Importance of Data Science in Business
Data science is a collection of processes and skills which help extract meaningful information from large quantities of raw data. It covers a broad range of tools and techniques including predictive analytics, artificial Intelligence, natural language processing and data visualization. Its importance in the business world is well-known, and its practitioners are highly sought-after.
Increasingly, data science is employed in nearly every industry and, in some cases it is a key element in the operations and strategies of an company. It assists businesses in creating stronger marketing campaigns and better determine the best time to advertise their products. It helps to manage financial risks by detecting fraud and stopping equipment failures in industrial settings and determine profiles owned by same person manufacturing factories. It is also helping block cyberattacks and other security threats that can be detected in IT systems.
As an example the algorithms that follow customers on digital billboards as well as social media platforms can identify the habits of a person’s shoppers. Marketers can then customize their messages based on this information. This can improve conversion rates, which results in higher ROI for marketers.
In the medical field the ability to visualize and analyze massive amounts of patient data has helped doctors come up with new treatments and diagnose diseases more precisely. They can also apply preventive medicine, and research treatment options faster.
However, some of the more shocking applications of data science are those that can have grave ethical implications. For instance the COMPAS Recidivism Risk Score used by a variety of law enforcement agencies to predict future criminality may be biased against African-Americans According to ProPublica.