The existence of a near immeasurable volume of data, called big data, has led companies and organizations around the world to promptly adopt data science and data scientists into their workforce. Data science is the art of using advanced tools, algorithms, and principles to clean and structure datasets all in order to analyze, extract and decipher meaning. Applications of data science can be witnessed in various industries, and are even growing as we speak. This article takes a look at 5 such amazing data science applications.
Applications of Data Science
The banking and financial sector has long since been victims of theft and fraud. With millions of customers and subsequent data to manage and handle, banks often find themselves in deep waters in regard to safety and security. The lack of proper analysis of customer data has led to massive breaches and loss of money.
To overcome these glaring obstacles, banks around the world turned to data science and scientists to efficiently process and organize data. Processing data would make tracking customers’ financial history and payment schedules easier and would also help iron out suspicious behaviours among customers. Data science applications in finance can be extensively seen when it comes to stamping out tax fraud and credit scoring.
The digitization and modernization of the healthcare industry have led to better delivery of care and services. Data science has played a major role in this advancement, and healthcare giants around the world have already begun to witness the way industry works thanks to data science.
Data science applications in healthcare can be seen in areas such as drug creation and research, medical image analysis, and management of patient data. Data science also helps monitor patient vitals with the help of IoT devices. These devices send patients’ data to concerned doctors for medical analysis.
The age of e-commerce is here and online businesses have profited greatly from data science. Data science helps in finding potential customer bases and also helps identify popular products and trends.
Data science is also helping online businesses track customer purchases and trends amongst customer bases. This helps them give each and every customer their personalized insights and access to deals. Data science uses NLP to help online businesses analyze feedback provided by customers. This enables brands to elevate the customer experience.
Data scientists have evolved to become the new factory workers. The evolution of data science and its integration into industries worldwide now mean that data scientists have become an integral part of the workforce. Data science helps manufacturing industries reduce costs, boost profit and optimize performance.
The addition of advanced technologies such as the Internet of Things (IoT) has helped industries predict problems, monitor workflow, and analyze massive and continuous data streams. Data science applications can also be seen in the automation of industries, with historical and real-time data helping industries develop and maintain autonomous systems.
Data Science applications in the contemporary world are too far and wide to be even put into words. Data have begun to play a pivotal role when it comes to decision-making and product releases in industries and corporations, and data scientists are the ones who decipher hidden trends and patterns from massive trenches of data. We at Praxis are training the next generation of well-equipped and industry-ready data scientists, and towards that are proud to offer a 9-month PGP in Data Science. Praxis has a renowned placement record and our tie-ups will ensure that you have a world of opportunities waiting for you as you kickstart your career as a data scientist.