What defines the success of a business? Is it the number of people employed by the firm? Is it the sales turnover of the business? Is it the strength of the customer base of the firm? Does employee satisfaction play a role in the success of business operations? How does management factor into the overall operational success? How critical is the role of a data scientist in this process? Finally, does fiscal responsibility play any role in the success of any business?
Data has currently become part and parcel of our everyday lives. It provides us with hidden facts and in-depth meaning through scientific experiments and developing algorithms, making use of all the available knowledge of acquired domains. When it comes to data, there is no longer a shortage.
There may even be an excess of data if you consider the traffic going through social media, real-time market feeds, transaction details, and elsewhere. The volume of data available for use in the finance sector is almost explosive. Its variety has also expanded, and even the velocity at which the data becomes accessible has sharply risen. This scenario can either take organizations to heights unknown before or leave them dumbfounded from the overwhelming feeling caused by the data influx.
Given that organizations are in business to succeed, they have learned that the best way to utilize this flood of data is to engage data scientists. A data scientist is a guru who takes the data, explores it from all possible angles, and makes inferences that ultimately help him or her make very informed discoveries.