In earlier times, oil companies ruled the globe. Now, Data is the new oil. Data in the 21st Century is synonymous with oil in the 18th Century. In this digital economy, Data is one of the most precious assets that are still untapped. Data is available everywhere in every field and industry. Also, the Data is increasing exponentially at a fantastic rate. Earlier, data was limited to megabytes and gigabytes, but now every other person talks about terabytes and petabytes. The Data always represent some information or story, and insights can be drawn from data. This is where data science plays an important role.
What is Data Science?
Data Science refers to the extraction of business insights from the heaps of raw data using various tools, algorithms, scientific methods, math, and statistics. It involves identifying patterns & connections to deliver actionable insights that can be further helpful in solving real-world scenarios. It encompasses various processes like data acquisition, data extraction, data cleansing, data modeling, data visualization, etc. Data Science can be further deployed in a wide range of industries and areas to solve the challenges available in the sectors. Most of the firms are now looking for data science services company that can utilize data science to build software solutions for different problems.
Let’s discuss the applications of data science in different industries:
Data Science in Healthcare and Medicine
Data Science has a lot of applications in the Healthcare and medicines sector, such as medical imaging. The deep learning techniques help analyze and find even the minute deformities in the X-Ray, CT scan, and MRI Scan. It helps analyze the medical records healthcare data, which in turn helps in decision making by doctors. Data science eases the drug discovery process and helps monitor the health of the patients by using wearable IoT devices.
Data Science in Manufacturing Industry
The manufacturing industry aims to manufacture the correct quantity of products at the right time, which will help reduce manufacturing costs. Data Science helps to fulfill this goal. Robotic process automation significantly helps in increasing productivity. Data Science is further helpful in fault prediction and maintenance, demand forecasting, and inventory management processes.
Data Science in Agriculture Industry
Data Science plays a significant role in the agriculture industry as well. Data Science provides actionable insights about the farmer’s land and instructs them on what to grow and what farm practices to deploy. Also, nowadays, many farmers and scientists are using innovative tools to measure and analyze the elements that affect farming—including environmental conditions, seed genetics, and the presence of pests. Various deep learning techniques help in detecting the problem and disease in plants.
Data Science in Banking and Finance
The Banking and Finance sector is primarily affected by Data Science and AI technology. From AI chatbot to Robo advisor, all these applications use AI to solve critical problems and handle substantial interactions that once required humans. The AI and machine learning models help in driving trading systems and pricing models. The banks now utilize their vast amount of internal data such as credit and debit transactions, loan data, and EMI data to track their customers’ purchase history and patterns. AI and machine learning models also help in risk modeling fraud detection.
It is just the beginning, and in the upcoming days, data science will be more expanded. More and more industry is now utilizing data science & AI techniques and integrating it in their decision-making process to gain more actionable insight. If your firm wants to boost your employees’ efficiency with the help of data science solutions, then connect with an experienced data science consulting company that can build and deploy actionable analytics solutions.