The dynamic nature of data science has made it pivotal across industries. Data science is constantly evolving, with developments in scientific methods, algorithms, and systems.
Many industries rely on data science to turn raw data into valuable insights, but what are the main data science trends in 2024 that businesses need to be aware of?
What is Data Science?
Data science is the field that takes raw information and extracts insights and knowledge from both structured and unstructured data. By transforming this raw data into something meaningful, it can help businesses interpret information and guide decision-making, with expertise including:
- Statistics
- Computer science
- Domain-specific knowledge
- Data engineering
- Machine Learning (ML)
- Data visualisation
- Business acumen
- Ethics and privacy
How has data science changed over the years?
Increased digitalisation and the use of technology means that there is more data for businesses to process than ever before. The use of Artificial Intelligence (AI) and Machine Learning (ML) allows the automation of analysis of data, helping businesses make predictions and guiding decision-making at all levels of operation.
Emerging data science trends 2024
At Catalyst BI, we know how vital data science is to businesses across the globe. Staying ahead of the latest data science trends allows you to get the most out of your data, unveil new insights, and help you predict the future.
Natural Language Processing (NLP) in data science and explainable AI (XAI)
Natural Language Processing (NLP) has become a key part of Business Intelligence (BI) platforms. Sometimes referred to as Natural Language Generation or Natural Language Understanding, it has revolutionised our ability to analyse and interpret data, as it is capable of processing human language. Speech tagging and an extensive range of language models can be used to enhance data.
This, in turn, supports the use of explainable AI (XAI). This focuses on utilising models and algorithms that can provide you with clear explanations for decisions. Previously, many businesses would simply have data interpreted by AI with no information as to how this conclusion was reached. Now we have access to detailed explanations, which has been especially helpful for businesses like yours within healthcare, law, and finance.
Augmented analytics, Artificial Intelligence (AI), and Machine Learning (ML)
The impact of AI and ML is extensive and is completely changing the way that businesses function. This is especially true within data analytics. These tools can enhance your understanding of data, with cloud-based AI platforms like DataRobot empowering businesses to make informed decisions through data analysis.
When integrated correctly, both AI and ML can uncover patterns in data by analysing an extensive amount of information at once with predictive analytics. Augmented analytics can also be used to automate more repetitive tasks. This allows businesses to introduce a culture of data-driven decision-making.
Cloud migration and data accessibility
Legacy data warehouses can be extremely restrictive. Cloud data storage solutions are rapidly becoming one of the preferred solutions, as they can easily be scaled to suit the needs of your business. No matter where your data or users are located, our cloud data platforms create a unified experience.
This makes accessing data when needed so much easier. You can allow access and share data with ease without the need to physically move it. Many cloud data services also have extensive data governance embedded to give you the highest levels of security and keep data safe.
Democratic or self-service data
More businesses are opting to use self-service analytics, where they might hire a data analytics consultant or service provider to educate their team on their chosen data analytics tools. This empowers your teams to deep dive into the data for themselves, instead of relying on an external team to do that on your behalf.
The move towards the democratisation of data is one of the biggest trends we will see this year. It inspires both in-house experts and non-technical users to gain meaningful insights from data. At Catalyst BI, we have expertise in both data analytics and data consultancy and can help your business gain greater insights into operations. Read some of the reviews from our loyal customers below.
Staying ahead of data science trends in 2024
The latest data science trends in 2024 enable businesses to stay at the forefront of this evolving field. Each trend benefits businesses like yours in different ways, and integrating explanative AI and Natural Language Processing into data science will give your business a competitive edge.
At Catalyst BI, we understand data science and make it our business to help your organisation thrive. Our dedicated team has more than 15 years of experience and will partner with you to integrate the latest data science trends into your operations.
Book a call today with one of our consultants and see how we can help you.
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