Understand the Connection between Data Economics and Data Science

Just like Economics and Statistics have an unbreakable relationship; Data Economics and Data Science too have developed a strong bonding. It is undeniably true and realistic that data’s growing role in building a scalable economy depends on the seamless integration of innovation, technology, budget, job and consumer behavior.

In order to fully understand how Data Economics is influenced by Data Science, you should be familiar with the subjects and online course available with the leading Big Data Training Institute.

In this blog, I suggest the visible and latent relationship between data’s economic and scientific aspects. Read on.

Data Commerce Accounts for Major Sales in Big Data Industry

Think of data like a retail product. You should have an idea, a brand, a market and customer in that market. In the data market, who do you think is your ideal customer?

Well, it is mostly data analysts and marketing teams who either buy data from third-party vendors or have their own primitive data collection source that doesn’t meet up to the expectations of the current benchmarks of data management. In the ongoing race to deliver high-end customer experience and seamless product service, organizations are scaling their digital sales using Data, and it should not be hard to identify the layers of Data Commerce in such cases.

With Data Science driving the automation and analytics part, the sales factor in the big data industry is very much established.

Grow with your Data

Do you know about the top 500 companies in the world? The richest and the biggest in terms of budget, revenue and the size of customer base.

In 2018, the top 10 places belonged to the likes of Apple, Microsoft, Alphabet (owns Google), Amazon.com, Facebook and Alibaba.com. The push from the Data Commerce industry has been immense on these leaders. They are investing more dollars, skills and technology to sustain the Data Science projects. At least five to ten percent of their total annual budget is set aside to developing Data Science expertise. If companies have their own data science team, the chances of sustaining in a competitive market grows by 100% compared to those who are yet to decide or look into Data Commerce.

Big Data Applications: The Top 5

In the last 5 years, Big Data analytics has entered into the commercial operations of the biggest industries and verticals of the world. The top 5 in the list of biggest Big Data adopters include –

·         Banking and Finance

·         Technology – Software and Cloud

·         Consumer and Retail

·         Manufacturing

·         Healthcare

Given that there is a huge demand for Big Data analytics in the market, it’s a great time to gain clear insight into the field that you can learn in a Big Data Training Institute.

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