“Knowledge is power in business, and data is the fuel that creates this power.”
Every industry has some set of challenges which they all encounter at some point or the other. But in recent times, data science has emerged as a new methodology to solve numerous industrial problems. From providing business insights to searching the right target audience and finding the key problematic areas, most industries are trying to harness the best out of data science technology. The potential of data is skyrocketing and there is a lot that is yet to be unleashed. So, read this post from Quarks to know how data science is helping industries.
Industries that are making the best use of Data Science potential.
Have you ever wondered how an e-commerce platform like Amazon or Flipkart suggest products? How Facebook show you Newsfeed recommendations? Or how Google predicts what you are planning to search before you even finish the text? Actually, data science is helping industries in many ways. With technological advancements, data science has become one of the greatest driving forces behind the internet. As per a report, there were 4.39 billion users alone in 2019 and they all leave their data footprints which are then used by companies to target audience and make businesses profitable.
Logistic is a vast industry where customer service and time are the two key elements that can either make you a hero or zero. Operational efficiency is one such factor which has a huge scope to provide on-time delivery of a product. Data science is helping industries by predicting the demand at pre-determined locations to strategically place products with maximum demand. So, at a place when a particular product was getting delivered in 3-5 days, it can now get delivered in a day or two.
In the logistics sector, it is hard to increase the scope of profit margins. But, by using navigation supports system provided with data can give insights about the optimise routes. Thus, greatly reduce not just delivery costs but also greenhouse gas emission. This way, data science is helping industries as well as the environment.
Data science is a powerful tool in the field of medical sciences and bioinformatics. By collecting patients’ data, such as their habits, lifestyle, duration of physical activity, preference, among many other things, it analyses data to find disease and then come up with personalised treatment plans.
Apart from this, a normal human body generates somewhere around 2 terabytes of data on a daily basis. Data science is helping industries like healthcare by keeping a tab on sleep patterns, brain activity, heart rate, blood glucose and stress levels to detect early signs of respiratory or heart-related ailments.
Banking, security and financial sectors are to name a few places where data science is helping industries. Most Securities Exchange Commission (SEC) uses data science tools to predict and monitor the market. On the other side, trade analysts use it for predictive analytics, sentiment measurement. Data science Is helping industries by providing great help in risk analytics and management, consumer analytics, fraud detection and algorithmic trading.
The steady progressive growth of technological advancements over the last centuries has made our lives more convenient and comfortable. However, with the advent of the 21st century, technology took a giant stride, with artificial intelligence, machine learning, blockchain, AR and VR being a few recent innovations, revolutionizing modern society. Amongst these technological developments, artificial intelligence […]
In the vast tapestry of technological evolution, as the adoption of artificial intelligence becomes widely used, generative AI—a cutting-edge subset of AI—has emerged as a torchbearer of innovation and limitless possibilities, transforming business in unthinkable ways. At the forefront, this game-changing technology, which combines the wonders of artificial intelligence and natural language processing, has transformed […]
In the contemporary age marked by digitalization, data has become the backbone of innovation, reshaping how businesses and individuals operate. The capacity to derive valuable information from the available data is what sets one apart, especially in an environment characterized by infobesity. Especially in the modern-day corporate environment, data serves as a robust arsenal, comprehending […]
C-43, Sector 62, Noida - 201301
Jasola Distt. Centre, Jasola, New Delhi - 110025
1st Floor, Site No. 41, 12th Main Road, Sector-6, Bengaluru – 560102
4th Floor, Gaurav Tower, Malviya Nagar, Jaipur - 302017
3209, Cotten Road, Raleigh, NC - 27603
4 Robert Speck Pkwy, Suite 1501, Mississauga - L4Z 1S1
28C Stanley Street, Singapore - 068737
We also disclose information about your use of our site with our social media, advertising and analytics partners.
Additional details are available in our