Data plays a crucial role in various aspects of our lives. Hospitals maintain extensive records of
medical reports and prescriptions for their patients. Similarly, banks store detailed transaction
information for thousands of customers, while the stock market tracks minute-to-minute changes in
share values. The ubiquity of data underscores its significance in today's world. Given its
importance, effective mechanisms for data storage are essential. Data originates from diverse
sources, including businesses' sales, purchase, and production departments. These data are
typically stored in a centralized system known as a 'data warehouse,' serving as a repository for
integrated information.
Once data is securely stored, retrieval becomes imperative. For instance, businesses may seek to
analyze their expenditure on raw materials over the past six months or identify the number of
defective items in their production units. However, navigating through vast datasets within the data
warehouse to extract such specific information is challenging. Therefore, data analysts are pivotal in
retrieving and analyzing data to address management queries. Their expertise is vital in interpreting
data effectively to facilitate informed decision-making within organizations.
Following data analysis, IT professionals are responsible for presenting findings in easily
understandable formats, such as graphs or charts, for management review. This process, known as
data visualization, aims to convey complex information clearly and efficiently through statistical
representations. By visualizing data trends and patterns, management gains insights into the
company's performance and can make informed decisions about future strategies. Overall, data
science encompasses a range of techniques aimed at extracting, analyzing, and presenting data to
support informed decision-making within businesses. Professionals engaged in this field, known as.
‘Data Scientists,' play a crucial role in leveraging data to derive valuable insights and drive
organizational success.
Author:
Prof. Vandna Gautam Sharma
Assistant Professor, AIML
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