Data science has potential to drive economic growth

ISLAMABAD: Data science has the potential to drive economic growth by helping organisations make data-driven decisions and optimise their operations.
This was stated by Director Strategic Planning and Client Services at the Special Technology Zones Authority (STZA) Hamza Saeed, while talking to WealthPK.
Pakistan can attract investment and growth by investing in the development of data science skills, he added.
Data science is a rapidly growing field with a shortage of qualified professionals. Developing these skills in Pakistan’s youth, can open up a wealth of career opportunities both within the country and internationally.
Hamza said data science is a high-demand field because the world has gradually become dependent on data and technology. Data technology is becoming a new asset, and it is more important than ever for Pakistan to focus on developing data science skills among its youth, he added.
Hamza said that data science can be used to solve a wide range of global problems, from healthcare to agriculture to transportation. Pakistan can address and solve some of the country’s most pressing challenges by developing a strong data science talent pool, he added.
He said that data science can be used to improve education by analysing student data and identifying ways to improve learning outcomes. It can also be used to advance research in various fields, from the social sciences to the natural sciences.
In a nutshell, “Investing in data science skills development among Pakistan’s youth is a smart move that can drive economic growth, solve real-world problems, and improve education and research.” By focusing on this critical area, Pakistan can build a bright and prosperous future, Hamza added.
Pakistan Fintech Network Chairman Syed Nadeem Hussain, said that oil is diminishing and finite in quantity, but data is not. Data is like sunshine; it is there and comes out every day in more and more quantity, he added.
Nadeem said that Pakistan needs to monetise and capitalise on the existing data.
Head of China Study Center COMSATS Dr Tahir Mumtaz Awan said that the data computing technology benefits the entire ecosystem of the country. Unfortunately, Pakistan has not yet adopted a data computing system.
“If we see the data of the Benazir Income Support Programme, it presents the entire picture of Pakistan’s social and community system. Similarly, the data of schools and colleges can help to predict the future of Pakistan’s education system,” Dr Tahir said.
He said better policies can be formulated based on big data systems. For example, the health economy can be strengthened if we know how many doctors Pakistan is producing. Health data can also show diseases and experts’ information.