Data Science: The new diamond and platinum ‘of our era’
BUSINESS REPORTER
Monica Gondo (pictured), coordinator of the Master of Technology program at Harare Institute of Technology (HIT), has stated that data science is “the new diamond and platinum of our era”.
Data science is used as a tool to efficiently harness the growing volume and complexity of data being generated to drive sustainable development.
Speaking to Business Times on the sidelines of recent Data Science conference, held at HIT, Gondo stated that the university was playing a critical role in the training of the workforce in the emerging technologies.
““Data is important . It’s the diamond and platinum of our era,” Gondo told Business Times.
She added: “And as an institution, we are trying to capacitate the work force to be able to do so. And for the industry, we need their help because when our workforce is trained, they need data to exercise their knowledge, to exercise the training they have done . My biggest request to industry is please let’s have the data available for our students, our researchers to be able to use it , to help you.
“We as HIT, an academic institution, we do try to play our role in these new emerging technologies. If you see all these industries, they are generating a lot of data. This data needs to be processed for our benefit. How do we possess these?
“We need some analysis tools, we need the workforce trained and ready to be able to analyze this data. Gone are the days when the conversional open a shop, sit there and see customers pass by. Now we are in the digital world, and there is so much data that needs to be analysed for the benefit of our institutions.
“As an academic institution, we try to come up with a training program which then enables this. Data has no limit. Right now, you must have heard that we are starting to talk about AI (Artificial intelligence), of course not the part that we say robots will take up the world.
“We have powerful technology in our hands, and we need to utilise it. But these technologies don’t run on their own, they use fuel to run. And this fuel is data. Industries generate data.
“If we get that data, we create models, we create AI models. These models then help us to predict the future , and help us make decisions. With that help and those insights in the data, when we make the decision, we are helping the businesses.”
Another data scientist, Tinaye Makoni, concurred saying local businesses should leverage on data to market and price their products appropriately.
According to him, businesses in Zimbabwe ought to use data science as a tool to efficiently manage the growing volume and complexity of data being produced in order to promote sustainable development.
According to him, data science encourages creativity by offering fresh solutions for challenging issues.
“Data science is something which is very important that all big companies should start to incorporate in their day to day work because they are generating a lot of data. And in that data there are patterns which repeat in the future and should be able to maximise on these patterns. So, data as it stands , gives insights into operations that you are doing as a business, challenges that they are facing and the opportunities that are there,” Makoni said.
He added: “So, if you are able to leverage on data, you are able to properly price your products because you get feedback from clients and also get prices from competitors. You also get what are the pain points of your customers. “So, generating all that data, you are able to find the best pricing of your products and you also find the best way or mechanism to market your products because you know which demographic buy your product in terms of their age, their employment or their gender.
“So, if you are able to harness that data, you get more information about your clients and this helps to properly market our products. Businesses also need data for customer retention. You need to understand which kind of customers bring the best value into your company. So if you analyze data and develop it, you then know which people are the anchors of our company and you more focus in retention of those clients. So, these are some of the most important aspects of how we harness the power of data science for the profitability of the companies.”
