How data science is changing the way businesses leverage information

Data scientists use their combined skills in math, science, and statistics and combine them with the knowledge they have of the industry they’re working in to draw meaningful conclusions from large quantities of data in order to provide recommendations and insights for their employers.

As the world around us becomes increasingly digitized and data-driven, the ability to work with huge amounts of information is becoming more and more important. As experts predict we will have generated 163 zettabytes of information by 2025, the data scientist profession will only become more vital for streamlining business processes. In fact, Glassdoor ranked data science as the #2 job in America in 2021.

As data scientists are no longer restricted to tech giants as they have been in the recent past, even small to mid-sized startups are looking to employ data scientists. And this is for good reason — companies in the top third of their industry in the use of data-driven decision making were on average 5% more productive and 6% more profitable than their competitors, according to The Harvard Business Review.

 

Why data science is a growing field

Data scientists have a lot to offer to a variety of industries from manufacturing to hospitality — and everything in between. Data scientists use invaluable insights to change the way we conduct business, leading to better opportunities and cost reduction solutions.

Since artificial intelligence is becoming more and more accessible to even small to medium-sized businesses, data science has been consistently gaining popularity and effectiveness. With AI, companies can scan the vast amounts of data available to provide key insights to their business processes, all made possible by the huge amount of data collected daily by the worldwide web. 

On average, Americans use 4,416,720 GB of internet data every single minute. This is prompted in part by the explosive growth of connected devices and enhanced networks. And for data scientists, this provides new avenues for streamlining business processes.

As innovations like 5G networks expand, the sources of big data continue to grow exponentially. From carefully targeted advertising to self-driving cars, big data drives almost everything we do in the modern age.

Innovations with big data allow companies to improve their productivity and decrease expenditures, which is one of the many reasons why data science is moving into industries that you may not have previously considered. Big data is even helping businesses survive the economic downturn caused by COVID-19.

For example, Johnson & Johnson is using data to track the pandemic and forecast potential virus hotspots. According to Najat Khan, Chief Data Science Officer for Janssen Pharm, “As the pandemic has continued, sustained lockdowns have given way to more intermittent restrictions.” Because countries, states, and municipalities are turning restrictions on and off as cases rise or fall, the team has developed dynamic models that take these variables into account. The same company is also using data to learn more about who might be at the highest risk of getting infected. Johnson & Johnson has also been leveraging data insights to help make informed decisions about when and how to return to the workplace. They have developed something called a COVID lens, which tracks factors like COVID-19 test sensitivity and specificity, the prevalence of the virus in the community, and the number of people working on-site.

Since AI adoption has skyrocketed in recent years, nearly half of all surveyed organizations admit to having applied artificial intelligence to at least one function. On top of that, many more organizations are investing in data-driven solutions. The need for data scientists is predicted only to expand as the accessibility and power of data become more and more common.

How technology rentals are aiding in data science research

Data scientists are vital to the success of an innumerable amount of businesses across all industries — from securing business processes to meeting international data security standards to connecting new patterns in business trends. These data scientists are helping businesses navigate the world of data collection and applications — which can take a lot of processing power. 

While some businesses have the luxury of being able to equip their data scientists with the latest and greatest technology, others may fall short due to insufficient funds or because research is being done on a government grant. However, many businesses are turning to technology rentals to equip their data scientists with the latest and greatest technology for a fraction of the price. Technology rentals and services are especially useful for researchers operating on government grants, small to medium-sized businesses, or companies that are operating a temporary data science project.

During the IT boom of the late 1990s and two decades following, there has been consistent electronic content creation, transactional data generation, and streams of data logs created. Because of this, nearly every organization is now sitting on a pile of data that has the potential to be incredibly valuable. How are you using your company’s data?

Equip your data scientists with technology rentals

Are you looking to equip your staff with the tools they need to streamline your business processes? Data scientists operate most efficiently with the best and latest equipment at their disposal. From servers to laptops, to high-powered desktops, and other office equipment — equipping your employees doesn’t have to be a costly venture when you consider technology rentals.

Tech Travel Agent Randy MooreWhen you book a technology rental with Rentacomputer.com, you get all of your equipment preconfigured with any of the programs necessary for big data analysis.

Do you have any questions about rentals for the field of data science? Contact Randy, one of our experienced rental agents, for any questions you have about available devices, cost, or the rental process. Contact Randy today at 1-800-736-8772 ext. 225 or fill out a quick, easy online quote form.

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