What Is Data Science and Why It Is Important Now

It is becoming extremely common to hear, or read, that data is the most important […]

It is becoming extremely common to hear, or read, that data is the most important and relevant thing right now. Data is extremely crucial not just for people but for companies as well, and this value is only increasing as time passes. As a company working with data collection on a daily basis, Smart Research understands this. Despite that, we are aware not everyone knows what data science is and why it is becoming so important now.

A Data Science Definition 

Data Science implies all sorts of data-related processes, from collection, to storage, to analysis. At first, in market research, it has the goal to create personalized solutions that will solve any problems or help change undesired consumer behavior. It implies all sorts of data-related processes, from collection, to storage, to analysis.      

Information from Gartner consultancy shows that more than 40 trillion data were generated last year, and 80% of companies are benefiting from all this data to make business decisions. Digitalization and technology are now shaping the way business is made everywhere, which is making markets around the world more and more competitive. Keeping up with the latest and best tools is not just something that differentiates your business from others, it is a need.   

Another study, conducted this year between February and March with 4 thousand data analysts, engineers and scientists from 34 different companies, shows that data professionals are the most searched for and valued professionals lately. Compared to the first semester of 2021, job openings in the Data Analytics, Data Engineering, and Data Science areas increased an incredible 485%. Clearly, companies know how essential data is nowadays and are giving the proper recognition it, and its professionals, deserve.        

The Benefits

As previously mentioned a huge part of what is done in market research, including data science, has the goal to improve the partner’s results. Thus, data science can totally be used for the development of marketing strategies, as the data collected can be vital to generate insights that can boost every area of your business. With that, the marketing department is able to better understand the target audience, the best time and days of the week to make posts and many other actions to enhance sales and online presence.    

 Is GDPR helpful or limiting?

The GDPR might feel like a sensitive or limiting topic for some professionals though, which is understandable but not true. GDPR is here to protect users from personal and sensitive information leaks, as well as to avoid financial and other types of damage. This regulation has undoubtedly changed the way data is collected, but it comes to benefit both sides: consumer and company. 

With GDPR, consent by the customer and transparency through the whole process become the most important things. To adjust to these new requirements, the solution is for companies to offer a structure of softwares to ensure data integrity, which consequently brings more safety and trust in the whole process. Then, the company is protected by handling the data according to the regulation, and consumers are assured their information is safe.

Data is now the most valuable thing in the business world, and probably outside of it as well. People and companies are realizing that, many times, information is what makes the difference between succeeding and reaching your goals or not. The prediction is that it will start playing an even more important role in both business and in our personal lives as well. As a data collection and market research company, Smart Research is incredibly proud to be at the front of this.