How Data Science Contributes to Digital Economy

1. HowDataScienceContributestoDigital Economy Inthecurrentcorporateworld,bigdataandtechnologyarethetwomainstaysof anybusinesshousestrivingtobeatthecompetitionandreignsupreme. Yes,bigdata and technology. With organizations going global digitization was the way forward. Result: Huge amountof datageneration. Nosurprisesthen –whenorganizationsthatreceivehugeamount ofraw, unstructureddataseekdatascience professionals tomake sense of thereceived data, whichisbothharvestedandprocessedonaday-to-daybasis. Data Savvy Organizations,DataScience, andDigitalEconomy There seems to be a data revolution with businesses becoming data savvy, and collecting huge amount of raw, structured, and unstructured data from various sourceslikesocialmedia,clientinteractions,andemailsamidotherareas.This data revolution has given birth to digital economy also known as internet economy or webeconomy. Butwhatisdigitaleconomyandhowisdatasciencedrivingit? Are youalsothinkingaboutthesequestions?Yes,keep reading to knowmore aboutdigitaleconomyandhowdatascience isdrivingit. WhatisDigitalEconomy? Digital economy is an economy where a major part of the business is conducted throughtheonlinemarketsorecommercesites.Othernamesfordigitaleconomy are InternetEconomy, WebEconomy, andNewEconomy. Whilethecleardistinctionofdigitaland traditionaleconomyisbit difficult consideringthatboththeeconomiesareintertwinedwith eachother.Digital economy is a result of billions of online connections that are made daily between businesses,dataandprocesses,devicesandevenpeople.Digitaleconomyisbased

2. on the interconnectedness of not only organizations and people but also machines. The interconnectedness can be through mobile technology, internet or internet of things i.e., IoT. DigitalEconomy and ICT– TheConnection! According to the industry experts, the digital economy is strengthened by ICT or InformationandCommunicationTechnologies(ICT),which havespreadover almostallthebusinessesandboostedtheirproductivity. Withthisdigitaltransformation,therehasbeenupheavalinthebusinessworld.It isbelievedthatthedigitaltransitionofeconomyisbolsteringthetraditional notions about how businesses should be structured, how your consumers should obtain services,including informationand goods. The digitaleconomyisalso changingthewayhowstatesshouldadapt tothenewregulatorychallenges. ExponentialGrowthof BigDataand DigitalEconomy! There has been a nimble growth for Big Data market and according to the article titledDataScienceandBigDataTechnologiesRoleintheDigitalEconomy industrypublishedinTEMJournaldatedMay2020revealedthathealthcare, manufacturing, retail, and public sector are the most active data generators as well as theconsumers. The article also shared the views of data analysts on how the economic effect will touchapproximately$4BillionUSDby2024withjusttheintroductionofBig Data.Talkingaboutnumbers,thearticleauthoredby aRussiandatascientist shares that there has been an exponential growth in the big data field. Citing the data, the article revealed that businesses and users generated about 33 zettabytes of informationin2018andwasexpectedtoreachabout175zettabytesby2025. Identifyingthemajorgrowthdriversofdigitaleconomy, thearticleenlisted internet-connected equipment, entertainment platforms, video surveillance systems as tools for productivity growth. Big Data forms the base with which they all operate. DigitalDataExplosion and theRole ofDataScience! All this internet-based technology has led to digital data explosion, which in turn has influenced the hugeparts of the modernsociety.With databecomingthe governingfactorforallthedata-drivenorganizations,itisnotsurprisingtolearn

3. that data science is considered as the top field that addresses all the data related queries and offers solutions that are not only data driven but are also viable in the currentcorporateworld. To sum it up – if digital economy is a world-class automobile, data science is the driverbehindthewheelsandtogethertheyarea Numero-unocouple.