Data Science is the New Oil Industry, and Data Scientists are on the Frontlines

The field of data science has seen huge growth in recent years. As both the technology and data collection required for data science becomes more sophisticated, data scientists are seeing unprecedented results from data science techniques such as machine learning and predictive analytics. Still, data science is a relatively new field for most businesses. There remains much to be discovered and many challenges—both for data scientists and at a societal level—to overcome. The Economist has likened this data science boon to the early days of the oil industry, which was similarly lucrative, fast-growing and unregulated. Now that “data is more valuable than oil,” the data science industry should be given similar scrutiny.