Data science is a systematic analysis of data that involves the application of the statistical method to data to produce information ready to aid decision-making. Data is a related raw fact, collated and processed into information that can be used to aid decision-making. Data can be seen as a value, facts, and figures. These data can be generated through primary or secondary sources, in structured and unstructured form, and stored for future reference and analysis purposes. Data can be presented according to its nature/type, which includes:
- Quantitative data: These are data that arithmetic functions can be performed on them and there are discrete or continuous.
- Qualitative data: These are categorical or descriptive data
- Time series date: These are data collated over some time for a particular data subject.
- Cross-sectional data: These are data collated over a point in time for the different data subjects.
Disruptive technology is any system that changes the status quo in any sphere of life. These are innovations that have changed industry standards over time and are dependent on evolving technological advancement. Data Science is termed a disruptive technology because over time, it has changed the way and methods data is perceived and as it stands today in our technology-driven and advancing world, data is a major asset and source of creating wealth. Little wonder there is usually this saying – “Data is life” this is certainly because data is influencing and changing our way of life in diverse and increasing ways of dealing with it in today’s world. Data Science has disrupted ways of life ranging from generating, mining, collating, storing, presenting, analyzing, and interpreting data. The process of all of these has been driven by advanced technology which makes it quite easy and fun to deal with data while creating wealth and bettering ways of living in a different pattern, dimension, and changing scope.
A disruptive technology, yes a positive disruption with issues around Data said to be life-changing with an in-exhaustible value chain created and continues to erupt with the use of data through individuals and businesses, and large corporations of the world. Data is generated in terabytes per second all over the world in and around us knowingly and unknowingly through different human activities and also its uses are all around too by different people and organizations.
Data Science today has opened up diverse and inexhaustible business opportunities for individuals, small and large all over the world through “The Internet of Things” which has facilitated the ease of generating and storing data for future uses by the organization for its business activities. These data are sold by businesses that are in the data value chain and over time Data management has created millions of jobs over the globe with trending jobs and courses of studies like Data Analyst, Data Scientist, Data Analytics, etc. Data science has continued to change the world business dynamics with increasing and developing business opportunities and can be referred to as “A game changer” or “The big bang” as popularly known.
These ever available and easy use of data in our environment has improved the value of life with its access and application making life easy eg the emergence of Fintech in Hospitality, Finance, Commerce, etc. Data and data science has become so important that organizations today hardly succeed without them as businesses today cannot survive without the use of data for their business operation on a daily business in terms of increasing sales and revenue, marketing statistic, projecting and budgeting, clients profiling and analysis, client’s quality services and satisfaction, etc. Using of Data has become inevitable because no meaningful decision can be taken today with the use of data in giving it context and the most beautiful of data importance is its availability and easy access. The use of data has come to stay with its evolving technology and will continue to define the pace in the business world with a firm whose objective is profitability and sustainably embraces it in its everyday use.