector in running real-time analytics, automating risk credit management, countering fraudulent activities, and predicting market disasters. Besides, a data scientist in the finance domain will also be responsible for data security & compliance.
Providing the right healthcare at the right time is essential. This can be achieved if the large and updated electronics datasets get analyzed efficiently. Data scientists can help the healthcare professionals by discovering trends in the population and thus ensuring better support for the public health and safety.
All telecom companies have access to a huge amount of customer data that needs to be stored, managed, maintained and analyzed. Using demographic as well as behavioral data, data scientists can help the telecom companies to strike the chords with their customers at every touch point, and optimize the diversity in the offered services.
Travel & Tourism
The travel industry has always depended on treating statistics to provide the best possible service. At present, the travel industry takes it further to what is called an ultra-personalized product and service offering. Using data to predict when people will travel, companies can provide the exact service their customers need at the best time and at the right price. In depth 360-degree view of the customers, as well as a multi-layered data analysis across touch-points helps the companies identify most-valuable customers, cross-sell partner products, and offer extensively customized products and services to its customers.
By using data insights companies can make energy provisions more efficient and cut costs significantly. Power plants can predict the energy demands during a specific time of a day or season by studying the historical data. This will help the energy industry to strike a balance between providing good customer service and making profits. Finally, data science and analytics can also help the industry towards attaining sustainability.
Top (Online) Training Courses for Getting Jobs as a Data Scientist
Top 25 Companies for Data Science Jobs in India
Sources: Edvancer, GreyAtom, ManipalGlobal
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Author: Tanmoy Ray
I am a Career Adviser & Admission Counselor at Stoodnt. I did my Masters from the UK (Aston University) and have worked at the University of Oxford (UK), Utrecht University (Netherlands), University of New South Wales (Australia) and MeetUniversity (India).