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How Data Science Is Revolutionizing These 5 Industries

How Data Science Is Revolutionizing These 5 Industries

Algorithms, statistics, and analytics, in the modern world, data is everywhere. Yet it takes a special kind of expert, the data scientist to understand the insights that such information can provide. 

Indeed, those specializing in the field of data science are at the forefront of revolutionizing a wide range of industries right now. Read on to find out what they are, and how data science is transforming them. 

What is Data Science?

At its core, Data Science is all about patterns. Patterns in the data or quantitative information that data scientists gather and use. The value of these patterns is sought by a wide range of businesses and organizations as it allows them to make informed decisions on how to move forward, rather than just guessing and risking the costs associated with this. Indeed, this is how data science is having a transformative effect on many industries. Keep reading to find out more. 

Careers in data science 

Before we get into exactly how data science is revolutionizing a range of industries, let’s take a brief look at what it takes to begin a career in this field. 

Usually, data scientists will require at least a bachelor’s degree in Computer Science, Data Science, Mathematics, or a Science subject that works heavily with quantitative data. Many people choose to pursue post-graduate qualifications as well including PDIPs, Master’s Degrees, and for high-level work, even PHDs. 

There is a wide range of jobs in data science to choose from once you have graduated, and many data scientists choose to specialize in particular roles such as analyst or developer. Although some roles require expertise in both analyst and developer skill sets. 

Healthcare 

Billions of medical documents are produced worldwide every year, and they are a proverbial goldmine for data scientists and organizations in the field. One such example of this is the data that can be collected and analyzed from sources such as fitness wearables such as Apple watches, Fitbits, and Bellabeats. 

These devices provide so much data that by analyzing them for trends and patterns, those in the healthcare industry could develop early warnings for particular health events such as heart attacks. Something that could be used to avoid these serious and life-threatening health events and save many lives. 

Banking and Finance 

Data Science is revolutionizing banking in a number of ways. Firstly it’s making it a more secure industry because it can be used to make fraud on both the large and smaller scale much more difficult for the perpetrator and easy to detect and trace for the institutions involved. 

Similarly, Data Science is transforming finance by providing analysis tools, including those powered by AI that can be trained to make more reliable predictions on investments and the stock market and improve investors’ chances of profiting. 

E-commerce

Data science is also at work transforming the field of e-commerce. The main way in which data science is used in this field is to leverage the power of the data that businesses hold on their customers, helping them to understand it better and so increase sales. 

There are all sorts of ways this happens from re-targeting methods like abandoned basket texts and emails to offering personalized recommendations to customers as they browse. The latter convinces them to buy more, as well as informs retailers on the stock they should keep. 

Video Streaming

Another area in which data science is having a massive impact is a video and video streaming services. Data gathered from subscribers and users of video streaming sites can be used for a range of purposes including developing algorithms that predict what they are most likely to want to watch, providing a better user experience. 

Similarly, data science algorithms can be used to inform streaming companies regarding the type of content that is popular and what they should invest in making, and display more of on their site to maximize success. 

Marketing

The last field that data science is disrupting in a positive way is marketing. Data lead decisions are quickly becoming the industry standard, with guesswork being relegated to the past. The whole marketing sector is set up to gather, use, and analyze data with a wide range of analytical tools and dashboards including Google Search Console, Google Trends, and Google Ads Console. 

While it is the data science that underpins this revolution, understanding this mass of data can be a real challenge. A challange that has led to larger companies with higher-value projects are starting to employ expert data scientists to work alongside their marketing teams. 
The purpose of their presence on the team is to provide the schema to analyze the marketing data they have in detail and turn these insights into visualizations which make them much easier for marketers to understand and use to increase sales in their campaign.

How Data Science Is Revolutionizing These 5 Industries