5 Reasons Why Data Science is the Next Big Thing in the Industry

Team Jun 12, 2022 No Comments

The CEO of LinkedIn Jeff Weiner had once said that “Data really powers everything that we do.” Data is indeed everywhere, starting from healthcare to search engines. With so many complexities and unpredictabilities in the world of business, there has been an increasing need for analyzing, cleaning and manipulating data. This is where Data Science comes in. Data Science is defined as the field of study that deals with large volumes of data with the help of modern techniques and tools to find patterns, derive meaningful information and make meaningful business decisions. The data that is analyzed come from different sources and is presented in numerous formats.

According to a report, it has been estimated that by 2020, the data volume will reach 44 trillion gigabytes. Being able to generate data with the help of Data Science is extremely beneficial. This is the reason why Data Science is offering the corporate houses the ability to make more and more evidence-based decisions every day. Data Science is used across different industries like Marketing, Agriculture, Healthcare, Genomics, etc. This has also created various Data Science jobs with high salary packages in the industry. The reasons why Data Science is the next big thing in the industry are as follows.

Helps Taking Better Business Decisions

One of the major reasons why Data Science has gained so much popularity over the past few years is that it helps business houses take informed decisions. Proper data needs to be available to the decision-makers of the company before they make any important decision. This can be problematic sometimes as a majority of the data is unstructured at times. By extracting numbers and statistics with the help of Data Science, corporate houses can make predictive models. This can also help the corporate and business houses learn which outcome is the best and they can take action based on that.

Help find the right target audience

With large volumes of data available, collecting the relevant data related to your customers can be a major challenge. Collecting data is one of the best ways to gather customer insights and target your audience more accurately. All the data that a company collects from surveys, websites, emails and social media platforms help analyze customer behaviour more effectively. The data helps customize products and services according to customer needs and demands. Applying the techniques of Data Science helps in recruiting, marketing etc. It helps businesses devise strategies based on the insights driven by the data.

Application in the healthcare industry

There are various applications of Data Science in the field of healthcare as well. The important data related to the healthcare sector includes stress level, heart rate, blood pressure and much more. Earlier doctors were not able to monitor the patient’s health condition in real-time but with advancements in the field of Data Science and Machine Learning, doctors are now able to gather more information about patients through wearable devices. Hence, doctors can provide immediate assistance to patients. Data Science also collects and analyzes health data to identify diseases by checking the symptoms. Some of the Data Science advantages in the Healthcare system also include reducing waiting time for patients and handling emergencies successfully.

Helps in risk management

Risk management is an important part of every business. Risk management is dependent on data and professionals in the field of risk management have been using Data Science for many years now. There are no set parameters to calculate risks but with the use of analytics, one can create the measurement parameters that can help in establishing the risk scenarios. Data analytics is used for risk modelling, especially in the financial and banking ecosystem. Advanced credit risk analytics help institutions with smart insights which in turn helps them make better decisions and reduce risk costs. Some important areas where data analytics finds applications in risk modelling are government agencies, risk portfolio management, banking, telecom and much more.

Recruitment and Training

Data Science has made the process of recruitment much easier and faster.  With the enormous amount of data available on corporate databases and social media and job sites, companies can use analytical methods and find the best fit for the organization. This helps organizations find the right candidate at the right time and decreases the chance of missing out on the right candidate. Recruitment is search-based and if it is driven by data, the accuracy of hiring for the desired role will be much higher and hassle-free. Data Science can provide data that employers need to know.

Data is doing wonders in the world of business for quite some time now and will keep doing so in the future as well. By using Data Science techniques companies and the various sectors can predict problems and future growth.

So, if you are interested in making a career in Data Science, Ivy Pro School’s Data Science course is the perfect choice for you. The Data Science faculty at Ivy Pro School is well-accomplished and aims at making students industry-ready.