Data Science is one of the most coveted job roles in the industry right now. A majority of people know that data science is exciting, an upcoming field that has a high salary band but only a few know about the depths of the field.
Data science is a combination of data analysis, algorithmic development and technology in order to solve analytical problems.
A data scientist works on complex and specific problems to bring non-linear growth to the company. For example, making a credit risk solution for the banking industry or use images of vehicles & assess the damage for an insurance company automatically.
In simple words, a data scientist is a problem solver who uses data to solve problems that create business value.
A typical data science project lifecycle looks like this:
- Converting the business problem into a data problem
- Hypothesis generation
- Data collection or extraction
- Exploratory Data Analysis and validating hypotheses
- Data modeling
- Model deployment
- Presenting your work to the final user/client/stakeholder
But a data scientist may not be involved in all of these steps.