Data science: Making use of a valuable by-product

Data science underpins much of our modern life, from book recommendations to scientific breakthroughs. The enormous amounts of available data have become the modern-day goldmines out of which valuable insights, scientific discoveries and actionable knowledge can be extracted – insights that can benefit society as a whole or deliver increased profit and competitive advantage to businesses. This rapidly developing field of ‘data science’ is transforming much of our daily lives and there is a growing demand for data scientists. By virtue of being a blend between computer science, modelling and statistics, data science is the craft that transforms data into knowledge and action. In contrast to traditional business intelligence practices which are typically backward-looking, data science is instead focused on generating actionable intelligence based on historical data by identifying patterns…

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