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Ria Ghosh, Lead Data Scientist, MyShubhLife talks about the evolving situation of data science in India.
What are the new innovations in data science technology in India?
Ria Ghosh - Data science is seeing an exponential growth not just in India, but across the world. Efficient data management, cloud computing, scalability and better automation of machine learning (ML), deep learning (DL) and artificial intelligence (AI) models are some of the innovations that can be seen across different areas of data science. Businesses are increasingly becoming cognizant of the necessities of making data-backed decisions and are investing in infrastructure that provides for proper collection of data, its storage and security. Migration to the cloud is also enabling companies to manage their workflow better. At MyShubhLife, we have built robust data science models by using techniques in ML and DL that can operate at the complexity required for the tasks at hand. Using the latest innovations, our models have been optimally automated to give us quick responses which in turn help us provide prompt service to our customers.
What is the state of R&D on data science in India?
Ria Ghosh - The government is encouraging research on data science and funding various initiatives in this space. Most large organizations have dedicated data science departments that are involved in research and development of novel methods that can be used to solve business problems. We are seeing a lot of innovation and growth in this space in the country and it makes me very optimistic.
What are the challenges in the way of evolving data science tech further? How can these be resolved?
Ria Ghosh - As the name suggests, data science models rely on data. The performance of a model depends heavily on the data provided to it. Given that data is typically generated from multiple sources and in different formats, it is prone to inconsistencies, biases and missing values. Ensuring that the data is of good quality, well processed and selected using the suitable techniques is important in being able to build accurate models. Furthermore, businesses face a major challenge in terms of translating the business problem into a meaningful data science problem. While data science empowers us with a host of advanced tools and methodologies that can not only extract insights from a vast amount of data but also build complicated multidimensional models, none of it will be of any use if these cannot translate to actionable tasks to solve the business problem optimally. Towards this end, it becomes very useful, and at times imperative, that prior knowledge of the domain be incorporated while developing the models. This is something that we are mindful of at MyShubhLife and this is perhaps why we have been able to develop ML models that have been performing extremely well for us.
What is your Go To Market strategy?
Ria Ghosh - At MyShubhLife, we believe in making formal credit accessible to everyone. With this goal, we have developed state-of-the art data science models that use advanced data analytics, ML, as well as deep learning to provide customized products to our customers based on their financial requirements. Our robust and scalable infrastructure helps us deliver efficiently to our customers.