Decision making is a non-trivial process. A decision is made based on the available information and the requirements of the particular situation. Decision making has two major constraints:
- Speed
- Accuracy
If one wants to make a fast decision, humans cannot analyze a lot of data in the given time frame, thereby reducing the accuracy of the decision they make. If humans spend a lot of time on analyzing data to make an accurate decision, the speed of the decision making automatically becomes slow.
Artificial intelligence has evolved exponentially over the past couple of decades, specially with the immense advancement of high performance computing around the globe. Supercomputers are capable of browsing through terabytes of data in seconds and give the best possible solution based on the inherent logic and algorithms coded in these machines. This field of study is also referred to as data science.
Data Science
Data science refers to the field of study of analyzing a given set of data and making correlations in the available data to make come logically conclusive decisions. An excellent example of applied data science in present day scenario is the online shopping. Millions of users around the planet simultaneously browse through the available options on a online shop, select the things they like and order it. This happens without most users even realizing that millions of other users are doing the same thing at the same time. The online shops retain this data, analyze them, and then offer their customer specific recommendations based on their data, which often helps them in their future shopping.
Another field where data science plays a pivotal role is finance, where computer algorithms developed by coders around the globe crawl through the common data available. Based on statistics and available information, these algorithms compete with each other to provide the best recommendations for their users about where and how to invest their money. In the present day finance sector, data based decision making has become a cornerstone of success.
Magnitude of Data Sciences
Big data and decision sciences are going to be the next big thing in the information technology sector for several economies. Already, funding for new enterprises working in this field has crossed over $700 million. Many companies realize the potential of a strong decision making algorithm based on huge data. This field has already generated employment for over 90,000 professionals in India and seeing its infinite potential in decision making, it is capable of creating far more employment opportunities.
Challenges
The biggest challenge that data sciences face today in India is the lack of skilled professionals who are capable of delivering algorithms competitive at an international level. Different decision sciences programmes are developing to train a new generation of data scientists who are capable of solving world’s most challenging problems with online labs and instructor based workshops.
Avenues
Times professional learning has started Timespro, which offers three comprehensive programs in this field:- Post-graduate diploma in data sciences.
- Post-graduate diploma in advanced data sciences.
- Certificate in advanced data sciences.
Timespro has made a strategic collaboration with Nvidia in a multi-billion dollar undertaking to boost deep learning and artificial intelligence to a wider range of professionals in India.
Data science and Artificial intelligence are going to affect the future of human civilization significantly. It is a prime time to develop these fields locally and make a global impact.
Datamites is providing Data Science courses in Bangalore with placement. Sign-up and get certify as data scientist.
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