The emergence of technology: Data Science

Introduction 

LEAP is a worldwide technology event that has taken the globe by storm. It will be hosted for the second time in Riyadh, Saudi Arabia, from February 6 to 9, 2023. The event will feature various speakers and visitors from all over the world. This event will occur over four days. Visitors will have the opportunity to network with thousands of regional and international guests, listen to 500+ inspiring speakers, and learn about future technology from 700+ exhibitors and start-ups.

Why Is Data Science Becoming Important Today? 

Data are essentially the plain facts and statistics gathered during the course of a business's operations. They can be used to measure and record a wide range of internal and external business activities. While the data itself may not be very informative, it serves as the foundation for all reporting and is thus critical in business.

The statistics demonstrate how omnipresent data science is in business. According to a market analytics report in 2019, the size of the world market was $3.93 billion. It is anticipated to continue growing between 2020 and 2027 at a Compound annual rate of 26.9%.

 How Can Data Science Add Value To Business?

Businesses can lose up to 30% of their income due to inefficiencies. Customer data refer to metrics related to customer interactions. It could be the number of jobs, inquiries, income received, expenses incurred, and so on. We need data to understand our interactions with customers.

Data allows organisations to evaluate the effectiveness of a given strategy: When strategies to overcome a challenge are implemented, data collected will allow users to determine how well the solution is performing and whether your approach needs to be adjusted or changed eventually. 

Is there a demand for Data science in Saudi Arabia?

Digital transformation is a key component of Saudi Arabia's Vision 2030 and, by definition, can be applied to the digital transformation of organizations, processes, and systems. Data science and analytics are at the heart of this transformation and agents of change for organisations to reinvent their processes, communication, experience, and overall efficiency. Its benefits are felt across all sectors, private and public. 

According to Word Data Science Initiative, there is a demand for data analysts and scientists because almost 80% of worldwide businesses are investing in a data analytics section 

Large amounts of data can aid in the transformation of the customer experience and the retention of customer relationships. Because data science can help provide a more personalised experience for customers, automate menial tasks, and free up time to focus on more important tasks.

The Kingdom of Saudi Arabia is moving forward toward its stated goals with determination and precision as it enters a very critical period in its history. In this climate, the need is for businesses to bring their knowledge and expertise to the table and collaborate with the authorities to achieve a digitally changed Saudi Arabia by 2030.

The first step toward digital transformation is gaining knowledge of what exactly needs to be transformed and avoiding the pressure to invest in technology for the sake of showing effort. The first step is to develop a thorough understanding of the areas that can benefit from digitalization, followed by a strategic roadmap of how this will be accomplished. The most impactful would be in the fields of data science and analytics.

The business outcomes will ultimately prove that the investment in digital transformation, from a technology or process standpoint, was worthwhile.

Data analytics and trends such as artificial intelligence prove that the opportunity is not one that is purely for business expansion but to be a part of a larger and more impactful development of the country.

Conclusion

Data science and data analytics are the future of digitalization. They can aid in increasing customer satisfaction, improving strategic outcomes and reducing employee effort spent on menial tasks. Digital transformation is a key component of Saudi Arabia's Vision 2030 and data science can be an important component in bringing that impactful change.