Lately, you may have heard about famous data scientists. It's an occupation that is having great success and is considered a dream job for many. Why is it so revered? And why are companies willing to pay dizzying sums for this kind of work? I will try to answer this and other questions in this article.
The role of data scientist is now a very popular career choice. These people have enormous and constant power over almost all markets, mainly for two reasons:
- An increasing number of companies and startups are dealing with artificial intelligence and machine learning
- The correct management and analysis of company and market data guarantees a key competitive advantage
Have you also thought about starting a career as a data scientist but have had second thoughts and put it on hold? These are some of the reasons that will convince you to act now.
Reduce the entrepreneurial mortality rate
As a matter of fact, a large part of entrepreneurial mortality is due to the fact that those who enter the market have no idea what they are doing. Think that, on average, for every company that is born, three die. This is for a variety of reasons, including the fact that no one collects, catalogs, analyses or interprets market data. But not only that: besides not doing so before entering the market, companies ignore these fundamental operations even during the course of entrepreneurial activity.
Companies have the opportunity to collect data from anywhere, mainly from their customers, an inexhaustible source of constantly changing information. However, according to a 2018 data security report by Gemalto, as many as 65% of companies surveyed said they could not analyze or categorize data. Worse still, 89% know the potential benefits of data analysis, but have no idea how to do it.
Only this first reason should be enough to convince you to become a data scientist. Think of the job opportunities.
Take advantage of new data management regulations
If you live in the European Union, you may have heard of the new data protection regulation that came into force in May 2018, the so-called GDPR. This regulation ensures that companies operating in Europe (including those based outside of Europe) are obliged to manage user data differently, informing customers of which data is being recorded and how. In addition, the EU obliges companies to delete such data when users request it.
As I said earlier, this legislation does not apply, for example, to companies operating in the United States, but I would wait to sing victory, because California will issue a similar regulation by 2020, the so-called ACFA. As a result, these regulations increase companies' dependence on data experts due to the need for real-time analysis and responsible data storage. Moreover, in today's society, people are understandably more cautious about giving up data than in the past, which is why the help of more experienced people is needed.
A career in continuous evolution
Careers with no growth potential remain stagnant, hardly evolve, until they become irrelevant to society. On the contrary, data science work offers ample opportunities for evolution in the next decade. Demand for this type of expert shows no signs of slowing down, and this is certainly good news for those wishing to enter the field of data science.
One change that is likely to emerge soon is that the title of data scientist will become more specific. In fact, at the moment it is possible to find data scientists in different societies but it is not necessarily the case that they do the same thing. I, therefore, advise you to specialize, as your qualifications and careers will become more and more specific.
Skills required everywhere
According to the latest data from Almalaurea (Italian), 94% of graduates in computer science have obtained a job with a net salary of at least 1,489 euros per month. This is certainly another factor that indicates that the career of data scientist is able to offer you a desk before other areas. More specifically, demand has increased significantly by 256% since 2013, so it is easy to see how companies tend to recognize the value of data scientists.
The increase in the amount of daily data
People generate data every day and most likely without thinking about it for a second. Analyzing current and future data, we can estimate that around 5 billion consumers interact with data on a daily basis, a number destined to reach 6 billion by 2025, three-quarters of the world's population. In addition, the amount of data in the world in 2018 amounted to 33 zettabytes, but projections show an increase to 133 zettabytes by 2025.
In summary, data production is on the rise and data scientists will be at the forefront of helping companies to use it effectively.
High salary and high probability of professional advancement
LinkedIn recently named the data scientist as the most promising career of 2019. One of the reasons it won first place is that the average salary is $130,000 a year. The LinkedIn study also examined the probability that people could get promotions and the score was nine out of ten. Of course, as in any industry, the data scientist must also show initiative and seize opportunities to excel, but the conclusions of LinkedIn suggest that companies intend to reward data scientists in the long term.
On the other hand, if companies do not see data scientists as a resource applicable to their future competitiveness and prosperity, they would probably never offer them promotion.
Were you aware of this huge job opportunity? Are you a data scientist?