“Every organisation is increasingly realising that in order to maximise their benefit they required the magic of data science”
Data Science is shaping the new world where data is the necessity of the industry. It is becoming the most popular field across the globe because of its numerous applications. If you look at the world it’s totally digitalis and Big data giants like Google, Facebook, Amazon, Alibaba, Walmart and thousands of many more consume the global economy and all of them use data science(machine learning/AI).
Data Science has become one of the most demanded jobs in today’s digital world.
Data science is used in the various field starting from Business, Healthcare, Telecom, retail, Education, Agriculture, Cyber Security, Aerospace, Digital Marketing, Defence, E-commerce, Pharma, Weather forecasting, and so on you can use data science tools and principles in any field that’s why It’s claimed as sexiest job of the planet. If you are a data science aspirant than it’s the perfect time to kick start your career because the future of data science is bright and auspicious.
Data Science is a combination of various algorithms, tools, and machine learning principles that work together to find hidden patterns from the raw data and draw insights from it. Data science is all about analysis, visualisation, extraction, and maintenance of data with the help of scientific methods and processes.
Traditionally we use BI tools to analyse data because the data we had was small in size and structured. But in today’s digital world we have a huge volume of unstructured data and simple BI tools can’t process this much amount of unstructured data here we need more advance and complex analytical tools and algorithms. That’s why we need data science.
- Data Science in Finance Industry- Finance has always been about data. As a matter of fact, data science and finance go hand in hand. Even before the term data science was devised, Finance was using it. Data Science widely used in areas like risk analytics, customer management, fraud detection, and algorithmic trading.
Apart from these applications, there are many roles of Data Science in the Finance sector. Companies also use Data Science customer portfolio management for analysing trends in data through business intelligence tools, Financial incumbents most frequently use machine learning for process automation and security.
2. Data Science in Retail Industry — Retail industries have always been hugely benefited by data science. The retail sector performs several tasks with the help of data science tools/algorithms starting from Recommendation engines, Customer sentiment analysis, Market basket analysis, Price optimisation, Fraud detection, etc. “According to IBM, 62% of Retailers say the use of data science techniques gives them a serious competitive advantage”
We can say that data science is the backbone of the retail industry. And most retailers are already using Data Science solutions to increase customer loyalty, enhance brand awareness, and improve developer ratings.
3. Data Science in Ecommerce- Every eCommerce needs data science to improve the ability to target the audience.Some of the ways in which data science has transformed the e-commerce industries are-
- For identifying a potential customer base, data science is being heavily utilised.
- Usage of predictive analytics for forecasting the goods and services.
- Data Science is also used for identifying styles of popular products and predicting their trends.
- With data science, companies are optimising their pricing structures for their consumers.
4. Digital marketing with Data Science- Data science has the capability of revolutionising your digital marketing strategies and enhancing your customer’s experience.
Data science accelerate digital marketing campaigns in so many ways like-
- Data science is used in identifying the Right Audience.
- Recognise the Right Channel
- Real-Time Interaction Marketing required data science.
- Improving Customer Experience Using Data science tools.
5. Data Science in Healthcare- With data science the healthcare sector is moving to a whole new level. The healthcare receives great benefits from data science, below are the top 7 data science use cases in healthcare-
- Virtual assistance for patients and customer support
- Medical image analysis
- Predictive medicine: prognosis and diagnostic accuracy
- Managing customer data
- Creation of drugs: It is a highly complicated process and uses data science and machine learning algorithms.
- Genetics and Genomics Research involves advanced data science techniques like Map Reduce.
- Tracking & Preventing Diseases.
6. Data Science in Education- Data science is a powerful tool for shaping academic skills as well as non-academic skills like social-emotional skills, Measuring instructor performance, Monitoring student requirements and universities are using it for Innovating the curriculum. Data science plays a diverse role in the field of education.
7. Data science in Banking- The banking industries are using data science to improve their products, services, and security. All the banks across the globe are analysing data to provide better experiences to their customers. There are various key areas like risk modeling, customer segmentation, Fraud detection, Recommendation engine, Customer lifetime value, and Real-time predictive analytics, etc.
8. Data science in Movies- In Making a movie blockbuster data science plays important role.
Like any other industry, the film industry also requires market insights for a better understanding of the audience and generate better results.
With the help of data science, movie failure can be prevented, data science also assists in the development of films, data science can help to generate more revenue, as well as data science is also used in real-time streaming by movies streaming websites like Netflix, HBO, etc.
Apart from these 8 sectors data science tools/algorithms/principle is used in various industries. The list is so damn big you can use data science in every filed like in weather forecasting, Aerospace, cyber-security, Defence, Election, telecom, Pharma, Agriculture, etc. Because of these numerous applications of data science, it is known as the sexiest job of the planet and it is the perfect time to start your data science career.
Want to Become a Data Scientist? Take these 7 Steps ASAP!!- Steps to become Data Scientist.