With an astonishingly high amount of data being generated today, researchers have claimed that by 2025, every year, the amount of data available would be increasing exponentially and the world would have lots of raw data available to be processed, analyzed, and it will generate the need of effective tackling of many real-world problems. This will pave ways to make data-driven decisions by companies to power more intelligent and better-informed decision-making making data science application more diverse.
The skills of a data scientist have evolved in a great manner and are not limited to one particular sector or domain. It’s not like data was not available in all these industries since all these years, however, it was not given its due importance. Now, when we have spoken about it and found its usefulness, every industry has realized the importance of using data and finding its relevance in their respective efficiencies. Here are some of the prominent industries that have extensively applied data science to their core workflow and the results have been unparalleled:
Healthcare: One of the most consistent and vital global industry which has shown its importance in almost every part of our day to day life. A few years ago, no one could have imagined that the healthcare sector which prominently deals with medical studies could utilize the use of technical analysts and mathematical calculations to such an extent that it would become a necessity. Nowadays people are using smart wearable’s on their wrists which collect data about their health and keep their physicians informed about their health on a real-time basis. Data Science engineers are using these huge amounts of data from various people and devise a model that could predict an alarming health situation in near future.
Education: Performances of professors and students are equally important in order to keep the education sector running smoothly. A slight dis-balance in one of them causes a huge dent in the overall process of impartation of knowledge. Big data has helped data science engineers to keep track of the performances of teachers, students, keeping a track of attendance, progresses in subjects, predicting the overall knowledge being retained by analyzing test results, and predicting the final date of course completion by analyzing the pace of teaching. These above advantages have enabled the use of data science in the field of education.
Banking and Finance: Be it about credit card transactions or analyzing customer relations, the banking, and finance sector requires a big help from data science. Data science engineers help in analyzing the credit card transaction patterns and predict the card holder’s payment dates along with the usability. It also allows them to enable attractive offers and limit increasing opportunities to promising customers from the bank so that their credit card usage increases to a huge extent. Understanding the pattern helps the banks to understand the satisfactory quotient of their customers and thus maintain their relationship with them.
Retail: This is one of those sectors which has the most underused data science application. The world is still struggling to break the stereotypes to enhance and transform the retail industry by using data science applications, as a huge possibility has been noticed. To stay in the competition, retailers need to anticipate the needs of their customers and keep their stocks updated as per the need. Big data enables them to view actionable insights on how to keep their customers engaged in their stores and make sure that they keep coming back. Advanced use of data science in retail which is right now in the making would be allowing customers to provide them with a personalized shopping experience. Every time someone goes to the store, the data would recommend as per the previous shopping history and enable the stores to unlock more opportunities and a variety of recommendations to enhance their businesses.
Social Media: Data Science has the most powerful role in the field of social media. There are algorithms written to improve data collection in data analysis at social media companies. Social media has enabled users to provide a huge amount of data and that particular data is used to understand and analyze people’s opinions, and also to show them personalized advertisements as per their choice.
Logistics and Supply Chain: Tracking goods in real-time while they move across different places need a very refined procedure with minimum errors. Less human interaction with an enhanced ability of algorithms to track the shipment has provided companies with a lot of opportunities to enable a smooth transition of their logistics. Data scientists have made a significant impact in several areas such as reduction of waste, optimization of the delivery routes which enables faster delivery and lowered delivery costs, deploying the best practices in reducing the severity of the environmental effects of carbon emissions, This also helps in accurate forecasting of the supply and demand cycles which ensure utmost care in handling hazardous materials.
BPO: Data science application can help in empowering BPOs to a greater extent. They are referred to as gold mines of data and they maintain a huge amount of data every day. For better customer service, more companies are now relying on predictive analysis to increase productivity. They can also develop strategic insights for their clients by knowing customer preferences and derive those insights into behaviors and attitudes which can be used in building better customer relationships.
Here is a video that consists of a detailed explanation of how the future requires the involvement of data science. Also you can read our blog on A Beginner’s Guide to Data Science The demand for intelligent machines that could learn human work patterns and adapt human behaviors has increased which brings Data science and big data analytics to lead from the top.