This is an industry that is growing aggressively and encapsulating almost every sector. Though countries like the USA are ahead in this business India is catching up like no other nation. Last year data science industry showed a spike in growth by 33.5%. India has also become one of the sought after analytics exporter in the last few years, earning major exporting revenues from USA and UK.
This raises questions like, why such demand and where is this data science used?
When you have a lot of data, the first instinct will be to sort the data and group it, and then try to understand it. The same rule applies to data science too. A huge amount of unstructured data is collected by companies. Data can be from any source like web, cloud, media, sensor-generated or from databases. Then these data are cleaned, explored and then used with algorithms for analysis and predictive modeling.
WHY SUCH DEMAND FOR DATA SCIENCE?
Data science has become the core pillar of many industries, and the industries can scourge many benefits from it like:
- Data science involves creating several tools and algorithms on a daily basis. These tools can solve any kind of complex problem in various departments, like human resources, information technology, production, operations, and most importantly in research and development. This means efficient use of all kinds of resources available.
- It helps in engaging customers on a personalized level. For every business customers are the backbone, and keeping them satisfied and loyal is the major objective. Analytics help in connecting with the customers, figuring out what they want or what their complaints are. This helps in creating brand value.
- Data science is a field which can be applied in any industry regardless of what their products are. Sectors like entertainment, retail, healthcare, agriculture, education, finance and many more are using analytics to increase their business value and predict the market pattern.
WHERE IS DATA SCIENCE USED?
Almost every sector uses analytics and they have several applications. Let’s discuss some industrial uses:
- Finance industry: This industry is using data science for a long time to enhance financial solutions by-
- Automated risk management by identifying, prioritizing and monitoring various risk factors like competitors, investors, lenders, regulators, and customers.
- Managing customer data which includes transaction details, financial history details etc. which is helpful in analyzing financial trends and market developments.
- Predictive analytics, which help in foreseeing future events like predicting prices, customer lifetime value, expected a return and stock market values etc.
- Retail industry: A industry completely relying on customer and product data uses analytics by:
- Recommender systems: help in recommending the customers, keeping a tab on their previous selections and choices.
- Warranty analytics: this tool is used for monitoring warranty claims, identifying fraudulent activities and knowing the weakness in the product.
- Price optimization: analytics help in finding the right price for the product keeping in mind the customer willingness, competitor’s price range, and profit margin.
- Healthcare: data science is reshaping medical scene, finding insights and turning ideas into reality by:
- Medical imaging analysis helps in improving image quality, extracting accurate data and in interpretation.
- Virtual assistance and customer support which is highly needed in mobile applications and chatbots.
- Diagnosis and prognosis analysis using historical data and to make accurate predictions.