Data Science is a newly coined field in Information Technology (IT) circle, emerged due to flood of Digital marketing and E-commerce platforms, across the spectrum of World Wide Web (WWW). Analysis, Data Mining, Compiling and Systematic Interpretation of data has taken precedence over other things in the field of Information Technology.
The ‘Data Scientist’ role has been described as part analyst and part artist.
Anjul Bhambhri, vice president of big data products at IBM, says, “A data scientist is somebody who is inquisitive, who can stare at data and spot trends. It’s almost like a renaissance individual who really wants to learn and bring change to organisation.
Data science is a very tricky and complicated phenomena because it’s a mix of certain skill sets which are not in abundance these days. One has to merge his knowledge of Mathematics, Statistics, database, Information technology in addition to Analytical and Marketing skills to interpret and extract the data in such a way that is quite easily presentable and understandable to meet the needs of its users.
One has to formulate his own mechanisms to learn and master this super specialized skill for which not many certifications and courses are available. The companies themselves have to nurture their in-house talents by spotting individuals who have the inclination towards it.
The importance of Data Scientist is tied to two key issues, said Charles King, Principal Analyst Pund-IT.
First is the greater desire among businesses to gain greater value from their data. Second is the fact the vast majority of the information that businesses generate and collect is unstructured or semi structured data “that can’t be effectively analyzed with traditional relational database or tools,”King said.
The prominent recruiting site Glassdoor has declared “Data Scientist” as the Topmost amongst 25 Best Jobs in America.
The estimated requirement of data science professionals in India by 2020 will be 2,00,000. Even in United States only 4 out of 10 posts can be filled in this scarce segment due to non availability of data scientists. This is the primary reason there is a huge gap in demand and supply of this lucrative job profile.
According to ‘Team lease’ a Data scientist with experience of five years’ can command anything above 75 lakhs per annum where as CA with same experience can fetch only 8-15 lakhs and Engineer with five years of experience would only get 5-8 lakhs.
So we can say that ‘Data Scientists’ are having a definite edge over all other professions in next five to six years. This is going to be a most lucrative and well paid job in the circles of IT in years to come.