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Demystifying Data Science Vs. Business Intelligence Vs. Big Data

Before you get started on your data science career journey, it is highly recommended to get acquainted with the relationship between data science, business intelligence, and big data.

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Demystifying Data Science Vs. Business Intelligence Vs. Big Data

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  1. DEMYSTIFYING DATA SCIENCE DATA SCIENCE v/s BUSINESS INTELLIGENCE v/s BIG DATA www.usdsi.org © Copyright 2024. United States Data Science Institute. All Rights Reserved

  2. The world has been progressing at a supersonic pace. Businesses around the world are being guided by big numbers as they turn to digitization and virtual space. This has garnered a lot of attention from industry experts to make use of the vast data pool for futuristic business insights. Mordor Intelligence Report suggests the Global Data Science Platform market to reach USD 133.70 billion by 2024. This is a clear indication of a plethora of Data Science roles and career opportunities on offer. With the US Bureau of Labor Statistics expecting a demand of 11.5 million for specialized Data Science professionals by 2026; worldwide organizations are going to benefit immensely. It is not far that the entire business gamut is guided by the data game. Driving key business decisions is the way ahead. Data Science is levied with the heavy responsibility of becoming the driving force for the bigger game ahead. This is why it is essential to understand the core differentiators between Data Science, Business Intelligence, and Big Data. Let us take you through this in detail. UNDERSTANDING DATA SCIENCE Data Science encompasses Statistics, Data Mining, Data Modeling, Data Analytics, and Machine Learning to deduce and analyze data for drawing business insights. It is a diversified field of work that dwells upon the vast amount of data that is accumulated by the businesses in action. Business Understanding Data Data Modelling Evaluation Deployment Understanding Preparation The Data Science workflow shown in the image above is a clear pathway that brings businesses closer to making beneficial decisions for the long run. PERKS OF DATA SCIENCE Better risk management and mitigation Guides advanced planning Provides personalized data approach Enables Enhances decision-making business aspect comprehension of future trends and outcomes www.usdsi.org © Copyright 2024. United States Data Science Institute. All Rights Reserved

  3. DRAWBACKS OF DATA SCIENCE Users must possess expertise at Data visualization, Statistical analysis, and Machine learning Time-consuming as regards Data preprocessing and cleaning Ethical concerns while handling sensitive data UNDERSTANDING BUSINESS INTELLIGENCE Business Intelligence combines business analytics, data mining, data visualization, data tools, infrastructure, and best practices to assist organizations in making data-driven decisions. These are the set of strategies that guide the business actions in the future. The main purpose of Business Intelligence is to help inform and improve business decision-making by making data easier to interpret and act on. DATA COLLECTION ACTIONS/ DECISIONS/ MEASURES DATA PROCESSING DATA ANALYSIS DATA STORAGE Source: Medium The Business Intelligence workflow represented above encompasses data collection, processing, storage, analysis, and actions that offer a string structure to a sturdy business model. www.usdsi.org © Copyright 2024. United States Data Science Institute. All Rights Reserved

  4. UNDERSTANDING BIG DATA Big Data consists of a diverse variety of data that is collected over time with the increasing volumes and velocity of the data. In simple words, big data is larger, more complex data sets, especially from new data sources. Let us understand the 5 Vs of Big Data: Terabytes, records, transactions, tables, files, etc VOLUME Batch, near time, real time, streams Statistical, events, correlations, hypothetical VELOCITY VALUE BIG DATA Trustworthiness, authenticity, origin, reputation, accountability VARIETY VERACITY Structured, unstructured, semi-structured PERKS OF BIG DATA Cost effective approach to efficient data management Offers data for utilization and application of advanced analytics and machine learning Processes complex unmanageable data by programming Eases excess data interpretation for strategy building www.usdsi.org © Copyright 2024. United States Data Science Institute. All Rights Reserved

  5. DRAWBACKS OF BIG DATA Not Difficult integration with already in-use processes and systems Only skilled professionals can handle associated tools Security and privacy of sensitive data is ignored Requires proper management and infrastructure budget-friendly IS DATA SCIENCE AND BIG DATA THE SAME? DATA SCIENCE BIG DATA It is a technique or strategy It is a field of work or domain Collects, processes, analyses, and utilizes data for several operations Extracts data for interpretation Converts data into a usable form Generates data-based products for businesses Spark, Hadoop, Apache, Flink, MongoDB, and more SAS, Scala, Python, R, others Business purpose specifically for customer satisfaction Scientific purpose Social networking sites, weather forecasts, share markets, eCommerce sites, telecom companies IoT devices, system logs, public and company datasets, social media surveys www.usdsi.org © Copyright 2024. United States Data Science Institute. All Rights Reserved

  6. DATA SCIENCE AND BUSINESS INTELLIGENCE- SIMILAR OR DIFFERENT? DATA SCIENCE BUSINESS INTELLIGENCE PARAMETERS Extracts information from datasets and creates forecasts Identifying historical events and answering questions GOAL Coding, data mining, advanced statistics, and domain expertise Basic statistics and business knowledge REQUISITE SKILLS Designed to manage large data sets Designed to manage well-organized data DATA COLLECTION AND MANAGEMENT More complex in forecasting, and managing dynamic data, and requires advanced skills Less costly, requires fewer resources, practical for daily business management COMPLEXITY DATA SCIENCE IN BUSINESS- THE OUTLOOK Artificial Intelligence has spread its wings beyond industries, allowing enough expansion for every possible vertical to grow. With that, data science has managed to flourish in industries that are yielding big numbers as data sets that need to be deduced by skilled data scientists. Data Science is more research-based; it has a bigger role to play in enhanced business facilitation. Data-driven decision-making is the pivot that is guiding the big business moves today and tomorrow. With this exploration, businesses can reduce the risk of making poor choices and improve their overall performance. www.usdsi.org © Copyright 2024. United States Data Science Institute. All Rights Reserved

  7. GET STARTED ON YOUR PROFESSIONAL DATA SCIENCE JOURNEY © Copyright 2024. United States Data Science Institute. All Rights Reserved

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