With rapid digitisation and advancements, data is the key to staying relevant, competitive and profitable. Businesses and governments are increasingly adopting data science to leverage its power and benefits.
Data science, a multidisciplinary field, is taking over every aspect of modern life. Machine learning, AI and Big data technologies are opening up millions of possibilities. So, how deep has data science reached in terms of influence? Let’s discover in detail below.
Data science has enabled businesses to use data to derive crucial insights and make data-driven decisions. This has improved product design, development, delivery, profit, financial handling and customer satisfaction. Big data has disrupted how the global economy functions.
But beyond just businesses and decision-making, data science’s impact runs deeper. The following sections will explain how powerful and influential data science has become.
With the application of data science techniques, nations, particularly in developing regions, are bringing tangible changes to citizens’ lives. Government agencies are increasingly using big data technologies to collect and analyse data effectively. This is helping them improve existing systems, government programs and implement data-driven policies.
A new group of young entrepreneurs are emerging who are leveraging data science to make business decisions. These leaders are not simply after profit. They are keen on exploring ways in which data science can positively impact the public. They wish to drive change and give back through smart decisions powered by data analytics. Notably, several data scientists use their knowledge and skills to track and understand data science-powered decision-making.
Data science is enabling countries to fight climate change. The United Nations has created 17 SDGs. It will help the global body to measure and track how each nation is taking steps to counter climate change. Data science is helping countries manage and track steps to reach their goals.
Data science helped governments, global health regulatory bodies and pharma industries during the pandemic. It allowed them to track the spread of the disease, make informed healthcare policies and project the growth of Covid cases.
Pharmaceutical giants leveraged data analytics to create a global dashboard to track virus spread. It helped them predict potential hotspots. Data science is also increasingly being used in drug development.
Data science applications are vast. Today, it touches and impacts almost every field of modern life. From healthcare, retail, finance to transportation, real estate, and astronomy, data science has found its applications across multiple industry verticals.
Let’s find more below:
Banking: Data science and analytics help in fraud detection, customer profiling, risk detection, etc.
Retail: Retail sector uses data science to gain customer insights, improve customer retention, etc.
Transport: Data science has helped the transportation sector to prevent unnecessary delays due to certain circumstances, route optimisation, providing personalised suggestions for a faster journey, etc.
Construction and real estate: Data analytics helps track material expenses, task completion and management.
Healthcare: Big data helps in faster diagnosis, tracking of the spread of diseases, drug development approval, etc.
Energy: The energy sector uses data science to keep track of energy consumption, customer feedback, etc.
Telecommunication: The telecommunication sector has been leveraging data science for customer segmentation, tracking data usage patterns, past purchase patterns, etc.
Data science has the potential to drive positive changes globally. It has already been impacting and influencing the world across various industry verticals. In the coming years, data science, AI and ML will help businesses and governments to use big data and make smarter decisions. Smarter decisions will lead to informed policies that will transform the world in every aspect.