“Leveraging exponential technology to tackle big goals and using rapid iteration and fast feedback to accelerate progress toward those goals is about innovation at warp speed. But if entrepreneurs can’t upgrade their psychology to keep pace with this technology, then they have little chance of winning this race.”
Data is the Oil
It’s still Day 1 for data. Companies, governments, non-profits around the world are already extracting a whole lot of value from data. But really, compared to the things that are coming, today is really just Day 1. Data is growing exponentially, as is our ability to extract knowledge from it. If you imagine the amount of data available to us as an apple, then by 2030, this apple has turned into a soccer ball. By 2050, it’s gonna be the size of an entire soccer field!
But what really does that mean for you and me? What exactly contributes to this kind of data growth? Will it mean the value we can extract from the data will grow linearly with the amount of data? As I was still a bit puzzled about the implications, I decided to take a short tour around the future data universe. This article provides what I personally think the future of data will bring, based on the growing amount of data, our ability to extract value from it, and what research tells us about it.
I do truly believe the future of data will shape any industry, period. If I take any sample industry, take a look at Porters five (or six) forces at work, and ask myself what the impact of data will be on them then it seems clear to me, that every single industry will look very different in 10 or 20 years, shaped by the impact of data. So for you, the question is not whether to grab this “opportunity” or not, but what you are going to do about it because if not, you will be disrupted by it.
Data Science for Future
When someone initially considered a means for people to speak with one another across great distances with only a few clicks. The people around him must have thought he was insane at the time. Similar to this, it may seem difficult or even insane to consider the potential of data science, but this is how the future is created.
Data science is not just useful in one discipline but has a wide range of applications. Applications for it may be found in many different industries. Let’s discuss a few significant data science advances to come:
Automobile Industry: Within the previous several years, there has been a significant change in the automobile industry, which is currently developing. Self-driving automobiles, flying cars with autopilot, fixed-destination taxis, automatic public transportation, and several additional uses.
In the near future, these things are conceivable. However, for such innovations to take place, a sizable team of enthusiastic individuals must conceive of additional benefits that Data Science may provide that weren’t previously possible. In light of this, the automobile industry offers a new source of employment and opportunity for data scientists.
IT: The majority of individuals mistake IT and its services for data science. But the truth is that Data Science is just the use of pure mathematical skills together with the marvels of software engineering to create what we now refer to as Machine Learning. The world’s GDP has increased significantly in the IT industry. But when we consider the IT industry as a whole, data science is quickly emerging as a crucial component of every successful data-driven business.
When discussing whether making new improvements to an already-existing app or website will result in a gain or loss of users. Data science thus becomes a crucial component in determining the effects that new modifications will have. Network safety is only one of many additional IT-related uses for data science.
Healthcare: Healthcare is where data science is most useful or amazing. Large patient databases are readily available, and we may utilise them to develop a data science strategy to spot illnesses in their very early stages. One of the industries that offers the most opportunity for those with medical competence who want to apply data science to aid sick people right away is healthcare. By integrating a Data Science technique to discover needed organs and their availability in the area of the globe, healthcare also offers a variety of additional prospects.
Army and Weapons: Every country has become stronger thanks to its stronger armed forces. The adage that power shouldn’t be used to reduce people to slaves is one attributed to wise men. It must be put to use to protect humanity from all dangers. demonstrating how data science can be used to construct a variety of automated systems that can detect any assault at a very early stage and assist block the source. In addition, data science may aid in the development of automated weapons that can recognise when to fire and when not to.
Power and Energy: The need for energy has grown rapidly along with the fast population rise. In order to meet energy needs without depleting the natural resources already available, nuclear energy must be managed to a certain degree. Predicting the consequences of nuclear power sources may be done with the use of data science.
The most safest potential may be predicted using data science. Building AI bots that can effortlessly manage massive power sources with the use of data science.
Banking and Finance: The bank comes to mind whenever we discuss the safety of our money. But when online purchases became more common, fraud also rose. Stable systems are needed for banking and financial data protection as well as to detect fraud attempts before they really do harm. Managing money wisely so that it is invested in the appropriate locations based on Data Science forecasts for the greatest returns is another facet of data science in the banking and finance industry.
Cryptocurrency is the most significant invention of our time. With the advent of cryptocurrencies, maintaining data online has become more difficult. Data science provides several methods for locating individuals who have common characteristics as well as for ensuring their greatest protection against fraud.
Is Data Science a beginning or and end?
People often hesitate to go on while making decisions between right and wrong because they are unsure of what is right. They waste the most important resource—time—in their perplexity. In order to dispel the misconception that massive, autonomously driven Data Science solutions would result in many job losses, It is something that holds us back from moving forward in the future.
We need ongoing maintenance for solutions built on data science. To find the appropriate adjustments to be made to the current solutions for future improvement, we need brains. along with any possibilities that Data Science could open up. This leads us to another point: By offering total assistance, it might also make our work easier. We have the ability to explore space and unravel the enigma of the cosmos. Data science is therefore not the end, but rather the start of a new age.
