Is Data Science Training really helpful in such a fluctuating market scenario?
Data scientists have a huge demand nowadays because the companies are facing huge data availability. Indeed, nowadays, IT professionals are also changing careers to data scientists due to high incomes in the latter profession.
What is Data Science?
Hence, data science training involves learning about mathematics, statistics, computer science, and computer engineering. The data science training also includes converting a problem into a code, and hence knowledge of algorithms is needed.
Data science needs are different between companies, and hence their business decides on the correct skills. Data science is not so easy because employees might have to check tables for interpreting data, but sometimes conclusions need to be drawn from video and audio data as well.
Employees don’t enjoy learning about the mathematical algorithms that are included in data science, but, they have to be convinced how data science training can help them make an impact.
How are companies using Data Science?
Companies are using data science to ensure that they can detect patterns in consumer behavior, so some of the employee’s work can be delegated to chatbots.
Predict customer behavior: Companies can predict customer likeness to a product through customer reviews. For example, all these reviews are used as fodder for this research.
The companies are using all the data they gain to detect the customers’ preferences. Airbnb has constantly been using the data generated through customers for the betterment of its services. It’s because, through this data, the companies get an insight into how they can include innovation in the product.
Check employees’ performance: The companies can also check the performance of employees through data science. When the data for such performance is checked, employers can decide who among the present employees is worth a promotion.
For example, if some employees have an excellent performance like the best customer satisfaction rating continuously, then they can be trained for leadership development. Companies can also check whether introducing any latest measures such as reducing the lunch hours has a degrading effect on employee performance.
Predictive analysis helps companies to get insights into the future through the use of techniques such as data mining and machine learning by analyzing historical facts.
There is high importance of predictive analytics in businesses because they can’t make investments without having an idea about whether it’s going to be profitable or not. When businesses are using such tactics, they get an estimate of sales in the future through sales forecasting. So, they stall investment in a product when they know it’s not going to sell.
The risk assessment is also done through a predictive analysis now when companies can foresee the impact on their businesses if a certain event happens.
This kind of analysis is useful in case of an event like the pandemic where a new kind of virus variant is discovered or any other kind of natural disaster happens which affects the supply chain.
Companies have to sustain themselves regardless of market changes, which can include intensification of competition due to new companies entering the market and any technological development which has rendered your product useless for the customer.
If a company does a risk assessment, then it has the power to develop a risk treatment plan, which is a part of business continuity planning. Through this plan, the business is ready to implement controls such as contacting alternative suppliers to handle such a change.
For example, if your strongest customer does not want to buy from you anymore due to circumstances such as loss of demand, you are prepared for that kind of adverse outcome.
Is e-learning enough for data science training?
Data science training can’t be done through e-learning only because practical knowledge is also needed. Since data science involves the learners applying skills to find solutions to a company’s current or future problems, someone who does not have any experience is not going to be chosen for a job in this domain.
When you choose any e-learning course for data science training, make sure it has enough simulations where you can apply your knowledge.
The companies which are introducing data science training also need to ensure that the e-learning provider has options for video chats and webinars so that employees can discuss their concerns with instructors.
Data science needs regular learning due to which learners are also required to broaden their scope through experience.
To work as a reliable data scientist, anyone needs to have hands-on experience and certification after pursuing subjects such as computer science and statistics is not enough.
Hence, a learner needs to have a data science portfolio to prove that he has worked on some real projects. You can either pursue an internship for a company after obtaining an online certification or take up a Data Science freelancing project.