Wanna become a data scientist? Checkout Beyond Machine!
As many of you may know, data science is transforming businesses world-wide. It has now become an integral part of the enterprise and is now starting to be known as the new oil.
The use of data is no longer a competitive advantage, but is now a requirement for success. Data is the lifeblood of every industry and has become one of the most valuable resources in any organisation. It can turn insights into opportunities and provide clarity on every decision.
So, what can we expect from data science this year?
The five key trends I think you should look out for in Data Science in 2022 are as follows:
1) Customer Experience Powered by Data:
Companies are now starting to use data in order to understand their customers and create better customer experiences. Data is used to create personalized customer experiences, which will be tailored to the needs of the individual consumers. What this means is that companies will be able to offer more personalized versions of their products or services, which in turn makes them more likely for retailers to buy them.
To provide the most pleasant shopping experience to their customers, businesses will use the predictive capabilities of data and improve customer delight. AI chatbots combined with data can provide quality customer service without any workforce.
Such data-driven practices are already happening in some industries, with companies like Zappos using data analysis techniques for improving customer experience.
2) Focus on Convergence:
An emerging trend in data science is that it has started to converge with other disciplines such as AI, business intelligence, and digital marketing as well as technologies like IoT, cloud technology and 5G in order to provide even faster and improved results.
This convergence is also called data science 2.0. Data scientists in the past were able to predict future trends with the help of data analytics and mathematical modeling alone. But now they can use machine learning and artificial intelligence in order to make better predictions.
3) Small Data:
The concept of “small data” is the idea that the focus should not be on collecting all the data, but instead on extracting insights from small data sets.
Today’s world is flooded with an ever-increasing amount of data. With AI, this large quantity of data can be effectively analyzed to find patterns and trends that could have been missed if only larger sets were being analyzed. Some companies are analyzing satellite images to get real-time information on crop conditions, while others are analyzing traffic patterns in order to optimize transportation flows.
As data usage comes to new fields like auto driving vehicles, compressing that data for easy transmission also becomes essential. So creating efficient transmission of data for emergencies will also be a new trend.
Data science has been the fastest growing job sector for years. And it’s expected to remain so therefore leading to an increasing demand for data scientists. Data scientists work with a variety of tools to extract information from raw datasets, analyze it, and then produce insights that can be used by other people to solve business problems or answer questions about the world around us.
In the future, the AI will be smarter and more efficient. Automated Machine Learning, popularly known as AutoML, is the newest trend in ML. The whole idea is that given a dataset, an algorithm can learn how to create predictive models automatically.
AutoML has already been implemented at Microsoft, Intel, and Salesforce. It is important to keep an eye on this because it could soon change the entire landscape of ML as we know it.
Want to learn more?
If you are a decision maker or someone with with no technical skills but interested in data science/AI and the emerging trends or what data science can do for you or your business then check out these two FREE events I have coming up this month!
- The AI and Data Science Clinic (12th Jan)
- AI/Data Science for Decision Makers: A short introduction (25th Jan).
What else is going on?
On the 18th January The Tesseract Academy will be hosting an exclusive FREE workshop on Secrets of World Class Developer Teams – for Decision Makers.
This workshop will be lead by Nikos Katsikanis who has seen the working dynamics of many different organisations over his decade as a software developer and consultant. He recognises patterns of behaviour and has formulated this into an insightful and rewarding seminar and workshop. He has also interviewed many leaders on their approach to running software teams.
Points that will be covered in the workshop include:
- Who do you want to hire?
- Software team branding
- Psychology and Leadership
- Technology strategy
Feel free to get in touch if you have any questions!