Technology and Data News and Events

How data science can reshape the post pandemic business

by Mike Jones in Other Cat 09/07/2020

The rising role of data science during the pandemic

Businesses from all industries are focusing their activities due to continued economic challenges associated with Covid-19. As a consequence, many companies are shifting their attention to financial preservation. Many industry analysts in the data industry are saying that businesses are not appreciating the importance of investing data science and ensuring their teams are prepared for the current situation. The advancements in data science technology have the capability to enhance business continuity as well as support growth during difficult and challenging times.

The transition towards data science roles can result in a more effective execution of business solutions. The potential of a second wave of the pandemic is still a potential and as a result, businesses use the data they have gathered from this phase to prepare and effectively plan how they can respond to future events. Companies can use data science technology to develop a simulation of various models of operation with their customers. A business model powered by artificial intelligence can support business security and further positive outcomes.

The considerable rise in demand for data science is inevitably driving a need for more data scientists. While hiring has reduced for many companies, the requirement for data professionals remains very high, particularly as the position continues to progress. For example, the section referred to as Algorithm Translator is continuously in higher demand and businesses become more reliant on data. Converting industry challenges into data problems is a key priority to define data answers. The data needs to be transformed into clear insights for decision makers to utilise. 

In a similar scenario, the responsibilities of data engineers have increased in importance due to the significant growth in data systems. Data collection is a critical step in the extended data process of a business and in most cases, a large part of this data is stored in databases and remains in this form without being touched. The demand for data engineers is rising to alleviate this lack of data utilisation, making data more accessible and actionable. During this challenging period, this role is very important as many businesses may be overlooking important data insights generated over the last few months.

Data science is no longer focused on certain industries. With the pandemic affecting businesses worldwide, a range of teams is starting to appreciate the value of data science. As technology continues to evolve, data science will become more critical and familiar in delivering accurate and data-driven decisions.