Importance of Data Science in Business
Data science is the collection of processes and skills that help extract meaningful information from massive amounts of raw data. It encompasses a range of tools and techniques including predictive analytics, artificial Intelligence as well as natural language processing and data visualization. Its significance in the world of business is well-known, and its practitioners are highly sought-after.
Increasingly, data science is employed in nearly every industry and, in some cases it plays a major role in the strategies and operations of an organization. Data science helps businesses create better marketing campaigns and more specific product advertising. It is aiding in managing financial risks by detecting fraudulent transactions and preventing malfunctions in manufacturing facilities and other industrial settings. It also helps block cyberattacks as well as other security threats to IT systems.
For instance the algorithms that follow the customers of digital billboards and social media platforms can determine a person’s shopping habits. Marketers can then customize their messages to take advantage of this information. This increases the rate of conversion for customers, which leads to a greater ROI for marketers.
In the medical field, the ability to visualize, analyze and interpret huge amounts of patient information has allowed doctors to diagnose illnesses and develop new treatments more precisely. It also allows doctors to apply preventive medicine and research the options for treatment more quickly.
Data science can be used in a manner that could have grave ethical implications. According to ProPublica the COMPAS Recidivism Risk score used by law enforcement agencies across the country to predict future criminal activity could be biased towards African-Americans.