One question I get asked around frequently is “What is your view about Data Science industry in India?” and it comes in various shapes and sizes. From the curious ones asking finer details about the industry, the optimists confirming that data science would be the fastest growing field in the next decade to pessimists asking whether data scientists would even be required 5 years from now? Since I get these questions very frequently, I hope that a lot of people would be interested in knowing these views. Hence, I thought I would share my notes and views on the industry.
If we want to act on data to get fit or reduce heating bills, we need to understand not just the analytics of the data, but how we make decisions. Whatever else it produces, an organization is a factory that produces judgments and decisions. Other than the connection with decisions, the two domains might seem to have little in common. After all, data science is typically discussed in terms of computer technology and machine learning algorithms. Behavioral nudges, on the other hand, concern human psychology. What do they have in common?
Successful Enterprises compete on many capabilities ranging from product excellence, customer service and marketing to name a few. Increasingly the back office / Information Technology (IT) is becoming a strategic player in the Digital Business Model which supports these key capabilities. In other words back office/IT Capability itself is becoming a differentiator. All of the key strategies like Customer Excellence, Product Excellence, and Market Segmentation depend on the successful Digital Business Model.