Frankly, Big Data isn’t anything without the involvement of professional skills that help turn cutting-edge technologies into actionable insights. While media, education, healthcare, securities, all have taken the advantage of big data, financial industry too has started opening its doors to it. By unlocking the power of Big Data, they have also raised the worth of a data scientist that knows how to push the worth of a high amount of data which currently exists within an organization.
There’s no doubt in the fact that the modern business arena is bombarded with data. As per a report in the year gone by, McKinsey estimated that “big data initiatives in the healthcare industry of the US could account for as much as $450 billion in decreased health-care expenditure or up to 17 percent of the $2.6 trillion touchstones of the cost of US health-care”. It is important to note here that bad data costs the US approximately $3.1 trillion annually.
Therefore, the value of analyzing and processing of data is highly evident. And this is exactly where the spotlight comes on a data scientist. While most professionals are aware of how hot big data science is, they are still unknown to the value that a data scientist holds within a company.