Data science is the latest buzz, and while lots of money has been invested in the collection and storage of this cutting-edge technology, its real-life application has been delaying and for many reasons. However, data science is changing the world, and with time, it is expected to be incorporated into more industries. Data science: Fulfilling a real need in the channel. There is a reason as to why that slogan has been used to describe the technology and here is how it is already changing things for the better.
Data science is speeding up the rate at which researches are done and proven to work. Take an example of DNA strings. With big data, it is possible to decode in a few minutes which results in the faster invention of cures. What's more? It increases the chances of predicting disease patterns. Data science can now be used to monitor sick and premature babies, know if there are any risks or improvements, allowing the physicians to analyze the toddlers’ heartbeats and breathing sequence. They can easily predict infections even before the occurrence of physical symptoms.
This is another sector that has proven to make significant improvements through data science. How does this work? High-Frequency Trading is now using data science algorithms to make sound trading decisions with most equity trading happen through data algorithms. Through this technology, the High-Frequency trading has access to social media networks and news websites information which helps them understand trends, and in return, they can make sound decisions on where needs changes to improve.
Yes, you read that right. Data science is profoundly being used in the law enforcement industry and mostly by national organizations. It allows the security organizations to access a vast amount of information which helps them catch criminals, terrorists’ plots and therefore ensuring the civilians are safe. Although cases of terrorists’ plots and attacks are covered in mystery, big data ensures that the information is protected and that there are no leaks until the plotters are put behind bars.
Marketing and advertisements in the retail business are among the leading areas where data science is used to increase awareness. Examples are Netflix and Amazon who have already taken advantage of the discovery to produce recommendations engines. The engines are designed to make future purchases recommendations as per the previous interests that customers displayed towards certain products. This allows the firms to be more direct and make sound decisions when advertising products.
Also, data science gives retailers some insights to help them in inventory management. For example, they could show that after an unusual rise in temperatures, some products’ sale will increase in some regions but decrease in others. It allows them to use real-time analysis of the current events to predict the market.
Data is science is the solution for strong data protection and any organization that is in the search for better insights to improve their businesses. It has changed the way things are done across most industries, and more and more sectors are expected to incorporate it in the long run.