Top Data Science News of May 2024

Data science is still evolving, and it is the same as it was in May 2024. This month has witnessed some significant achievements and occurrences that may be considered significant events in the growth of the industry. From new findings in data science to the main business events and legal shifts that occurred in May 2024, this list of the most compelling reads to predict the future of this captivating area is provided for the readers. Now, in this article, we present some of the most important data science news of May 2024; have a look!

IIT Mandi has introduced a five-year integrated MBA in data science and artificial intelligence at its School of Management. The program also provides knowledge in business management as well as analytical skills in mathematics and statistics. It extends to humanities, communication, and the Indian knowledge system to foster the all-around growth of every student. On completion of this program, students will be awarded the BBA (Honours) in Analytics and an MBA in Data Science and Artificial Intelligence. The program is in sync with the New Education Policy. It has the provision to exit the program after 3 or 4 years with a degree of BBA in analytics or BBA in analytics (Hons), respectively.

Top Data Science News highlights groundbreaking advancements in AI and machine learning. Fujitsu Limited and the Indian Institute of Science (IISc) have a memorandum of understanding to promote the development of data science. The collaboration will focus on strengthening the mathematical principles for data science, including the areas of modeling, inference, computation, and application. It was signed on 22 May 2024 at IISc Bangalore while Professors Soumyendu Raha and Debnath Pal from IISc took the initiative. The initiative also aims to discover new high-performance computation paradigms and focuses on searching for efficient techniques to solve various data science issues. This partnership aims to bring together a broad range of theoretical and systems thinking to solve all the scientific problems associated with the use of data in decision-making.

Neptune Flood, a flood insurance company, has procured Charles River Data, a data science consulting firm situated in Boston, to advance its artificial intelligence-based flood insurance underwriting platform. Charles River Data is a start-up created by ex-Google and BCG GAMMA data scientists and focuses on geo-analytical modeling, financial applications, and machine learning. Mike Dezube and Gleb Drobkov, who previously founded Charles River Data, will come to Neptune to work as Chief Data Science Officer and Chief Strategy Officer. With this acquisition, Neptune, one of the largest digital flood insurance providers, is set to transform insurance, following its record of achieving over $200 million in premiums and extending its insurance products.

VIT has recently introduced a new program for MSc in Data Science that aims to improve efficiency in data analytics, machine learning, and database management. The program here provides a competitive curriculum, professional faculty, practical knowledge, and linkages with the industry. MSc graduates are equipped with hands-on experience that includes case studies, internships, and projects for industries, thus enabling the graduates to serve in various sectors pertaining to data analytics, artificial intelligence, and business intelligence. By choosing specializations in Data Engineering, Machine Learning, or Business Analytics, learners can choose according to their career preferences. Graduates of VIT have the opportunity to be employed in various parts of the world due to its recognition, and they are prepared to work in executive positions and further their careers in data science, which is an ever-expanding field.

The IDASH program, which is a project of the WHO, CDC, and the University of Washington, saw the graduation of twenty fellows from Georgia, Kazakhstan, Kyrgyzstan, Ukraine, and Uzbekistan. Begun in 2023, the initiative aims to combat the scarcity of health informatics employees worldwide, with an emphasis on data-driven approaches to disease control and digitization. It is more application-oriented and has a special project. The next cohort will start in May 2024 and will include fellows from the Republic of Moldova. Through the use of digital technologies, IDASH has been established to support the goal of UHC and better health outcomes in accordance with the WHO/Europe Regional Digital Health Action Plan. Stay updated with the top Data Science News of May 2024 for the most recent breakthroughs in data science.

The articulation agreement is signed between the University of Arkansas and NorthWest Arkansas Community College to ensure that the data science curriculum offered at NWACC is equivalent to that of the University of Arkansas to promote transfer mobility of the students enrolled at NWACC to complete their B.S degree at the University of Arkansas to meet the increasing need for data science professionals With this initiative, supported by a grant of $20 million from the NSF, the partnership will define a common data science curriculum and open two paths for students to access this growing occupation. The University of Alberta, as one of the hub schools, will collaborate with the community colleges to enhance the accessibility to data science education at a relatively low cost.

Pacific Lutheran University (PLU) has launched a new data science major program to meet the growing interest of students and demand in the job market. Beginning in the fall, the new integrated program combines degrees from Harvard’s mathematics and computer science departments and focuses on developing practical skills for problem-solving. The major, under the direction of Jeff Caley, the Program Director, has an ethical and socially responsible approach combined with practical skills. According to the Bureau of Labor Statistics, data science has a projected 35% job growth rate. Through this program, PLU hopes to provide students with the skills needed to think critically and ethically in the context of social justice. In an interview, Assistant Director N. Justice emphasized that, as a private liberal arts university, PLU plays a unique role in preparing data scientists for social justice. The specific program outlined below consists of sixty-four credits and is designed to equip graduates for employment and social responsibility.

Bengaluru-based Parseable, a company that provides log analytics, has raised $2. The company has recently secured $75 million in Seed funding from Surge and NP-Hard Ventures. The funding will be used to accelerate Parseable’s development in handling digital companies’ log data. Parseable employs open formats like Apache Parquet and Apache Arrow to dismantle data silos and guarantee openness and compatibility. This centralized data environment will help companies gain business insights from logs and other forms of data, which they wouldn’t have been able to do before. Parseable operates in the fintech, cybersecurity, and healthcare industries for the world’s top companies. Surge from Peak XV Partners has worked with more than 140 startups, and these have raised more than $2 billion in further capital. Top Data Science News in 2024 provides in-depth coverage of the latest tools and methodologies in data analysis.

Portland-based retail innovation company Aisles has raised $30 million to scale up its AI platform, which includes biometric authentication and shopping assistance. In its biometric security framework, TRUSTIS has incorporated facial recognition to prevent fraud and secure its users. The AI-based applications of Aisles help customers find their way around the store and present them with tailored specials. Aisles has already garnered a sizable client base and consistent annual earnings; thus, it competes with Amazon and NEC Enterprise in leveraging biometric technology in the retail industry. Investments in AI biometrics are set to deliver improved security and, hence, personalized shopping experiences that are in line with the present trend of integrating access systems to improve consumer experience.

Microsoft’s stock is valuable and dependent on products such as Azure, Office 365, Dynamics 365, LinkedIn, and Artificial Intelligence. Despite the potential pitfalls associated with cloud-based products, the effectiveness of these products in commercial processes is considered to be high. Atlan, a London-based firm that provides data collaboration software, secured $105M, and it plans to grow its revenues by seven times within two years. Starting with two persons, Prukalpa Sankar, and Varun Banka, Atlan is directly in competition with big players such as Microsoft and Oracle. Atlan is also planning to expand its employees and spend more on product innovation as the company tries to tap the increasing need for AI-enabled data solutions to big firms such as Cisco and Unilever.