Data science only recently became a term frequently used by corporate leaders. The underlying theory is much older but only became relevant as a tool for business as two forces converged on the already developed field of statistics. With the collection of massive amounts of business data and the drastic improvement of computer processing power, the mature discipline of statistics found a new and powerful representation in what we now know as data science.
What is Data Science?
Most of us are familiar with data science, but it may be helpful to clarify the definition. Data science is a broad term that refers to the collection of methods, processes, theories, concepts, algorithms, systems, tools, and technologies that allow us to extract knowledge and information from large amounts of raw data. Once a stand-alone field, data science is now becoming an integral part of businesses in every sector. Executives, hiring managers, and H.R. managers need to be aware of the future of data science and how it will impact recruitment, hiring, and retention in the coming years. Below are some of the critical factors related to data science that will impact organizations.
1. Companies Have More Data Than They Can Analyze
Businesses are currently better at collecting data than processing it. Companies have learned to collect data and customer information at every possible touchpoint, including sales transactions, website interactions, social media, and other points of contact. They are also collecting internal data regarding sales performance, expenses, and logistics. However, they simply don’t have the capacity to analyze or make use of all that data. According to a 2018 survey by data security firm Gemalto, 65% of organizations can’t manage to analyze or categorize all of their stored data. [https://safenet.gemalto.com/data-security-confidence-index/]
Companies know the value of the data and the competitive edge it can bring them but will need to make adjustments in workflow and staffing to make use of it.
2. The Amount of Data is Growing
According to market intelligence firm International Data Corporation (IDC), the total amount of data worldwide will grow from 33 Zettabytes in 2018 to 175 Zettabytes by 2025. [https://www.seagate.com/our-story/data-age-2025/] For reference, that equals 175,000,000,000,000 Gigabytes.
3. Data Science Will be Integrated into Every Aspect of an Organization
One of the most critical aspects of the future of data science for an organization to understand is the degree to which it will integrate itself into nearly every aspect of organizational operations. From product research and development to marketing and advertising, from operations and finance to H.R. and logistics, companies will be relying on insights gained from processed data to become more efficient, effective, and profitable.
4. More Roles and Positions Will Require Some Level of Data Science Skills
While there continues to be massive growth in the number of jobs for data scientists, the integration of data science into all aspects of corporate operations will mean that many other positions will require at least a basic understanding of the field. This may become more pronounced the higher one moves up in the hierarchy of the organization. Leaders will need to have a growing understanding of the data-driven work happening in their departments and divisions.
5. Data Science is Still in Its Infancy
The future of data science will be marked by continued growth and change. The disciplinary field of data science was only formally introduced at the beginning of this century. With a field this young, rapid development will continue for the foreseeable future. Corporations and their leaders and managers will need to stay up to date with continued developments in the field to remain competitive as data scientists discover even more possibilities.
Signe Reidla is the Managing Director and Founder of Execruit. When you need to find the right executive talent or strategic consulting for your company, Execruit will provide you with the tools to grow your business. Click at https://execruits.com for more information.