Data Science & Its Applications

WHAT IS DATA SCIENCE?

There are high chances that you have come across the term ‘data science.’ It is highly
supported by the fact that a career in data science is deemed to be one of the most
sought-after and promising careers of the times. Given the enormous amounts of data
produced on a daily basis, it becomes extremely important to utilize it effectively and
efficiently. So, what do we do with this much data? How do we use it? How do we apply it in
our day-to-day proceedings? The answer lies in the domain of – DATA SCIENCE. Today’s
blog is all about understanding this nuance- what is data science and its real-life application.
Data science is an interdisciplinary field that uses algorithms, scientific methods, processes,
and insights to prepare data for analysis. It includes cleansing, aggregating, and
manipulating the data for uncovering patterns and drawing insights. It is a combination of
various fields like- statistics, artificial intelligence, computer science, mathematics, and
various other domains. Enough of the scientific jargon, in layman’s words- data science is
the study of data. It includes storing, recording, and analyzing data to extract important
information.
It is considered to be one of the most desired careers in 2022 with tremendous growth
opportunities
. Due to the high demand for data scientists- it is often one of the most
looked-after fields if you are looking for career advancement. Whether you are a newcomer
or a well-established person, you can always learn this science of data. While it is a
relatively newer field, employers are continuously looking for professionals with expertise in
it.

WHO IS A DATA SCIENTIST?

A person who studies and analyses this data is called a data scientist. They are a new breed
of experts who have the technical skills to explore and solve problems. The role of a data
scientist is part-time- mathematician, statistician, and computer scientist. They are
responsible for analyzing and interpreting large amounts of data to arrive at a better
understanding of the underlying trends. They use this knowledge and apply it to a broad
range of application domains.

WHERE IS DATA SCIENCE USED?

I hope you have understood the terms ‘data science’ and ‘data scientist’ clearly. Now,
proceeding with the applications of data science- I will be discussing 5 fronts wherein you
can see the real-life application of data science around you.
Data science is dominant in almost all the top industries of the world today. Data is
considered to be a fuel of industries and there’s no one industry that doesn’t use data. Let us
take a look at how data science has revolutionised the way we perceive data. It has certainly
led to a transformation in the way data is utilised.

1. BANKING AND FINANCE

Data science plays a crucial role in the sector of finance and banking by providing efficient
customer support, fraud detection systems, and developing recommendation systems.
Banks can use risk modeling through data science by which they can analyze their overall
performance. They can also develop a tailor-made marketing strategy to suit the needs of
their clients. For instance- they can promote their banking products based on their client’s
purchasing power.
Moreover, it plays an important role in the financial industry. Financial companies can use
data science to do fraud detection and other transaction and insurance scams. They use
machine learning for predictive analysis– predicting customer lifetime value and their stock
market moves. Through a strong data analysis, they can develop personalized relationships
with the customers
and provide them suggestions in accordance with their requirements.

Data science also helps in making data-driven decisions which adds to the improvement of
the entire customer experience.

2. HEALTHCARE

With respect to the field of healthcare, the application of data science has brought great
benefits. Some of the ways in which it has improvised the medical industry are-
• Medical Image Analysis
• Drug recovery
• Virtual assistance and health bots
• Predictive model for diagnosis

3. E-COMMERCE

The industry of e-commerce has been largely benefited from the onset of data science.
E-commerce giants like- Amazon, Flipkart and Myntra use data science in order to provide a
better user experience and make personalized recommendations for their potential as well
as existing customers. Some of the ways in which it has brought about a transformation in
e-commerce are-
• Predicting trends and identifying popular products
• For identifying a potential customer base
• Optimizing a price structure for customers

4. SEARCH ENGINE

One of the most popular search engines Google relies heavily on dataset providers to add
structured metadata on their sites. Other search engines like- yahoo, Bing, Ask, etc. make
use of data science algorithms to deliver a relevant search result in a matter of seconds. It
helps in giving valuable insights to improve the SEO of a website make predictions and
customer behavior using, machine learning and analytics.

5. LOGISTICS

Various companies involved in logistics and delivery like- Delhivery, BlueDart, DHL, etc. use
data science for efficient working and servicing. The ways in which data science helps in
logistics include-
• Finding the best route for the shipment of their products.
• Best suited time and mode of transportation for delivery.
• Using predictive analytics for forecasting of goods and services.
• Warehouse optimization
• Estimation of total delivery times
• Delivery path optimization which helps in reducing freight costs.

CONCLUSION

I would like to conclude the article by stating the fact that data science has indeed made a
significant mark on different industries. It has made the working more efficient and productive
through its applications. As seen above, it is now used popularly in different fields indicating
the versatility of science.
I hope you found my blog post knowledgeable. I post regular content on Data Science on my
blog
as well as other platforms like . If you liked my content, do subscribe to my blog and feel
free to connect me over LinkedIn. I am quite active there and would be happy to engage in a
conversation there. The link to my LinkedIn profile is attached. Until next post. Till then,
happy reading and learning.

LinkedIn Profile: https://www.linkedin.com/in/chitwanmanchanda/

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