Leveraging data to secure success in the digital age
A data scientist has the technical ability to creatively solve complex problems.
Today more and more data is available and it is imperative for organizations to leverage that data in order to reap the benefits of this digital age. However, gaining useful insights from data can be a complicated task given the volume, the variety and the veracity of the data collected by organizations. Data science is playing a key role as it brings together statistics, computer technology and innovative minds to excavate usable data from a sea of unusable data. Data driven strategy is key for thriving in a digital economy and data scientists form the core of such strategies.
How data scientists help in leveraging data?
Data in its raw form is useless and we need to refine it for gaining valuable insights from it. This is where data scientists come into play. A data scientist has the technical ability to creatively solve complex problems. In order to excavate actionable insights from data, a data scientist undertakes the following tasks:
• Identify rich data resources that offer great value to organizations.
• Collect and store large data sets from multiple sources.
• Devise models and algorithms to quickly and accurately analyze data sets.
• Spot trends and recognize patterns that can be utilized by organizations.
• Visualize the findings and communicate them efficiently to all the stake holders.
For such tasks, a data scientist utilizes cutting edge technologies like and tools for which much skill is needed. The job of a data scientist is hard and challenging. However, a data scientist is much valued by organizations because they a skilled data scientist possesses the skill to leverage data!
How Malaysia is utilizing data science!
Malaysia is home to 25.08mil internet users and the digital transformation of the country has been phenomenal. Today the Malaysian digital economy contributes close to 20% of the overall GDP and expected to grow rapidly. The growth of Malaysian digital economy can be attributed to the vision of the country to make Malaysia a digitally empowered nation A powerful ICT industry, flourishing e-Commerce sector and growing application of data science- they all indicate how Malaysia has been successfully leveraging data with the help of skilled data scientists.
Take for example the case of Malaysia Airlines-
• Malaysia Airlines is the national career of Malaysia and was recently facing extreme pressure due to a break-neck-competition and increasing operational costs.
• Business executives of Malaysia Airlines decided on a data-driven solution to reach the twin objectives of profitability and enhanced traveler experience.
• The company streamlined data processing in the cloud and incorporated with Qubole- a data analytics platform provider, to increase the company’s data processing capabilities.
• Such data-driven strategies enabled Malaysian Airlines to introduce a real-time dynamic pricing process and achieve its objectives with success!
Malaysia is also one of the top locations for a career in data science. Being a data scientist in Malaysia in very profitable as the country is home to some of the biggest analytics companies like Fusionex and even a huge oil and gas company like Petronas is hiring a data scientist in Malaysia!