What is Data Science?

Let me put this in my own way,

Data - Facts and statistics collected together for reference or analysis
Science - The intellectual and practical activity encompassing the systematic study of the structure and behavior of the physical and natural world through observation and experiment.

Data Science - The scientific exploration of data to extract meaning or insight, and the construction of software systems to utilize such insight in a business context.

Data Scientist - Someone who does the above said.

Data Science Defined
Data Science is the art of turning data into actions. This is accomplished through the creation of data products, which provide actionable information without exposing decision makers to the underlying data or analytics (e.g., buy/sell strategies for financial instruments, a set of actions to improve product yield, or steps to improve product marketing).

What makes Data Science Different?
The differences between Data Science and traditional analytic approaches do not end at seamless shifting between deductive and inductive reasoning. Data Science offers a distinctly different perspective than capabilities such as Business Intelligence. Data Science should not replace Business Intelligence functions within an organization, however. The two capabilities are additive and complementary, each offering a necessary view of business operations and the operating environment. Business Intelligence and Data Science – A Comparison, highlights the differences between the two capabilities. Key contrasts include:
  • Discovery vs. Pre-canned Questions: Data Science actually works on discovering the question to ask as opposed to just asking it.
  • Power of Many vs. Ability of One: An entire team provides a common forum for pulling together computer science, mathematics and domain expertise.
  • Prospective vs. Retrospective: Data Science is focused on obtaining actionable information from data as opposed to reporting historical facts.

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