Original article was published on Artificial Intelligence on Medium
What is Data Science and Why It is Important?
“Data Science is a multi-disciplinary domain which is made of three different fields of studies, i.e., Computer Science, Mathematics & Statistics, and Domain Expertise”.
In other words, Data Science is the study of raw information/data in bulk, to understand what it represents and how it can be effectively turned into valuable and actionable insights, which help business owners to make various strategic decisions.
Here below find what a Data Scientist has to say:
“I am fascinated about Data Science as it gives the pleasure of unraveling mysteries. Makes you feel a scientist, a detective, domain expert, deal complex problem with facts and no gas!”– Sandhaya Kumari (Data Scientist).
Quite often than not, you open Facebook, and, after every few scrolls you observe a Sponsored Ads column of various products. These are of those products that either you might have been checking out online or something that matches your taste or preference based on your previous social media engagement. But how did Facebook know that?
Well! Since the inception of Big Data and Data Science Technologies, analyzing and predicting visitors’ taste and preferences is no more a mystery. Facebook’s targeted advertisement is so powerful that it can reach you based on Location, Demographics, Behavior, Interests, and Connections too.
CNBC reports that, Facebook made $40 billion in advertising revenue last year, second only to Google.
Data Science has numerous benefits in terms of Business and Career. In the modern market landscape, ‘customers are kings’, and to meet their expectations, companies have to go an extra mile and look beyond just offering the minimal requirement.
That is when Data Science plays a vital role, and a company-wide deployment of Data Science techniques is only going to let the organizations stand out from the rivals. Let’s dive deep into the reasons why businesses need Data Science.
Benefits of Data Science for Businesses
‘Data Science’ is a buzzword that has been the talk of the tech-town over this decade. But what makes Data Science so compelling that more and more companies are inclining towards this emerging technology?
McDonald’s spends heavily on Data Analytics and Data Science to compete with Burger King considering their usual rivalry with the latter always remaining second to the former. However, Burger King also leveraged Data Science and Data Analytics to first enhance the customer experience through various digital mediums which caused a huge increase in the footfall.
Data Science is taking healthcare industry to a whole new level by offering complicated services in lesser cost, whether it is Medical Image Analysis, Genetics & Genomics, Drug Discovery, Virtual Assistance, and many more areas.
Walmart uses Data Science technologies to manage the order/shipment preparations, transportation, routing, managing inventory levels, etc., all of which are seamlessly handled with the help of heuristics offered by Machine Learning Algorithms.
Read this exciting blog on How AI helps fight against Coronavirus!
How Data Science Helps?
Following are some the prominent ways Data Science is helping businesses unlock methods of achieving success:
- Predicting Customer Preferences: Data Science comes with predictive analytics techniques that allow companies to track customers’ preferences and helps offer them customized services. This not only traces new potential customers; it also helps them retain the existing ones at a lesser cost.
- Competitive Edge: While every other company is racing to reach the top and acquire larger market share, Data Science has emerged as the superhero helping them channelize their resources in a way that can help them develop a competitive edge over the rivals.