A project management and digital marketing knowledge manager, Avantika’s area of interest is project design and analysis for digital marketing, data science, and analytics companies.
It’s become a universal truth that modern businesses are awash with data. Last year, McKinsey estimates that big data initiatives in the US healthcare system “could account for $300 billion to $450 billion in reduced healthcare spending or 12 to 17 percent of the $2.6 trillion baselines in US healthcare costs”. On the other hand, though, bad data is estimated to be costing the US roughly $3.1 trillion a year.
It is becoming clear by the day that there is enormous value in data processing and analysis—and that is where a data scientist steps into the spotlight. Executives have heard of how data science is a sexy industry, and how data scientists are like modern-day superheroes, but most are still unaware of the value a data scientist holds in an organization. Let’s take a look at the benefits of data science.