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"Sexiest job of the 21st century"

You’ve heard it before – the Harvard Business Review called the statistician’s job the “sexiest job of the 21st century”. Various other gurus have called data, “the new oil”, alluding to the potential value that can be unlocked from data. Pages after pages have been written on how there are many, many jobs at various levels in data-related areas. Every other day, newspapers report on companies that are into analytics. You probably also know someone or the other who’s working with data already.

So, what’s the big deal?

Simply put, the most exciting thing about this is that the solution to many of humankind’s biggest challenges lie in data. This is not really a new knowledge. However, the tools to capture, store, and analyse such data are rather new. The developments in computing – rapidly declining storage costs, increasingly powerful computers, and clever software – have come together to derive meaning from data.

The importance of this discipline comes from the fact that it is being used to solve very real problems. From assisting doctors to treat cancer better, to unearthing dodgy cash deposits and potential illegal money holders in India – data is our most effective weapon. And yes, when Facebook almost magically identifies your friend in the picture and offers to tag him/her, that sorcery too is the handiwork of data.

The power lies in how we gather, store, analyse, and then transform data. When coupled with some human flair, the result is sufficiently indistinguishable from magic!

What are the possibilities?

As the use of data grows and becomes more pervasive, the possibilities are virtually endless. Data is already saving and bettering lives, making businesses more efficient, enriching livelihoods, and helping people connect with one another. At work, people are able to take better decisions every day by leveraging bits of data available to them.

Greater use of data in decision-making could potentially add trillions of dollars to the world’s GDP. Sweet, isn’t it?