In the knowledge industry, data science is gaining a lot of popularity as the pipeline of data is undergoing thorough expansion. A large number of new data analytics courses are seeing the light of the day and the most prominent among them are the data analytics courses in Bangalore. These courses feature various aspects of data science including scientific methods and algorithms as well as other processes.
In this article, we take a look at various trends that will shape the technical aspects of data science.
Managing data analytics
Managing Data Analytics will become one of the most important priorities for all organizations that are directly or indirectly dependent upon data. Consequently, it would be augmented data management that would become central to managing data in both structured and unstructured formats. Augmented data management would make the use of Artificial Intelligence and machine learning techniques to optimize various kinds of operations. In addition to this, the power of augmented data management would allow us to increase the levels of automation so that less important tasks are tackled automatically. The data management tasks in the big data era are slated to increase and our automation capabilities will have to undergo consequent changes to adjust to the upcoming waves of data.
As far as the business domains are concerned, managing data analytics is extremely crucial for them for achieving a high return on investment. Some of the business domains where data management is still a challenge include retail, e-commerce, logistics, manufacturing, and the financial sector.
By the end of 2020, the number of AI startups around the world was more than ten thousand. This number is slated to increase to more than fifty thousand by the end of 2025. This means that we would witness a growth of about five times in these startups in five years from now. This is also an indicator of a new kind of technological capitalism that would come into existence. This capitalism has been popularly called augmented surveillance capitalism. It is popularly believed that the industries and startups that have control over data would exercise complete control over the economic infrastructure. In the future, AI startups would heavily depend upon AI product engineering as well as Data Analytics.
The state of consumerism has undergone a pivotal shift with the emergence of technologies that have shaped the digital market. Not only have the tastes and preferences of customers changed, their shopping habits have also been modified by the advent of digital technology. In one word, consumerism has been rapidly modified and augmented by employing various tools of Data Analytics. For instance, consumer preferences in the present time can be traced with the help of tools like Google tag manager. The insights related to customer activity can be derived from Google Analytics. This data can be utilized and fed into Google data studio that can give us the visualization report to be circulated to other departments. In this way, we get a report card of customer activity that helps in devising a roadmap for formulating strategic business plans and related operations. Accordingly, new products can be launched taking into consideration consumer preferences. This also has other benefits like retaining customers in the long run as well as targeting them with specific recommendations.
Democratization of data
Data has been popularly called the oil of the 21st century. This is because data not only commands the economic infrastructure but also forms the backbone of the modern economic ecosystem. The largest economies of the world today are dependent upon data for maximizing their profits. The economic opportunities provided by data are extremely difficult to quantify. The leading scientists and policymakers of the world have raised the demand for data decentralization as well as democratization. This means that various countries of the world should be given equal access to data so that they compete on the same platform and have the same raw material to work with. There have also been several demands to protect consumer data and give special focus to data privacy. The policies related to data governance as well as data regulation have been in the limelight. The Global data protection rules have stressed respecting the data rights of the people and making adequate arrangements for data privacy. The demand to boost and strengthen the infrastructure related to cybersecurity has also been taken into consideration. Personal information protection laws are being backed by legislative frameworks of various nations. This is quite promising keeping in view the explosion of big data as well as the need for safeguarding critical and sensitive data in the big data era.