Big Data Outlook: The Future is Bright for Grad Students with a Data Science Degree
DATA SCIENCE | 3 MIN READ
Business—especially tech—is all about knowing what’s hot and what’s not. If you’re familiar with the latest trends and how they’ll shape what comes next, you’ve got a leg up on the competition.
Big data is one of the most notable buzzwords to crop up in recent years—and for good reason. Such large collections of information are already having a major effect on the world of business, government and community management. The big data revolution is here, and the future holds even more potential.
Students interested in a data science degree can prepare for a great career by understanding where the industry is headed. Here, we’ll break down four predictions for how data will impact the world during the rest of 2018 and beyond:
1. Big Data will be a Strong Asset for Businesses of Every Size
The idea of using large collections of data was quickly embraced by big corporations. American Express uses such information to get a more accurate forecast of customer loyalty and potential churn, while Netflix uses it to create appealing original programming. However, smaller businesses have been slower to catch on. There are many reasons for this lag. For instance, smaller organizations have:
- Fewer resources
- An inability to create the same volume of data as their larger counterparts
- Doubts that the trend will have an impact on their small-scale operation
This line of thinking could be a competitive disadvantage as the influence of big data spreads. Soon, an increasing number of companies will understand that every bit of information they generate is useful for making smarter decisions and operating more efficiently. Those that are slow to catch on will find themselves scrambling to catch up to the competition sooner rather than later. When the time comes, they’ll need talented data analysts to steer them in the right direction.
There are possibilities to extract data in just about every professional setting you can think of.James Kulich, Ph.D., Data Science Program Director