Empower and Enhance Employability with ‘Economics & Data Science’ in the Age of Technology

In today’s tech-driven world, consumer impressions are paramount. Consumption patterns have shifted significantly towards smart devices. Businesses are evolving rapidly, leading to saturated traditional markets, heightened competition and the emergence of new tech-driven rivals. Obsolete technologies are costly to update and maintain, offering little profit as well. Big Data has surged in response, with its global market expanding rapidly. Digital transformation has sped up value creation, enabling businesses to meet market changes and digital consumer demands swiftly. This emphasizes the importance of staff competency in new technologies, methodologies, and project management.

Evolution & Future Job Opportunities of Data Science and Rise of AI Economy

As per a report published by Spiceworks, in 2010, there were two zettabytes of data (One zettabyte is equal to one billion terabytes), with projections for over 180 zettabytes by 2025, representing a staggering 90x increase. The COVID-19 pandemic accelerated this growth, with Statista reporting a surge in data creation and replication in 2020. In India, NASSCOM predicts the data science sector will grow eightfold to $16 billion by 2025. The vast amount of data has driven the AI (Artificial intelligence) revolution, making it a strategic asset for governments, society, and businesses. This has led to improvements in citizens’ and consumers’ lives, as data and AI are used for responsible growth, unlocking efficiencies, and creating new ecosystems. This growth trajectory underscores the vast potential and scope of data science in India, promising a future where analytics plays a pivotal role in shaping the country’s economic and social landscapes.

Ultimately, companies’ success hinges on their capacity to utilize data for innovative business models. They are increasingly blending data science and economics to enhance profitability and stimulate business expansion. When studied together, economics and data science boost employability, offering graduates a deeper understanding, improved predictive abilities, and involvement in evidence-based policymaking. The increasing demand for data scientists and analysts is creating abundant job prospects for those skilled in data science and analytics. The Bureau of Labor Statistics (USA) predicts a 43.4% growth in data science jobs by 2029. Economics graduates specializing in data science can take advantage of this trend, as their unique perspective on data can contribute valuable insights to organizations’ strategic planning and decision-making processes. Their proficiency in understanding causal relationships between numerical datasets enables them to interpret data creatively.

A background in economics enhances understanding of machine learning (since both fields focus on algorithms) and coupled with the presentation & communication skills providing them a competitive edge in the job market. The combination of economics and data science expertise can lead to higher earning potential, as organizations value individuals who can use data analytics for decision-making and strategy development. Adapting to evolving technology is vital for long-term employability. Graduating in Economics and Data Science equips students with a flexible skill set to navigate changing technological landscapes, enabling them to stay competitive in the job market by learning and applying new programming languages, statistical methods, and machine learning algorithms.

B.Sc. (Hons.) Economics with Data Science at UPES emphasises on quantitative and empirical-based practice, allowing students to apply theoretical knowledge with the real-world scenarios. This programme offers an interdisciplinary approach, with courses in fields like Political Science, History, Sociology, Mathematics, and Statistics to explore connections among their primary field of studies. Students also participate in various types of academic activities like – research seminars, lecture series, conferences and master classes led by internationally renowned academicians to gain hands-on experience implementing theoretical principles in real-world circumstances.

To learn more, you can further read: https://blog.upes.ac.in/relevance-of-data-science-in-economics/

The writer is Samir Kumer Das, Assistant Professor, UPES School of Liberal Studies