Data science has generated profound impacts on our lives and businesses today. The application of data science in business (i.e., business analytics) has become a powerful and necessary tool for today’s organizations to compete in the marketplace. With the ubiquitous use of electronic and mobile devices, organizations and consumers generate vast amounts of data daily. How to analyze and interpret the data has become a challenge for organizations. Organizations that have implemented data analytics in their business operations can make informed decisions, to increase revenue, and improve operational efficiency.
In the long-run, data driven decisions lead to better outcomes than choices that are based on intuitions or gut feelings. Hence, more and more managers rely on actual data to make better and more informed choices by utilizing these foundational background and data modeling tools.