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Recap of Data Science News for April 2018

Data Science News - April 2018

Data Science News April 2018

Companies find it difficult to fill data scientist positions. Theweek.in, April 6, 2018

There are 45,000 open data scientist positions but many of them remain unfilled due to the dearth of skilled data scientists. 29% of top Fortune 500 companies have positions of a chief data scientist but it is challenging for organizations to fill up the open slots. Pinkesh Shah, the Chief Executive Officer of Bengaluru based Institute of Product Leadership (IPL) unveiled an App named -‘Data Science Aptitude Assessment’  which is available to  all Android users on their website. This app will help companies identify which employees among the current workforce have better aptitude for data science. The app provides individual scores in 5 aptitude areas which include Analytical and Critical Thinking, Statistical Aptitude, Curiosity, Quantitative Aptitude, and Data Science Awareness.A score of 8 and above in the app is considered high while 6 to 8 is medium and less than 6 is low. This app helps organizations understand the capability of a candidate in learning data science.

(Source : https://www.theweek.in/news/biz-tech/2018/04/06/companies-find-it-difficult-to-fill-data-scientist-positions-in-india.html )

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How Data Science Can Help You Grow Your Business Faster.Entrepreneur.com, April 11, 2018.

Data Science is the most current “tool” for businesses that want to meet consumer demand. Business owners of any sized company who leverage data science are likely to stay competitive and growing. 65% of business owners already admit that leveraging big data makes their business more competitive. Spending on big data is anticipated to reach $114 billion in 2018 and here’s how big data and data science is fuel business growth -

  • Better business decision making
  • Saves your business from needless spendings.
  • Helps analyse market trends
  • Helps define the target market in a better way.
  • Businesses can test new ideas

(Source : https://www.entrepreneur.com/article/311655 )

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Data science reveals Ireland’s best locations.GlobalBankingandFinance.com, April 11, 2018.

From Dublin to Donegal, millions of data points have been used by machine learning algorithms to discover Ireland’s most desirable places.SAS, the leader in  data analytics leveraged the platform’s capabilities in AI and machine learning to create a list from huge volumes of publicly available data that includes social media websites, review websites like TripAdvisor,geodata and other city studies. This machine learning algorithm learned from the data instead of making any model assumptions and then determined which is the best place based on various key criteria such as - distance covered by pavements,price of usual groceries ,width of footpaths, number of trees, and the amount of time a person spends in traffic every year.

(Source :  https://www.globalbankingandfinance.com/data-science-reveals-irelands-best-locations/ )

RBI to Set Up Data Science Lab by December 2018. AnalyticsIndiaMag.com.April 11, 2018

Reserve Bank of India has decided to set up a data science lab to add technical support in policy formulation. The data science lab is expected to be operation by December 2018 and would consist of experts and budding analysts who are specialized in computer science, statistics,economics, data analytics and finance. With multiple responsibilities such as debt management, currency management, banking regulations, reserves management, inflation management, financial market intelligence, and to maintain overall financial stability, it is important for RBI to leverage data science and apply the correct filters for optimal analysis.These are some of the reasons as to why RBI has decided to set up the data science lab to utilise the data.

(Source - https://analyticsindiamag.com/rbi-data-science-lab/ )

How GDPR will affect data science? Dataconomy.com, April 13, 2018

The General Data Protection Regulation(GDPR) that is set to be enforced in May 2018 has ignited a bit of fear across various professions and industries.One major area that is going to bear an impact of this regulation is data science.GDPR is one of the most strictest data law to date that will change the way a business stores, processes , transfers and analyses data.GDPR will impact data science in the following ways -

  • There will be restrictions imposed on the way businesses profile customer data and process it. As per the law , if profiling occurs then the business must notify the person involved , list what would be the consequences and provide the customer with an opportunity to opt out of it. There is a huge task for data scientists because any perceived bias within machine learning algorithms is likely to breach GDPR resulting in a fine of €20 million or 4% of the global turnover.
  • Consent of the person must be obtained for each and every use of personal data. According to the law, a consumer’s consent must be obtained if the business wishes to use the data for segmentation, clustering or for any other purpose.
  • The available pool of data is likely to decrease for data scientists with the consumers having to give consent for each and every use and separate consent particularly for marketing purpose.

(Source : http://dataconomy.com/2018/04/how-gdpr-will-affect-data-science/ )

Can data science save social media ? TechCrunch.com, April 18, 2018

After the social media giant Facebook failed miserably at protecting user privacy, the crucial question that remains unanswered is whether Facebook will be able to correct the privacy abuses and provide people with the power to build transparent communities. Facebook needs to embrace novel data science techniques to protect its two billion users.Moreover, Facebook should allow advertisers to get only the required user data to justify their expenditures.It’s time for Facebook to embrace homomorphic encryption (HE) and data provenance (DP). HE will generate consolidated reports about the psychographic profiles that will help advertisers target groups of prospective customers without knowing having to know their actual identities.HE will help Facebook keep the information safe from hackers whilst still allowing advertisers to extract the essence of data. HE would convert encrypted data strings of  numbers, do math with there strings and after that decrypt the results to get the same result as it would if the data is not encrypted at all.

(Source - https://techcrunch.com/2018/04/18/can-data-science-save-social-media/ )

Top 10 Python tools for machine learning and data science.Jaxenter.com, April 25, 2018.

Python is one of the most popular programming languages for data science and machine learning because of its wide coverage of libraries for scientific computing. Experts suggest that machine learning tends to have more of a Python flavor over Java as it’s more user friendly.Here’s a quick list of top python tools that have made it popular for data science and machine learning -

  1. Keras - Python Deep Learning Library
  2. Sci-Kit Learn - Popular for classification, regression, clustering, dimensionality reduction, model selection and preprocessing.
  3. Shogun- ML toolbox particularly for Support Vector Machines (SVM)
  4. Theano - Deep Learning Library
  5. Pattern- Web mining library
  6. Sci-Py- Provides libraries for common math and science oriented programming tasks.
  7. Dask- Provides parallelism for analytics.
  8. Numba - Open-source optimizing compiler to optimize Python syntax to machine code.
  9. Cython- Source-code translator based on Pyrex that lets you write C extensions for Python.
  10. HPAT - High Performance Analytics Toolkit , a compiler based framework for big data.

(Source - https://jaxenter.com/top-10-python-tools-ml-and-data-143764.html )

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