4 Current Data Science Trends You Should Know
IBM's latest study tells us that Data Scientist and Analyst positions will grow by 28% by the year 2020. This indicates that data skill sets are highly sought after.
As growing businesses transform their data technology infrastructure to deliver their products and services more efficiently, it will be the data scientists who facilitate both the planning and delivery of these processes.
With many positions to fill globally, those looking to transition into data science roles must keep up with emerging trends in business and technology.
Here are 4 current trends that today's and future data scientists should know:
Regulation and data security
If there's one thing in the data science industry we have to care about, it has to be regulation and security. As regulations are tightening globally, businesses need experts to guide them in the implementation.
Let's take the introduction of Europe's GDPR last year for instance, the penalties of non-compliance is so great that any business that was previously irresponsible with data is suddenly more aware of the risk involved.
Because regulation and security is now top of mind at every executive roundtable, data scientists will quickly find themselves tasked with challenges to mitigate risks of current data practices.
Data security extends far beyond protecting the businesses from non-compliance penalties but that of customers and their private information that can be use to harm many.
For years artificial intelligence or AI has been glorified, desired, but ultimately not effectively used by most. How many businesses have been able to gather the large amounts of data required to deliver an operating machine learning AI that supports their customer interactions?
Even Amazon cannot claim to have mastered their machine learning AI. But what we do know is that it's at the core of their efficiently run business model.
As Amazon CEO, Jeff Bezos, explains, “Machine learning drives our algorithms for demand forecasting, product search ranking, product and deals recommendations, merchandising placements, fraud detection, translations, and much more. Though less visible, much of the impact of machine learning will be of this type—quietly but meaningfully improving core operations.”
For the future data scientist, the challenge faced is the delivering of AI for use cases aligned with business strategy and then analyzing the performance of the AI to make improvements.
Edge computing is the practice of processing data near the edge of your network, where the data is being generated, instead of in a centralized data-processing warehouse.
Data scientists of the future need to know about edge computing because they will be playing a significant role to ensure networks run effectively within the premises of IoT.
From a business perspective it will improve the consistency and stability of their company-wide technology. After all, we're headed to a world where we must leverage data to advance the IoT.
Last but not least, we can't talk about data science trends without mentioning blockchain. Even Nobel Prize nominee Leon Louw has been quoted saying “...Bitcoin might be one of the world’s most important developments.”
A blockchain is a growing list of records, called blocks, which are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. By design, a blockchain is resistant to the modification of data.
We've likely heard of blockchain from the increasing number of businesses seeking out blockchain experts to solve data security issues. Learning and implementing blockchain can help you support increasingly large numbers of transactions.
Prepare your team
Kloudio was designed to be a cost-effective data cloud solution for modern organizations. The platform supports today's growing teams in overcoming the challenges of limiting legacy data solutions and changing trends.
The solution is the self-service data reporting hub that brings people the right information when and where they need it to make better business decisions. From Netflix to startups, thousands of people around the world use Kloudio to analyze data from their tech stack, connect teams with more accurate reporting and grow their businesses.