Data Science is the field of finding out solutions to a particular problem by analyzing the data that are fact-based and real-time in nature. For instance, suppose a company is facing problem with its sales or marketing or profit margin is shrinking etc. In such a scenario, the company will reach out to a data scientist who will execute a particular process. The process could be in the form of :
Identification the data analytical problem ie whether the fluctuation is due to pricing not set right, or specific marketing fluctuation which is constant for all other products or is it specific to this organization alone. So all these are analyzed and the data scientist will find out the actual underlined problem.
Gather all the information related to the problem in hand.
Dataset could be in a structured or unstructured form. Structured form could mean a file in a tabular form such as excel, mysql, sql server etc. Unstructured form could mean images, videos, audio, social media site etc.
Data collected from various sources must be cleaned and validated to ensure accuracy, completeness and uniformity.
Try to find out what model that fits the best for the given problem. The dataset is aligned to a particular model and algorithm is applied to this data, and the data is analyzed and different trends and patterns are extracted out of it.
Once patterns and trends are found out, the interpretation of data to discover solutions and opportunities is done for our company and find different solutions.
Communicate these findings to stakeholders using visualization for better understanding.
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