Have you ever wondered how data is benefitting us? Data scientists are busy analysing and digesting massive amounts of data released every day. Since data science is about dealing with data and interpreting its insights, someone must decide based on the interpreted outcomes? For example, if your data shows your business hit its peak in mid-summer, won’t you need some better plan for other seasons? Who makes those plans? It’s time you hear about the decision scientist.
In a world full of ‘data’ and ‘analytics’, decision science often gets ignored. So, are you wondering, “What is decision science?”. The answer is simple: Decision Science is the quantitative approach used to guide an organisation’s decision-making. It is encapsulated by diverse domains like philosophy, economics, machine learning, probability, statistics, cognitive psychology, and extensive research and forecasting. A career in decision science necessitates one’s ability to recognise data and use it to assist decision-makers in drawing strategic corporate decisions.
Is decision science a good career?
If you like to analyse things and deduce an opinion about them, forecast consequences and draw the best possible decisions for the future- then decision science is a career for you. In terms of demand and future scope, it will be in demand considering the vast amount of data produced daily. Almost every sector plays with data; hence expertise in decision science will always be in vogue. Banking, medicine, telecommunications, education, and transportation are just a few industries that use decision science. So, as a decision scientist, you have a plethora of areas to explore, each with an exciting and secure career.
Perks of having a career in decision science:
- Demand: Companies need people to predict the best possible decisions for their growth. As a result, almost every sector is in search of intelligent decision-makers.
- Less competition: Decision scientists are scarce; in a sea of data scientists and data analysts, decision scientists are a rare breed. As a result, you don’t have to be concerned about competition.
- Lucrative salary: As per AmbitionBox, an average salary range of a decision scientist in India is ₹ 7.3 LPA. So as a decision scientist, you can expect a decent salary as you don’t have to worry about competition in a highly demanding sector.
- Interesting job: This is not a regular 9-5 job. No stress over monotonous work where all your enthusiasm dies within months. Every day you learn something new, discovering your cognitive potential. You will literally love your work!
Future opportunities for decision scientists
Decisions scientists have a bright future awaiting them. They have various work roles, as they are needed in multiple sectors. Here are some examples of decision science across numerous industries that highlights its immense scope and promising future:
Consider future transportation needs and how different options and possible hurdles and hazards will meet them. The automobile industry will rely on decision science for future advancement.
Decision Science in medicine involves formulating a prognosis or treatment strategy based on relevant test data, frequently with the patient’s needs.
The marketing industry will depend upon decision science in order to attract more clients and create an everlasting branding strategy. Predicting ROI impact and customer demand from the data insights, the marketing industry will leverage the best of decision science.
With the skills like risk management, predictive analysis, prescriptive research, etc. finance industry can grow to great heights. This will eventually help predict financial volatility, eradicate risk in the sector, and boost its efficiency.
Every day, the tech industry grows more robust. With the vast volumes of data collected and interpreted by data scientists, decision scientists are the best experts to forecast how IT will shape up in the near future.
So yes, decision science is not just a fascinating field but also something that guarantees you growth in your career. You can knock on the doors of any sector, and they will be willing to grab you. This is the most exciting and promising field you can think of in this decade!