Navigating Data Science: Current Insights and Future Perspectives in Business and Industry

Abstract

This paper aims to frame Data Science, an increasingly fashionable and emerging topic, in the context of business and industry. A discussion is initiated on the origins of Data Science and its demanding blend of skills in data analytics, information technology, and business expertise. The discussion about data science and its requirements is vital in data analytics, information technology, and several other businesses. Data science aims to provide new or revised computational theories capable of extracting useful information from large amounts of data. This paper also involves digital data collected from images, text, audio, sensors, and traditional measurements. The different and most popular methodologies amongst the Data Science research and applications practitioners are then reviewed. Since the emerging field requires personnel with new competencies, an attempt is made to describe the Data Scientist profile, which is considered one of the most demanding jobs of the 21st Century, according to Davenport and Patil. Most people widely recognise the need to embrace Data Science but often feel intimidated by their lack of understanding and worry that their jobs will disappear. They should be encouraged: Data Science is more likely to add value to existing employment and enrich working people's lives by helping them improve by providing an informed business decision-making process. The paper concludes by presenting examples of Data Science in business and industry.