Data science is a relatively new field that is constantly evolving and rather difficult to define at times. At present, no company can afford to ignore the value of data in growing their business. For this reason, a growing number of companies are employing data scientists as individuals and in teams in order to make sense of the growing goldmine that is consumer and market data.
In this article, we will explore the future demand of data scientists. Since the importance of data science in business was covered in another article, the focus here will be on the likely change in the nature of a data scientist’s day-to-day function.
Job Losses Due to Automation
Data scientists automate processes in order to streamline and simplify business and get the latest, most accurate results and insights in an instant. This has led many to believe that this field could be obsolete in the space of ten years, since data scientists would, in effect, automate themselves out of a job.
These assumptions are based on flawed data. In order for data management systems to work properly and effectively, human oversight is still necessary, even if only at a high level. Machines are able to take care of highly complicated and sophisticated calculations, but they will never be able to replicate the intellectual thinking of humans. For this reason, the daily work of data scientists is likely to become increasingly intellectual and higher-level with an enormous collaboration and interfacing with complex data science algorithms.
According to indeed.com, there are currently 11 000 open positions for data scientists, which is living proof that data scientists are, in fact, not working themselves out of a job and that industry and business are both in dire need of skilled, trained data scientists.
Clearly Defined Career Paths
Data science is an interesting amalgamation of various disciplines and fields of knowledge. For this reason, few people employed as data scientists are pure data scientists, in the manner that you would find pure statisticians or engineers. As this field progresses, the definition of a data scientist and their role within a company is likely to become more clearly defined. This would allow young professionals entering the workforce to choose a clear career path as a data scientist as opposed to the present, almost hodgepodge approach to building a career in data science. Study opportunities focusing purely on data science are also likely to emerge.
At present, data scientists are able to add immense value to a company at a relatively early stage in their career. This is in part due to the nature of the field, since these experts explore areas that are central to fast-tracking business growth. A drawback of this is that staff members could feel that they have reached their peak at an alarmingly early stage of their career, potentially leaving them despondent and feeling that there is no further possibility for career growth.
As this field grows and matures, this hurdle to professional growth is likely to be overcome, leading to clearly defined career paths and excellent opportunities for professional growth. Even as we speak, there are some senior-level employees who function purely as data scientists, effectively acting as role models and mentors to younger data scientists. This indicates the ability to have a senior-level impact on a company as a data scientist.
Function in the Workforce
Data scientists answer business and industry questions based on solid research. To this end, they leverage large volumes of data originating from several internal and external sources.
In order to employ predictive and prescriptive modelling, data scientists employ sophisticated analytics programs, machine learning and statistical methods. After employing these models, the data is explored and examined in order to find hidden patterns that could be useful to business or industry. In future, a portion of this function could be automated, but there are real limits to automation, as will be discussed in a later section.
Armed with these insights, data scientists will lead executives and key stakeholders to make informed decisions for the future of their businesses. It is clear that data scientists would function as trusted and skilled advisors to executives and stakeholders.
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