How Data Science Is Helping Industries?

“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.

Internet

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.

Logistics

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.

Healthcare

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 and Security

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.