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    Published On : Wed, Dec 16th, 2020
    Featured | By Nagpur Today Nagpur News

    Top Data Science Applications Across Industries

    We produce an astonishing amount of data every day. According to research published by Seagate reports, there would be 175 zettabytes of data generated every day by 2025. This colossal set of gathered, stored, analyzed, and monitored data is increasing exponentially. Companies need data scientists to make sense of this data and use it to help them gain a competitive advantage. But, what are the industries where data science applications are used? 

    In this article, we will be listing a few industry verticals where data scientists can work:

    1. Finance 

    One of the most data-driven fields in the world is finance. Subsequently, financial organizations have adopted data science in their day-to-day operations. 

    It is a known fact that financial companies are driven by information, and to get actionable insights and sustainable development for institutions like banks, they need the help of data scientists. A data science professional helps in potential fraudulent behaviours, risk monitoring and assessment, payments, customer experience and analysis, and other utilizations. By creating data-driven decisions, these financial institutions are able to develop a stable finance environment with data scientists as their backbone.

    1. Healthcare

    Data science can be used for making healthcare more efficient by connecting analytics, statistics, deep learning algorithms, and pattern recognition. According to a study published by the Journal of the American Medical Informatics Association, the healthcare industry has an increasing demand for data scientists. 

    Data scientists are able to process large data volumes for laboratory and clinical reports and aid in precise diagnosis processes through deep learning techniques. Some companies create smart wearables used for tracking and detecting health conditions. The heart of this process is data science. With the help of data scientists, healthcare companies can decrease the risk of health problems and impact the state of wellbeing all over the world.

    1. Travel 

    Personalization in the travel industry has grown increasingly deep over the fears. Data science allows the companies to offer personalized experiences to the customers as per their preferences and needs and create profiles based on segmentation. A data scientist will be able to forecast the travelers’ behaviours by knowing the place they want to visit, the prices they are ready to pay, and the right time for launching special promotions. With the right skills and abilities, a data scientist can provide a lot of insights into the travel industry.

     

    1. Energy

    Currently, the energy industry is experiencing major fluctuations in prices. With the higher project costs, it is more important than ever to obtain high-quality information. Data Scientists can help energy companies by reducing risks, cutting costs, improving equipment maintenance, and optimizing investments. It involves using predicting models for monitoring compressors that can decrease the number of downtime days. There is a wide range of solutions and software used for manipulating and analyzing large datasets including Python, Hadoop, Oracle, NoSQL, etc.

    1. Manufacturing 

    Also known as the industry 4.0, thanks to the introduction of automation and robotization as the 4th industrial revolution, this industry is in dire need of data scientists who can implement their knowledge and skills of data management solutions through tracking defects, increasing supplier relations’ quality, and quality assurance.

    Just like in the energy industry, data scientists can use preventative maintenance for troubleshooting potential future equipment issues. This is one of the main areas where data scientists can use their skills in the industry. They can also aid in avoiding any delays during the production process and implementing predictive analytics and artificial intelligence. Data science offers companies a way of managing their frequent manufacturing issues like inventory, logistics, and overproduction of products. It is the responsibility of data scientists to identify inefficiencies and tune the production process. 

    1. Gaming

    With over 2.5 billion gamers all over the world, the gaming industry has become an integral part of entertainment. Data scientists can help gaming companies with developing models, identifying patterns, making predictions, analyzing optimization points, and improving gaming models. 

    The role of data scientists is not limited to just the production process. They can also aid in monetization by identifying the most valuable players (the more money a player spends, the more profit the company will make) and analyzing general consumer behaviour for increasing the company’s profitability. Another area in the gaming industry where data scientists can work is in fraud detection. In online games, the security levels must be of the highest standards. Machine learning algorithms can help in identifying suspicious account activities faster.

    1. Pharmaceuticals 

    The pharma industry is connected to human health. In the past decade, it has emerged as one of the top industries that extensively uses data science. A pharmaceutical company can use data science for ensuring a stable approach to plan clinical trials. A data scientist can help in building precision to the calculations of the probability of failure or success of the trials. Data scientists can also help in identifying suitable candidates for the trials on the basis of their body structure. They will read, analyze, perform, and monitor the analysis of their medical history, chemical structure, and other important characteristics. 

    These are a few of the several industries where data science has seen active applications. Data Science has benefited all these fields and brings more usage in the future. Whether you are an experienced data scientist or an aspiring one, an inquisitive data explorer will have a wealth of choices. If you want to get started in the field of data science, the best option that you have is to join a data science course in Mumbai.

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