Data Science
Data Science
Lecture Outlines
1. Why data science and why now?
8. Job opportunities
• “Every day of the week, we create 2.5 quintillion bytes of data. This
data comes from everywhere: from sensors used to gather climate
information, posts to social media sites, digital pictures and videos
posted online, transaction records of online purchases, and from cell
phone GPS signals – to name a few. In the 11 years between 2009 and
2020, the size of the ‘Digital Universe’ will increase 44 fold. That’s a
41% increase in capacity every year. In addition, only 5% of this data
being created is structured and the remaining 95% is largely
unstructured, or at best semi-structured. This is Big Data.” (Burlingame
& Nielsen, 2013).
What is Big Data?
• “Simply put, it’s about data sets so large – in volume, velocity and
variety – that they’re impossible to manage with conventional database
tools.” (Michael Friedenberg, Network World)
• “Big data is data that exceeds the processing capacity of conventional
database systems. The data is too big, moves too fast, or doesn’t fit the
structures of your database architectures. To gain value from this data,
you must choose an alternative way to process it.” (Dumbill, 2012)
4. Practical Implications and example from Industry perspective
Amazon: The online retail giant has access to a massive amount of data on
its customers; names, addresses, payments and search histories are all filed
away in its data bank.
American Express: The American Express Company is using big data to
analyse and predict consumer behavior.
• Capital One: Marketing is one of the most common uses for big data and
Capital One are at the top of the game, utilizing big data management to
help them ensure the success of all customer offerings.
• General Electric (GE): GE is using the data from sensors on machinery like
gas turbines and jet engines to identify ways to improve working processes
and reliability…Continues
• Miniclip: Miniclip, who develop, publish and distribute digital games
globally, use big data to monitor and improve user experience.
• Netflix: The entertainment streaming service has a wealth of data and
analytics providing insight into the viewing habits of millions of
international consumers
• Starbucks: Have you ever wondered how Starbucks can open three
branches on the same street and not have their business suffer?
• T-Mobile: The mobile network, like American Express, is combining
customer transaction and interactions data to predict customer
fluctuations.
• And off course Google and Facebook!!
5. Datafication
• Predictive analytics
Data analytics – Determine probable outcome for
event or likelihood of event occurring
– Examples include forecasting and
classification
• Prescriptive analytics
– Investigate what will happen, when
and why by evaluating alternatives
– Incorporate business rules and
investigate alternatives, e.g. through
simulations or ‘what-if’ analysis
Data visualisation is the presentation of data in
pictorial or graphical formats
Data
• Supports human ability to make insight (identify
Visualisation patterns or trends) and form knowledge
• Typical Job Requirements: Find, clean, and organize data for companies.
Data scientists will need to be able to analyze large amounts of complex
raw and processed information to find patterns that will benefit an
organization and help drive strategic business decisions.
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What we can do and what we should not
do!!
Thank you!!!