23 Sep Debunking Data Science Misconception
Data is at the center of everything that we do. From electronic messaging to every website we visit. Everything action that we take contributes to data. It is however surprising to know that some millennials do not understand the big role data play in our daily activities as well as how it affects our business.
I came across a comment on social media quoted below:
“I don’t want to sound pessimistic, but experience has shown that Nigerian businesses, in general, has no time for this financial data analytics. Most organisations hardly involve data in their day to day business decisions. To many of them, their Accountants are a little more than errand boys to provide minimal info as and when needed. Asking someone to pay 300k for a course that is not even viable in the country is not only absurd but smacks of irresponsibility. If the course is such high demand, in the employment market why turn to training? This is the same way some group brought Forex trading sometime back and hyped innocent Nigerians of their hard-earned money, only for them to later learn that trading in the forex business is not just a few days lecture, and “voila” you start making money. They have started again. Please for goodness sake, find out how many employers of labour needs Machine Language specialists before you plumb down your money. A word they say is enough for the wise.”
If this is you, there are a few things you should know:
NDPR laws require each organization to have someone that handles their data as a job role and it’s compulsory. Now while this is mainly for managing customers’ privacy the skill set is usually related to data analytics to do beyond that
The major companies in Nigeria are all using data analysis to make their decisions. You cannot approve or calculate loan risk without some form of Dara analysis and most organizations are providing loans now.
Companies like Deloitte and PWC are actually raking in money for data analysis of financial data and user experience and cross-selling. You have new departments in an organization like digital analytics such as digital transformation.
Data analytics will be one of the most in-demand jobs 5-10 years from now. Anybody who doesn’t know it will be the typewriter user in the computer age. It is not a fad at all.
Comparing data analysis with forex trading is actually laughable. What people learn in forex trading and what they teach in Nigeria that became mass demanded is the tip of the icebergs shadow to the complex calculations that real forex traders actually use.
I can go on and on and on. Organizations have been collecting data for years and they won’t stop. They are all trying to make sense of it and the organizations who do will become more successful than others. This is a fact