Data Science is indeed the most popular field in this world accustomed to social media and electronic gadgets. It is an ever-growing area where you get to deal with data of various kinds that would cater to the industrial demands. If we are going to count the applications of Data Science, well, let us tell you, it’s endless like an ocean.
In this article, we have discussed a few applications that this domain caters to. Let it be E-Commerce, Manufacturing or Transport, this application has various verticals. Data Science is not just another technology that would fade with time. It is here to stay!
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Before speaking about the applications, let us answer the vital question. It is a must that students understand what Data Science actually is. There are various definitions to it.
What is Data Science?
It is a domain where we get to blend multiple disciplines such as algorithmic development, data interference and technology. This domain is here to help you solve all the analytical problems.
The core of Data Science is “Data”. The information is either structured or unstructured. It then has to be streamed and stored in various warehouses. Then the data has to be mined from being raw information.
Nowadays, Data Science also acts as a fuel for industries. With the multiple streams of data, Data Science can help you to get the best ever customer experience available. This industry is powered by tech specialists who work tediously to get useful insights from the data. Thanks to their efforts! We now have adequate information to make the best business decisions.
Now let’s get back to business! Here are the top 7 applications in Data Science
This field finds a wide application in the field of Data Science. Be it resource management, making better decisions via fraud detection, performance management, customer data management or real-time predictive analysis etc. They can also be used in fraud and risk detection mechanism.
Banks can also get access to lifetime value with which they can monitor the total number of customers present at a particular time. It can also help you to detect frauds involving insurance and credit value. Banks can also analyze various patterns of investment and customer cycles. They can suggest whichever offer would suit you. Banks would be making use of machine learning algorithms to improve all the analytics strategy.
This is the 21st century. This millennium has seen various changes in the way this industry operates. Data Science is one field that has been used invariably to optimize production, increase the profits and reduce the costs.
Moreover, with the presence of technologies such as the Internet of Things (IoT). Data scientists will be able to predict if there are any problems in operations present in advance. With the help of client reviews, data scientists can ensure that they make the best decisions.
This way, they can also improve product quality. The most important aspect of Data science is Automation. With real-time data, industries would be able to develop various autonomous systems that can help improve your production level. The boring, mundane tasks will no longer be present.
Also read: 10 Best Programming Languages used for Data Science
3. Healthcare industry:
There are various applications that data science caters to in healthcare industry. Some of the applications include:
- Genetics & Genomics
- Drug Development
- Virtual assistance for customer support
- Medical Image Analytics
- Health bots
For instance, data science would require a deeper knowledge of human DNA while dealing with Genetics & Genomics. This is just one of the applications of Data Science. Data Science is set to revolutionize this industry like never before.
The quality of service would increase compared to the previous times. With Data Science, doctors would be able to serve their patients without any hurdles, with more accuracy and efficiency.
This is another area where data science can play a potential part in. Data science finds its part in ensuring that the driving atmosphere is safe for all. It can also optimize your vehicle performance, thus improving the credibility of drivers.
With Data Science, drivers can find better logistical route line for better and faster transport. You can also optimize your delivery routes with location, customer profile and other details, thus allocating proper resources. The best example is Uber, which engages Data Science for optimizing the overall price.
With predictive analysis, you can reduce the price with various parameters like weather, route and so on. By joining hands with Natural Language Processing (NLP).
This industry leverages Data science to identify potential customers. With the use of predictive analysis, you can forecast the delivery of goods and service.
Customers can get insights on which product is trending, which would suit their needs perfectly and how companies can optimize their pricing. Data science can also act as a support system for an advanced recommendation. The content and collaborative-filtering is the technology behind this marvel. With sentiment analysis, companies can analyze customer feedback and get proper insights.
Also read: Who are Data Scientists? What is their average salary in 2019
6. Airline Route Planning:
Airlines all over the world are known to bear heavy losses. By engaging Data science, companies struggling to maintain the operating profits and occupancy ratio can make the best ever decisions.
With Data Science, airlines would be able to predict a delay in the flight, decide which class would be suitable to them, and get to know whether they have to halt or engage in customer loyalty programs wisely.
With Data Science and Machine learning, gamers can now get a completely unpredicted, awesome gaming experience. The opponent would have to analyze the previous moves.
They can then shape it according to the game. With Augmented Reality, they can also get the best ever viewing experience. As of now, it is a bit expensive. Once it becomes affordable, everybody would be able to get the best ever gaming experience.
The possibilities of Data Science are beyond our predictions and limits. With Data science, you can not only get the best experience but also improve the way you live. With IoT and other technologies, data is abundant. If this data has been used properly, we can ensure that there is a healthy rise in productivity and efficiency. This is what makes data science the most wanted field at present. Let us wait and watch what the future holds for Data Science!
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