The term "Data Science" was coined at the beginning of the 21st Century by William S. Cleveland. It’s very pragmatic to understand that this term expresses two distinct field of influences, namely - DATA - which refers to facts, figures & information, and SCIENCE - which denotes systemic study of a particular domain.
We might have heard about the term - Synergy, which every Nation,Organization or Individual wants to incorporate and percolate in their respective processes of different activities. It basically means to gain an extra effect, i.e - 2 + 2 = 5 kind of effect.
Exactly this was the basis of developing this new domain as advancements in Data Science have created an unparalleled opportunities currently driving billion of dollars in economic value, with a projected US $ 15.7 trillion contribution to global GDP by 2030.
The major areas of concern and inefficiencies which could well be addressed by Data Science are as follows :
1. Resource allocations - We all know that the resources are always limited with respect to population, hence proper allocation of the same in terms of quantity,values and proprietorship is very important for any nation or organization in order to maintain their asset - liability ratio.
2. Education - The future of any nation depends on the way they shape their young brains.Educational institutions and learning process entail rich data, and they concern weighty problems of great importance to society and the social good, so education is an especially well-suited domain for data science.
3. Business & Corporate optimization- Businesses can now more clearly understand the customer base. This aids in increasing the no. of customers, serving the customers better and efficiently. Cost-cutting technology is highly preferred to reduce unnecessary costs and ignore cost overheads.
4. Diplomacy- New data could be used to better inform foreign policy, measure foreign and domestic sentiments, or to monitor quickly unfolding emergency situations. Data arises as a topic on the diplomatic agenda, from data sharing between countries to the protection of personal data across borders, and from the regulation of e-commerce data flows to the international standards related to data. Finally, with data becoming increasingly valuable, it might be shifting geopolitical power dynamics, placing significant leverage on those countries and actors that collect, store, and control data and its infrastructure.
5. Health care : The amount of data that the human body generates daily
equals two terabytes. Due to advances in technology, we can now collect most of it, including info about heart rate, sleep patterns, blood glucose, stress levels and even brain activity. Equipped with such amount of health data, scientists are pushing the boundaries in health monitoring.
There’s a very common proverb - “ With great powers, comes great responsibility “. Since, we know that with DATA SCIENCE in picture, there’s more chances of our vulnerabilities to be overlooked upon. Hence, we need to discuss the same as rigorously as we did the former one.
Some of the area of concerns regarding pitching DATA SCIENCE into our daily life are as follows :
1. Data Quality : The entire exercise of collecting data goes in vain if we are not able to curate the proper data as everything that goes successively after collecting the data,provides a misguided result.
2. Educating People with right skill set - This is an inevitable requirement, as without proper skills being imparted to the concerned persons, all the process would be full of loop holes and results would tend to loose its credibility.
3. Privacy concerns - Privacy is something to be never compromised of, irrespective of the productivity concerns as if they are breached, then it would indirectly affect the psychology of the common users as privacy is something very intangible yet important part of anyone’s life.
Hence, if all the stakeholders abide by the aforementioned concerns, then DATA SCIENCE will prove be a major break through for the human kind to promote collaboration and co-creation of innovative and inclusive growth as far as the entire global order is concerned.
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