What to know about Data Scientist?

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.