Is data-science the in-thing now for positive societal impact?
With entrepreneurship today witnessing the advent of smart solutions, there have undoubtedly been numerous instances wherein issues plaguing the vast majority of the Indian society have found mitigation. On deeper analysis, the key behind the smart models are the data which is derived from what is available in society.
Now, with data being the key criteria, Indian society has been witnessing the rise of numerous startups which are engrossed in crunching data to develop robust data-driven models such that a proper analysis of the issue can be undertaken to formulate smart solutions. Hence, data science becomes a smart part of today's smart entrepreneurship.
With data sciences being the focal point, Entrepreneur India analyses why this new trend is now the essential tool for a majority of smart entrepreneurial solutions.
Immense entrepreneurial potential
If you are a budding entrepreneur desirous of turning a data scientists in a bid to offer technical expertise to solve issues, data-driven models are today being seen as the crux for smart solutions and technology leveraging.
"The entrepreneurial potential in data sciences is immense," states Pinkesh Shah who is a Data Scientist and CEO at the Institute of Product Leadership.
As far as the micro aspects are concerned, the healthcare sector in India found mention as far as analyzing the potential for impact (through data-driven models) are concerned.
"Data-driven models in healthcare would take aspects such as diagnostics to the next level. Investors, while investing in healthcare-driven models tend to look at the depth in the technology," adds Shah.
Considering the sheer amount of data generated in a healthcare setup in India; when this data is collated holistically and analytics is run, the end result could potentially lead to the creation of smart healthcare models.
"In sectors such as motor insurance, there have been attempts by companies to use analytics to analyze driver behavior before premiums are calculated. Now, this is an opportunity worth emulating in India," believes Sameer Dhanrajani - Chief Strategy Officer at Fractal Analytics.
Your ability to crunch numbers could come in handy here, in tandem with automation as the entire process of analytics could be automated and results displayed on dynamic dashboards.
"Not everyone has to become a data scientist, but we certainly believe that every professional who is engaged in customer and business driven innovation should become data science savvy," says Shah.
Smart Investments in Data-driven models
From an investment perspective, venture capitalists also seek data science models that actually delve deep into technology.
"For health care tech, one of the other criteria we like to see is the 10x factor - meaning are they doing something (using AI) that gives a 10x better solution than the current state of the art?," informs Manish Singhal - Founding Partner at Pi Ventures.
Also, with the latest disruptive technology elements via the Internet-of-Things (IoT), Artificial Intelligence (AI), Machine Learning (ML), and Predictive Analytics operating over data, it becomes obvious that these technologies form the crux of modern-day smart models.
"Healthcare provides the right setting for big data analytics with enormous patient data in the form of diagnostic reports, radiological images, clinical observations, and so on," states Yogesh Bhatt, Vice-President at Manipal Prolearn.
Hence, data sciences today deserves leveraging as far as developing entrepreneurial models are concerned. It should not hurt you to observe these aspects deeply.