Ivy’s Data Science Weekly 07042021

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Data Science Weekly

We welcome our weekly news section to discuss news, developments, and research about data science, artificial intelligence, and machine learning in the past week.

The availability of massive data is driving the FinTech industry to harness the power of the hidden gems that only data analytics can deliver.  The FinTech industry has witnessed a massive shift owing to digital transformation. Not only the banks but also the e-commerce platforms have astronomical amounts of data. These are generated in the form of transactional and non-transactional data. The top three ways in which data science is being leveraged by the FinTech industry are : 
  • Fraud detection and prevention
  • Credit scoring models
  • Customer lifetime value models
There was and always lie a crucial opportunity for businesses to drive engagement, higher customer satisfaction, and elevated experiences.
Being an American multinational technology company, Amazon is an e-commerce establishment that also deals with great innovations in data science. In addition to innovation, the company is always two steps ahead in understanding its customers. Amazon implements a data science strategy to attain success. The company uses a recommendation-based system (RBS) to gather data from their customers, which is termed big data. More data means more understanding of customer behavior which is later used to streamline the process to encourage the purchase cycle. Amazon implements a data science strategy to understand the needs and instead of the customers searching for similar products, it provides the products in the recommendation. This is done with the help of collaborative filtering. It tries to build a profile of you while you search for the products. It has many such profiles and through the help of collaborative filtering, it serves you with the product that similar profile people have purchased.
NASSCOM reports have indicated that 70% of the Indian workforce would need to reskill themselves in data science areas by 2025. The hype around data science, machine learning, and artificial intelligence being niche qualifications that could land individual lucrative pay packages has made youngsters and professionals wanting to upskill/reskill themselves. The biggest problem today is the commoditization of education. Individuals and corporations alike would like quality courses to be offered by the best faculty at the lowest price. Of course, there are very talented individuals whose quest for knowledge is insatiable. It is critical that we goad students towards understanding key concepts, enjoy the learning process, and encourage creativity. 
AIM Research, in association with AnalytixLabs, has launched the seventh edition of the annual study of analytics salaries in India — AI & Data Science Salary Study 2021. It investigates the salary trends and provides a comprehensive view of the changing landscape of AI and analytics salaries. The 33-page report carries ten sections highlighting the salary distribution of analytics professionals across various brackets along with salary trends across cities, experience levels, industries, data science roles, company types, education qualification, gender gap, and tools.
 
Despite the pandemic, the data analytics function is experiencing significant growth. One in five (21%) analytics teams across India witnessed growth in the last 12 months, and the post-pandemic job market saw an upswing of data science jobs. However, the study by AIM in association with AnalytixLabs noticed the drop in the salary of AI and data analytics professionals in India in 2021. The median salary dropped by almost 7% compared to the previous year. In addition to that, the data collated from various online sources like LinkedIn and online job portals along with group discussions with significant analytics firms, found the median salary of analytics professionals in India dropped from INR 14.4 Lakhs in 2020 per annum to INR 13.4 Lakhs in 2021.
A business wants to make a return on this investment. With its reliance on a community of physically dispersed individuals and flexibility of adoption, open-source data science is becoming an obvious choice. This is an even more attractive choice among cash-strapped governments, non-profits, and businesses. Not only Data science and but also Machine Learning have made their way from an obscure academic discipline to widespread corporate adoption over the past decade. The academic community has a natural preference towards open source. Private companies, on the other hand, have a much stronger incentive for proprietary technology. It is an expensive endeavor to develop software systems. 

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Ivy Professional School will continue to bring the latest to its learners through a weekly news blog.  The growth in data science is huge and 2021 is becoming the turning point of the 21st century. However, the current requirement and demands outnumber the talent available in Data Science. Join our prestigious diploma certificate program backed by NASSCOM, Government of India to propel your career. Have trouble deciding take a look at all our courses and reach out to us here. We always strive to provide the best learning experience to our learners. Listen to our students.

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