Data science is pervading all industries –retail, manufacturing, banking and insurance, and even healthcare. One of the reasons for this is the increasing dependence of industry on data-driven strategies. From sales to talent management, the industry is witnessing a surge in the adoption of data-driven approaches across all business functions to optimize and make processes more efficient.
Unlike earlier when business decisions were made based on traditional projections, today businesses are using sophisticated methods that combine mathematical and statistical techniques, which have improved upon various iterations and numerous researches.
Universities and colleges are at the forefront of data science research. Many universities have set up a center of excellence to promote data science research and spearhead innovation in this field.
Here are some notable universities that have launched center of excellence and are giving the industry a new direction with their breakthrough researches —
- University of Florida – Data Science Research
- University of California, Berkeley – The Berkeley Institute for Data Science
- Columbia University – Data Science Institute
- New York University – Center for Data Science, VIDA (Visualization Imaging, and Data Analysis Center)
- Northwestern University – Data Science Initiative
- University of Washington – Data Science Research & Education
Global corporations and academic institutions have equal vigor in taking data science to the next level. While a few forward-looking data science breakthroughs have come from corporations like IBM, data science research at universities like NYU, Stanford University, and the University of California, Berkeley aims to push data science to new frontiers and transform the way the industry looks at data science.
While research has its benefits, the cost of research is prohibitive. On top of it, considering that talent is scarce and the existing talent needs to pay their bills. Researches do take a back seat. In this regard, conglomerates and global organizations are involved in research, while small enterprises are contributing to university funding.
Universities and colleges are taking data science to the next level with groundbreaking researches and advancing industries, organizations like the World Data Science Initiative (WDSI) are facilitating faster and convenient university funding. The organization offers $300 million in grants for universities.
Support for data science research
Globally universities are putting talent and mind to advance the field of data science. Global corporations and institutions are collaborating with academia by providing funding and other resources. The U.S. and other governments around the world are assisting academia by lending financial support and offer subsidies for universities to accelerate the pace of innovation in data science.
While data science is promising and demand for talent is increasing, the industry is facing a shortage of talent. Government and institutions have come forward with financial aid to promote data science learning. The U.S government offers fellowship for graduate students and subsidies for universities to facilitate the study of data science and address the shortage of talent in the market.
Similarly, World Data Science Institute offers to pay for universities to set up their center of excellence, build virtual labs for learning data science, and certification from DASCA (Data Science Council of America), a global data science certification. Additionally, a few global bodies offer to fund data research by giving project-based data science grants or some other form of funding.
Overall, innovation in data science is constantly underway and new use-cases of data science are being thoroughly investigated at universities. This research isn’t helping the industry to move toward a new direction that is heavily data-driven but to make life better.