Importance of Data Science in Business
Data science is the collection of skills and processes that allow you to extract useful information from vast quantities of raw data. It covers a broad array of tools and techniques that include predictive analytics artificial intelligence natural language processing visualization of data and more. Its significance is widely acknowledged in the world of business, and its practitioners are sought after.
Data science is being employed more and more in almost all industries. In certain instances it is a key element in the operation and strategy of an organization. It is helping businesses create more effective marketing campaigns and to better focus their product advertising. It helps manage financial risks by identifying fraud and making sure that equipment fails in manufacturing and industrial plants. It also helps to block cyberattacks and other threats to IT systems.
For instance, the algorithms used to monitor the users of social media platforms and on digital billboards can determine the patterns of shopping behavior of a person and use that data to customize their marketing messages. This increases the rate of conversion for customers which can result in higher ROI for marketers.
In the medical field the ability to visualize, analyze and interpret massive amounts of data about patients has allowed doctors to diagnose illnesses and develop new treatments more precisely. This has also allowed them to practice preventive medicine and explore the options for treatment more quickly.
Data science can be used in a manner that could have serious ethical implications. According to ProPublica the COMPAS Recidivism Risk score used by a variety of law enforcement agencies to predict future crimes could be biased towards African-Americans.