The science stream that deals with exploration, analysis, modeling and forecasting from available data is known as Data Science. In recent years, there has been a considerable focus shift towards data. Organizations have realized that they generate a lot of data in their interactions and transactions, which can then be used to generate higher returns for their businesses. So, companies are hiring data scientists more than ever before and here are the 8 reasons why we think it is here to stay:
Organizing data is cumbersome
At the end of the last millennium and the beginning of this, companies shifted to building an online presence. However, as data operations were not sophisticated, they ended up collecting a lot of data that they never knew how to use. They included electronic content creation, data logs, transactional data, to name a few. Now to work with such data to increase company outputs, they are hiring data scientists.
Not many skilled professionals out there
Even though data science is now a lucrative career, it is still a new field. There are just not many people employed in this sector. The demand, conversely, is enormous. In developing countries such as India, this gap between demand and supply is exacerbated by the availability of tools and techniques but an unavailability of trained professionals. Training in this field can come in two areas: Core data scientists who analyze the data, Analytics consultants who understand the analyzed data and advise.
Due to the shortage of skilled workers in the field and the demand that is only expected to grow, the pay that data scientists draw can be high. Data Scientist jobs are rated top by Glassdoor, and PayScale says that it will remain one of the topmost paying jobs with a salary limit of nearly 20 lakhs per annum.
Data scientists work at some of the best corporations across the globe. In fact, the Harvard Business Review has denoted a Data Scientist job as the sexiest job of the 21st Century. Top data scientists work at organizations like Google, Facebook, Amazon, Twitter, to name a few. Because they can gain experience in the largest corporations and work with a variety of data, they can also find it easier to advance in their careers.
The spread of the field
However, nowadays as people realize that working with data is smart, even small and mid-range companies are regularly employing data scientists. In fact, smaller organizations need data scientists more as they can then analyze where they have to focus their limited resources to grow and compete with the big organizations. In their pay bracket, they often hire freshers, who can also gain valuable experience working in such companies at the beginning of their careers.
Because data science is such a new field and because it encompasses all departments of an organization, data scientists need not have a specific background. As long as a person has an analytical bent of mind and the will to reskill themselves, they can get into this field. In many organizations, workers from varied backgrounds work in data science. People from a mathematics background are as welcome as those with backgrounds in economics or business.
As already discussed above, there is a significant unmet demand in this field. This scenario allows for a potential worker in this field to find a job location suitable to them. Since there is such a shortage of supply, people can choose the place they want to. That includes the actual physical location, as well as the industry of their choice.
Variety of roles
Someone pursuing data science can get a variety of jobs such as: Data Scientist, Analytical Consultant, Data Consultant, Data Administrator, Data Architect, Business Analyst, to name just a few of the job roles.
In conclusion, data science jobs are in high demand and are expected to remain so in the foreseeable future. As businesses move even more towards online transactions and solutions, they will accumulate more data. Hence, the current shortage of supply is only the tip of the iceberg and will continue to keep growing. This is good news for all prospective students of this field and this will ensure higher pay and good employability remain for data scientists in the coming days.