What is this buzzword of data science and AI?
What does it literally mean, and why should business care? Let’s consider some of the most popular buzzwords and realize the actuality behind the hype.
Data science
We’ll begin with the prominent one — what does data science indeed propose? It began with Coca-Cola’s Chair in Engineering Statistics at the Georgia Institute of Technology, Professor Jeff Wu, who first familiarised the catchword data science during a presentation more than twenty years before. Earlier the term statistician was extensively used instead, however, Professor Wu took the view that Statistician no longer included the range of work being done by statisticians and that Data Scientist better summarised the multi-faceted position.
Now, data science involves something very different. The most useful definition we can apply is that data science is the proactive use of data and excellent analytics to shoot better decision-making. It isn’t some obscure unicorn that will fix all of an organization’s problems but is a functional approach to using the information in an intelligent, more business-centric way.
