Data Science is a vast field tangled with various disciplines like Statistics, Programming, and Mathematical Algorithms. It is a trending technology that is driving organizations’ profit and efficiency. It has become the powerhouse and new oil for technology-facing companies. And in the coming years, the technology will spread rapidly across industries to make the digital transformation a reality for them.
What is Data Science?
Data Science is an interdisciplinary domain that deploys Mathematical Algorithms, Statistics, and Programming to a dataset to extract meaningful and valuable information to support the decision-making process in an organization or business. Data Science helps an organization to grow and expand its operations by positively leveraging the potential of data. This process reveals the true nature of their consumers and customers with their product and, in general, helps with their business operations. Are you searching for an end-to-end course on Data Science? Check out genuine Data Science Online Course, which will help you in mastering them.
Is the hype around Data Science justifiable?
The term “Data Science” is buzzing across the industries, and everyone is jumping to the rising trend, lured by better opportunities and much better salaries. Even Harvard Business Review (HBR) described the profession of Data Scientist as “The Sexiest Job of the 21st century.” The prospect of Data Science, introspecting data seemed more fruitful for many technical and non-technical professionals. Many started switching their career into this domain. And thus, many new fields and use-cases arrived, which otherwise wouldn’t have been possible without the branding and marketing of Data Science. So, yes, the hype of Data Science is justifiable because Data is the new oil, period!
Data Science Use-Cases:
Data Science has revolutionized industries with the power of data. There are nearly thousands of Data Science use-cases transforming our experiences. Mentioning all the use-cases here is out of the scope of this article. So, we will discuss some of them here for your reference for understanding various applications of Data Science.
Internet Search has improved over time. Data collected from the users while using search engines to search for the things they wish to know, view, and understand. Today many search engines are processing search requests of their users. If information is not correctly indexed and classified, it becomes very complex for these Search Engines to produce output quickly. Nowadays, Google is showing you the results within a fraction of a millisecond.
Digital Marketing is on the rise and is one of the fastest-growing sectors in the IT industry. By deploying the latest technologies like Data Science and Machine Learning in understanding the online behavior of each user and their search pattern. To help make a digital profile that shows the interests and dislikes of that particular person and use that to target advertisements suiting his/her preferences and thus boosting Return on Investment (ROI) and Conversion Rates. Take a look at one of the most comprehensive Digital Marketing Courses, which offers you a start to finish bundle
Recommendations. You might be wondering how Netflix or for that matter, how streaming services know what you like by recommending you TV shows and movies that will perfectly suit your taste. It is Data Science and Machine Learning at work. They are collecting the data corresponding to your watching behavior and then applying algorithms that predict which shows or movies you will love to watch and which ones you will swipe off. And this not only works in the streaming services even YouTube employs similar strategies. Amazon reports that 35% of its sales happen thanks to its Recommendation Algorithms.
Fraud and Risk Detection. The financial sectors are one of the first domains that started using Data Science. They used Data Science in detecting Bad debts, Frauds, and financial losses. Soon after applying Data Science, these financial institutions were able to analyze probabilities of risk, customer expenditures in predicting their profile, and that became the basis of decision making for every task.
In Healthcare. Healthcare is one such domain that has revolutionized the way it’s performing with the help of Data. These are from treatment, procedures, surgeries, disease controls, Genetic information, Genomics, Drug development, etc., which are combined to optimize healthcare systems to facilitate more efficient healthcare infrastructure.
Fuelling new-age technologies like Artificial Intelligence (AI), Machine Learning (ML), Deep Learning, Image Recognition, Augmented Reality, Speech Recognition, IoT, etc. Each of these new-age technologies requires data at a large scale to understand and process. Check out this comprehensive Artificial Intelligence Online Course to help you master the Artificial Intelligence concepts in a real-world situation
In Enhancing Efficiency. Data Science is in every sphere of industry, ranging from use in the HR domain to improve the production at factories. To improve any process, we need sufficient data to understand where the problem is residing. HR domain is using Data Science to filter down the correct candidate. Production factories use Data Science to understand their bottlenecks in production and use the same principles to resolve them.
Data is the new precious commodity without which no organization can survive in this Digital Data-Driven era. And merely possessing them is no good, and you need to extract meaningful information from these to make sense of these precious commodities.