Data is the new oil of the digital economy
In today’s digital economy, data is presumably more valuable than ever. Like oil in the 18th century, data in the 21st century is nothing short of a vastly untapped valuable asset. Similar to oil, individuals who are aware of data’s fundamental value and are learning to extract and use it might eventually reap huge rewards.
What is data science?
Data science refers to the building, cleaning, as well as organising of datasets. Data scientists develop and leverage statistical models, algorithms, and custom analyses to gather and ultimately shape raw data into something easier to comprehend.
Data scientists utilise these key functions to lay the groundwork for the analyses an organisation performs:
- Data refining: Refining data by cleaning and organising the data to be readily used.
- Data modelling: Running said data through various models like classification, regression, and more for the purpose of identifying relationships between variables while simultaneously gaining insight from the figures.
- Programming knowledge: Writing computer algorithms and programmes across numerous languages such as Python so that they can be used to then analyse sizeable datasets with increased efficiency as compared to manual analysis.
While these are duties performed only by data scientists and less likely by other professionals, proficiency in these sets of skills can allow you to assess as well as draw insights from your business data. This dramatically heightens the value you bring to your company while significantly reducing your reliance on colleagues.
What is data analytics?
On the other hand, data analytics focuses on the practice and process of analysing data to recognise trends, draw out insights, and answer questions. Depending on the analysis conducted, this can be done with a variety of frameworks, techniques, and tools. Applying these methodologies in a business setting equates to analytics; a primary goal is to extract relevant insights from data that a business can use for its strategy to achieve its respective objectives.
Business analytics can be leveraged in a variety of ways:
- Descriptive analytics: focuses on what happened by looking at the data to examine, comprehend, and report something that has already happened.
- Diagnostic analytics: focuses on why it happened, a step deeper than descriptive analysis.
- Predictive analytics: focuses on what will happen by relying on past trends, historical data, and assumptions.
- Prescriptive analytics: focuses on how to make it happen by seeking to pin down specific actions that organisations should ideally take to ultimately reach desired goals.
Future of data science and data analytics in Singapore
As the years go by, the data industry in Singapore has seen massive growth. Data science and data analytics are regarded as vital growth sectors because they allow the government and businesses to enhance competitiveness, boost productivity, and facilitate rapid growth as Singapore progresses to become a Smart Nation. Following that, the need for data interpretation and management has significantly increased the demand for data professionals. In particular, professionals who can integrate their business skills with data knowledge and extract relevant information from massive datasets are highly sought-after.
That said, according to LinkedIn’s Emerging Jobs Report Singapore, jobs in the field of artificial intelligence and data science are rapidly growing in Singapore. Data Science and Artificial Intelligence related roles also appeared in its list of the Top 15 Emerging Jobs and Skills that employers look for in Singapore.
Career switching to data science and data analytics in Singapore
Engaging in a mid-career move is never easy, especially in technical fields such as data science and data analytics. While you might be eager to be a part of a high-demand industry with a plethora of openings for new data-driven professionals, you may find that it comes with its own set of challenges. Though it is wise to switch to data science and analytics now that more organisations invest in data science and analytics talent to stay ahead of competitors, how do you ensure that you, an aspirant data science or data analysis working professional, transition seamlessly into a new industry?
Here are things to consider before you make a move to these industries:
1. Data science vs data analytics: knowing the differences
While data science revolves around predictive modelling and machine learning, data analytics happens to be much more in-depth and concentrated. Data analytics is the process of viewing historical data to obtain insight that can be used to refine certain things.
2. How and where to upgrade your skills and credentials
There is only so much you can learn independently, even with the vast amounts of learning material available online. Thus, it would be best for you to enrol in an established graduate school that can teach you all the skills and expertise you need to succeed. While not necessarily compulsory, obtaining a data science and data analytics diploma in Singapore can also help significantly boost your competitiveness in the job market.
A career-boosting graduate diploma programme for non-IT professionals
At Aventis Graduate School, we collaborate with industry leaders, including AI Singapore and DataCamp, to offer an extensive suite of graduate diplomas and masters degrees in data science, data analytics, and artificial intelligence.
A unique opportunity to learn data science and artificial intelligence in 6 months. Equip yourself with practical knowledge to guide your team to solve business problems using data science when you join us at Aventis. Furthermore, you can also develop your ability to use data to derive meaningful insights for your business.
No programming knowledge required
Starting from the fundamentals, with no prior knowledge of programme languages required, our array of part-time diploma programmes will equip our learners with in-demand skills using Power BI, Tableau, Python and other machine learning algorithms. Aventis also collaborates with SGInnovate to bring together over 7,000 regional and global corporations who represent go-to-market help, joint product development, and investment funding opportunities with exciting career opportunities for our students and alumni to explore career opportunities in these new fields through career talk, virtual job fairs, and fire chat. Have a chat with our consultant to find out more about identifying the skills you already have and the gap you must fill to make a successful mid-career switch.
Are you ready to accelerate your career by developing a data mindset that can help inform your business decisions? With many exciting opportunities and numerous job positions available today and in the future, the field of data science is certain to only become more relevant as the years go by. As technology continues to progress and more businesses leverage said technologies to their advantage, data scientists will become integral to their success. That said, if you are interested in elevating your career path and securing a stable job position for years to come, getting a diploma in data science and AI is undoubtedly a good choice.
If you are wondering where you can attain such a diploma and a holistic learning path that enables it, look no further than Aventis Graduate School. As an established and trustworthy education partner, we boast a spotless track record of 15 years and counting, and well over 3,000 alumni that have found success with their newfound knowledge. Aventis is and always will be committed to offering nothing less than the best graduate programmes today, such as Master of Science in Artificial Intelligence, Masters in Counselling, and executive MBA courses in Singapore. Our motto is to aspire to new ambitions, achieve career success, and accomplish meaningful goals—instilled in all our expert and dedicated instructors—we hope it is something you take inspiration from while we help you achieve your career goals today and for the future.