“DATA IS THE NEW OIL, WE NEED TO FIND IT, EXTRACT IT, REFINE IT, DISTRIBUTE IT AND MONETIZE IT.” – DAVID BUCKINGHAM
Data science is the process of extracting insights and trends that are hiding behind the data. Machine learning, a method of data analysis uses statistical techniques and predictive models which gives the system the ability to learn with data. A data scientist’s job has been acclaimed as the sexiest job of the 21st century. So what do data scientists exactly do? They collect data from various sources, clean it for uniformity and then apply various algorithms & statistical models. Finally, they identify patterns, trends and provide business solutions to their clients. Sounds cool, doesn’t it?
We all use products or services based on machine learning or in short ML in our day to day life such Google search engine, ad placement, stock trading, computer vision, drug design, Face Detection – Facebook photo tagging, Span email detection, Recommendation system by E-commerce giants such as Amazon and Ebay. Every tech company is making use of these ML Algorithm to provide a perfect user friendly experience and simultaneously multiply profits by increasing business.
The basic entity – data:
Data is in structured and unstructured form. Structured data refers to information with a high degree of organization, such that it can be included in a database to readily perform analysis; whereas unstructured data is essentially the opposite. For example of an unstructured data, an email holds information such as the time sent, subject, and sender but the content of the message is not so easily broken down and categorized. This can introduce some compatibility issues with the structure of a relational database system.