What is data science?

Data science is the multidisciplinary approach to unlocking value from datasets through complex analytical problem solving by means of data interference, algorithm development, and various other technologies. At its core, data science is the extraction of knowledge and insight from data. In practice, data science unifies principles from statistics, mathematics, information science, and computer science to solve complex problems. 

The term data science is also commonly interchanged with terms like data analytics, business intelligence, predictive modeling, and statistics. In any case, data science is about creatively using and manipulating data to generate value. 

Data science is about discovering previously hidden insights and making inferences based on the accumulated evidence. For instance, companies may employ a data mining strategy to identify consumer patterns and user interest in particular products, helping companies make informed decisions.  In another example, companies may use data analytics to create time series models to understand current demand and even predict future demand. 

Data science is all about curiosity and exploration. Applying quantitative techniques to complex analytical problems, data scientists use inferential models, segmentation analysis, time series forecasting, and synthetic control experiments to unlock value and drive innovation. 

Data science can also refer to the development of data products that utilize data inputs to create algorithmically generated results. A simple example of a data product is a recommendation engine similar to Google’s or Amazon’s, where customers are recommended particular products based on past interest. Such a program ingests past user data to create personalized recommendations for each customer. 

Today, machine learning dominates the data product sphere with technology companies and data scientists driving the innovation of machine learning algorithms. Successful data scientists build out algorithms, test performance, and refine products for technical deployment into enterprise systems when developing new data products. 

Precisely Connect software provides a single software environment for accessing and integrating enterprise data into a flexible and future-proof application. turning raw enterprise data into valuable insight. 

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