The last decade has witnessed mass digitization of various industries so that they can improve their efficiencies and increase their bottom line. This means that many companies have amassed large sets of data about their operations. Since the data they’ve collected to is so voluminous, the manual tools (like Excel) they’ve been using till now are unwieldy when it comes to garnering insights.
That’s where Data Science can lend them a hand – to organise the data better so that its viable to process it, and to give organisations insights on how to improve their processes. Data science is all set to take the job market by storm, having been heralded as the sexiest job of the 21st century by Harvard Business Review.
Data Science will find application in various fields of the future because no company can afford to adopt a business-as-usual approach to their products and services, because it will cost them their competitive advantage.
It’s already being used by the biggest companies in the world to deliver services such as intelligent agents that can predict consumer behaviour to offer them relevant purchasing options. Data Science is the bedrock on which artificial intelligence and machine learning are built, so such a foundational skill is certain to strengthen the employability of people proactive enough to learn these skills.
Consider this example: TCS offers 3.5 LPA as a starting salary to the freshers that they hire from colleges. Contrast this with candidates (with no work experience) who have Data Science skills, who get offered an average of 6 LPA. It’s clear that data science skills are highly valued in the market right now.
There’s only one problem though – there aren’t enough qualified professionals. According to recent reports, there are more than 50,000 data science jobs in India that are vacant due to a shortage of skilled professionals. This demand-supply gap has two implications. The first one is that data science professionals are being actively snapped up by companies right now, so they are highly valued. This will reflect in the scope of their work, and the remuneration that they receive. The second implication is that market forces always move towards balancing the demand-supply gap, which means that professionals are soon going to flock towards these courses. This gives you a small window of opportunity to learn the skills that you need right now, in order to secure your future.
The fact that we have a skill shortage, and that the future will be built on the back of data will ensure that data science will be a very lucrative and rewarding career option for graduates. It offers ample opportunities for growth and career development because of its wide-reaching potential, which will let you be a part of the new, data-powered future.
If you are looking for a Data Science program to launch your career in the right direction, check out this article on how to choose the right program for according to your requirements.1