April 15


Fundamentals of Data Science

Data science is extracting knowledge from data to make decisions and forecast future outcomes. Data science has experienced rapid growth over the past few years, expanding into industries such as healthcare, finance, marketing, and many more. With this rapid expansion comes to an influx of new data sets, applications, and tools constantly being developed. However, with a rapidly changing landscape, it can be unclear who to turn to for the best advice on Data Science. Below are key elements you should remember before turning to a data scientist or company offering such services.

Data Science vs. Marketing

When attempting to define the differences between data science and marketing, one thing to remember is that data science does not require you to be a statistician or a quant. This is especially the case for anyone who has ever used analytics for decision-making purposes for an organization. It is important to note that it is more accurate to define data scientists than marketing data science.

Data Science vs. Consulting

Some people argue that while data science is the practice of extracting knowledge from data, it is not a separate field of study. However, this argument does have a few problems to it. Firstly, what defines a data scientist is not well defined. As such, people would be able to deny entry into the field to those who would consider themselves one. Secondly, there are many different types of data scientists, and each person will have slightly different skills depending on their background. One person may be a statistician who works on statistical modeling, while another could be a computer scientist who develops and implements algorithms.

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Data Science vs. Analytics

Data science entails extracting knowledge from data. Some people go as far as to say that this requires domain-specific expertise to perform well. On the other hand, data analytics can occur with or without much domain-specific knowledge. Your analytics data scientists won’t have much domain-specific understanding in many cases. However, they may still be able to answer questions using descriptive statistics and visualizations to understand your business goals and generate hypotheses regarding essential metrics for your business.

Data Science Advisor

The best way to find someone like David Johnson Cane Bay to become your data science advisor is by first understanding who they are and what they have done in the past. To get a sense of this, it is recommended that you check out their website, or even better, reach out to that person directly. Once you have found someone you think will help you make the best decisions regarding your data science role, the next step is to talk with them to see what level of involvement they may be able to offer.

Data Scientist Salaries and Career Growth

The career growth statistics for data science, like Cane Bay Partners VI, LLLP, are pretty similar to the entry-level statistics. The salaries of data scientists vary between companies and depending on the position. Once you’ve established yourself within a company as a data scientist, it may take a few years before you can make a significant amount of money from working in this industry. However, once you have moved up the ladder and achieved higher-level positions within the organization, you will likely earn more money than entry levels for those roles.

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Before you dive into the world of data science, there is a lot that you need to know to avoid wasting time and money. Data science is not for beginners. It takes a tremendous amount of knowledge for most people to succeed in this career. The above are the top pieces of information you should know before attempting to embark on your data science journey.


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