The profile of Data Scientist is one of the most in-demand today and will continue to be in the future. Its role is essential because it translates the available information into power for companies.
Moreover, not only large corporations such as Amazon is able to exploit the potential of data analysis. Thus, in this article you will discover what the role of Data Scientist is in Startups.
The role of Data Scientist
A Data Scientist is capable of understanding new technologies, programming and managing data analysis tools to provide information that facilitates decision making for the company.
In a simplified way we can say that they are in charge of capturing, processing, predicting and analyzing data. And, afterwards, translating the conclusions into a language suitable for all audiences.
They are professionals with a very complete technical training and specific business knowledge that will allow them to take full advantage of the data generated in your start-up company.
Solution to uncertainty…
When a firm is in an initial phase where it is still considered a Startup, there are many aspects that still need to be decided and done. In the same way, there is great uncertainty about how the product will be received by the market.
In this case, the Data Scientist is able to perform AB statistical tests and know the feasibility of a product, thus helping to answer many of the open questions.
For this same reason, it is key to be able to identify aspects to track and the predictive models that will allow to anticipate consumer behavior.
Is it costly?
Another aspect that worries Startups a lot is costs. However, hiring a Data Scientist should be considered an investment and not a cost.
Since their work will automate many tasks and lead to an increase in operational efficiency and profitability of the company.
The culture must change, data must be treated as a business asset, its use is capable of generating value in the short and long term.
Has it ever happened to you that you have talked about a topic and afterwards an ad pops on you phone?
This action has been created thanks to Machine Learning. A discipline that belongs to the field of Artificial Intelligence and is capable of creating systems that learn automatically.
Therefore, using Data Science it is possible to extract buying patterns that humans are not capable of understanding and coding. In this way, complex algorithms such as RandomForest and XGBoost can be used to see which customers are most likely to buy and focus on them, saving time and money.
If you want to continue learning, with our Master in Data Science you will be able to carry out your own practical Machine Learning projects.