They have been riding high. The abandoned and somewhat less sexy field of Statistics has taken the business world by storm. Bottling old wine in new bottles certainly helped and now both venture capitalists and operating companies may be heading for a hangover. Engineers and statisticians have always wanted to be scientists and now they are crowned as such. There is a .ai company formed every 15 minutes by graduates of prestigious universities and there are capitalists with sacks of money willing to entertain them. As we have seen before, this movie will likely end in tears for many.
Data is certainly a good thing and applying "science," to it could also be good. But those who assert their "scientific credentials," based on regressions and neural nets should be aware that the slide rules they are using have been available for nearly half a century. Mathematics does not fade but asserting old ideas have suddenly sprung to life certainly shows the maturity and age of the emerging "scientists." Consulting firms have always been creative and some of the most famous ones, who could hardly spell "data science," just a few years ago are now pretending to be experts at it. Conferences are plenty where the scientists meet their seekers and the vendors portray their wares almost like the bartering that was routine a few centuries ago. They flow tensors, cognitive networks and even hardware in a Pizza size box, that apparently has solved all the world's problems, already.
Stop hiring "data scientists." They are ordinary human beings with bias and they could do your companies a lot of damage.
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