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Data Science in a Post-COVID Era

vinod chavan

@vinodchavan

November 7, 2022

Data Science & AI Community

197

The value of digital data is carried by data science, which is also known as the "oil of the 21st century." It incorporates statistics, math, scientific research techniques, sophisticated analytics, specialist programming, and artificial intelligence (AI). The vast and growing volumes of acquired data are mined for valuable insights using this multidisciplinary methodology. Exposing patterns to help people make well-informed decisions presents outcomes and aids research, businesses, and everyday life.

Even before the pandemic, data science was experiencing a significant renaissance. The attention increased as it became a focal point in the fight against COVID-19's spread. Businesses are recognizing the need for data analytics and data collecting skills to adapt to and grow with the future.

In a recent TalentSprint webinar titled "Data Science in the Post-COVID World," Bidhan Roy, Director (Data Science/AI), Business Analytics and Research, Fidelity Investments, provided answers to several unusual and fascinating queries.

After the Covid-19 outbreak, has there been a decrease in the demand for data scientists? What purposes does artificial intelligence (AI) serve? What makes firms' embrace of data science essential?

Data Science in the Post-COVID Era: Myth or Reality?

To make wise business decisions, data scientists use vast amounts of data. A study is being done to develop new items. Typically, data analysts uncover fresh insights by analyzing data. With the data obtained, they aid progress in businesses. Mathematicians, computer scientists, and trendspotters play a role in modern data science. They utilize cutting-edge machine learning (ML) models and are skilled in the technical aspects of forecasting future consumer or market behavior based on historical trends.

How can Data Science be used to prepare for the post-pandemic world? Director (Data Science/AI), Business Analytics and Research, Fidelity Investments, Bidhan Roy, gave some insightful observations.

Businesses use data scientists to make data-driven decisions for business effect. Data scientists are in reasonably high demand and have several prospects for advancement. However, the demand slightly flattened due to the Covid-19 outbreak. After a few months of the pandemic, there are currently no indications that the need for Data Scientists will decline or that Data Science will slow down.

The necessity for data analysis and making meaning of obtained data is growing along with the amount of data available. As a result, there is no such thing as post-Covid data science. Data scientists are in high demand across a range of businesses and are paid quite well. It has led to an upward career trajectory.

Expectations from Data Scientists

To improve corporate performance at all levels, data scientists identify data analytics challenges, get insightful data from big data, address data difficulties, and are aware of the most recent trends. To address business challenges, design trials, and pinpoint risk factors, problems, and/or possibilities at hand, they must utilize appropriate algorithms or possible modeling tools. Data scientists are critical in determining business needs and working with stakeholders.

Challenges in the Adoption of Artificial Intelligence(AI)

Artificial intelligence (AI) has incredibly impacted our lives and the economy. There are countless uses for AI. Human expectations are placed on AI, and the technologies are divided into sense, comprehend, and act categories. The data must be sensed and understood by the machine through audio-visual processing. It must comprehend the information as context or pattern and recognize the pattern. AI must make it possible for the machine to gain insightful, decisive knowledge.

Privacy is one of the significant obstacles to AI adoption. An enormous amount of private data is used by AI. This information is frequently private and delicate. There are several difficulties brought about by unclear privacy, security, and ethical rules. The General Data Protection Regulation (GDPR) act adds new obstacles to deploying AI in several nations.

Furthermore, individuals with advanced training and skills are required for AI. Further issues arise from a lack of knowledge about how AI is being used in infrastructure, technology, and research. Businesses are, however, embracing AI quickly and working to diversify it.

Does Data Science have more scope?

The data-driven 21st century is dominated by technology. It is one of the most profitable job paths available anywhere in the globe. Data scientists are in great demand and are always in short supply. One professional can transition easily between roles in this broad field of work. The possibilities are endless in data science.

datascience covid

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