Data is the new oil — the most popular phrase in the Data Science community right now. And just like oil, there’s hardly anything that Data can do by itself. Just like oil, it’s available to us in a very crude form which is unusable unless we transform it into usable products.

How we use Data to make choices and decisions is up to us, by extracting knowledge out of it.

Let’s look at how one of the most popular websites/apps (and not just in the social media domain) is using Data Science. Let’s look at Facebook.

It’s your birthday (say), and Facebook will most probably show you a little video comprising of your old photos and posts from your profile. A different video is presented upon completing some years of friendship with someone on its platform. That’s DS! Assuming an average person spends around 2 hours on Facebook everyday (I don’t know if that disappoints you or makes you happy), the 2 hours’ worth of clicks, likes, comments, shares and scrolling is stored in Facebook’s databases for analysis. The objective of this analysis — as we all know today — is to understand the user’s behaviour, improve their experience and create a marketing product exclusively for them (or as close as possible). …

Many large corporations are using complex ERP systems, comprising of multiple layers. These layers interact with each other seamlessly (or are at least supposed to!) and generate data at each step. Now, not all the companies store this data securely and utilise it to derive meaningful insights that can help them reach the higher potential that their ERP systems are capable of. But, they can’t be blamed because that’s a job of a Data Scientist and not a vanilla ERP specialist. Exploiting data for business growth (to put it plainly) should be the next step for all organisations. …

Sachin Jalan

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