Data science studies large volumes of data to extract meaningful information from structured and unstructured data. Scientific techniques, statistical techniques, algorithms, etc., are used for data processing. Also, various tools and technologies are used to gain meaningful information from the data.
For instance, Nisha wishes to purchase a gift item from an online store. She is confused about what to buy from the huge list of items. Data Science comes to aid during such instances in the form of product recommendations depending on previous purchases and past search criteria.
Prominent Data Science Applications
1. Fraud detection
The finance sector was the initial sector to experience the benefits of data science. Organizations have experienced losses due to bad debts. At the same time, massive amounts of data generated while sanctioning loans. Data science comes to the rescue for these problems.
Data science has become familiar with data by studying customers’ past data to analyze the possible risks. Importantly, banks could push their products to the customers depending on their interest and purchase capability.
Users have to type a few words or letters and will be done with the complete sentence. Autocomplete is a vital part of data science that helps perform this. Instances that illustrate this feature include writing a formal email in google mail and search engines on social media.
3. Internet search
Data Science application is seen as search engines. If you wish to search for anything online, you use search engines such as Google, safari, yahoo, bing, etc. Data science is what makes the search very quick and easy.
Drug development takes time and costly. Data science eases the task as it can easily predict the success rate of the drug with less time, effort, resources, and finance. Data science algorithms predict the reaction of the drug without any lab tests.
5. Targeted recommendations
For instance, you wish to buy a mobile phone. You go to various resources and search for various models online. Later, you drop the idea of making an online purchase and do it offline.
Data science helps organizations who are into advertising to create personalized ads for the products you have searched earlier on websites, social media, and various other applications.
6. Planning the airline route
Data science helps predict flight delays in the airline sector. Also, it determines whether the flight should land directly or halt at an intermediate destination before reaching the final destination. Such actions make passengers’ journeys safe and comfortable.
Data science helps monitor patients’ health using recorded data. It helps detect the diseases using the symptoms at the early stage. Moreover, doctors’ can monitor patients’ health from a remote location with the help of creative tools and technologies.
Doctors can know the patient’s health with wearable devices. Hospitals can even build equipment driven by data science to know the patient’s health, such as body temperature, blood pressure, and heart rate. Mobile applications have also been built to receive patient health notifications and updates.
8. Image recognition
AI tools extract valuable information out of the images captured. Data science tools recognize the human face with the pictures in the database. It studies all your facial features and tries to match them with the images in the database.
Unlocking your smartphone by recognizing your face is an example of facial recognition. Also, it is used to recognize faces on social media posts and tag people. Developers are improving the technology to enable facial recognition features to work accurately.
9. Speech recognition
Speech recognition solutions use Artificial Intelligence and Machine Learning. Speech recognition software takes the voice as input and breaks the speech into words to deliver text information.
Some significant advantages of speech recognition include enhanced customer experience, streamlined call center operations, minimized expenses, enhanced cross-sell and up-sell opportunities, and minimized customer churn.
Speech recognition software is a good tool that helps enterprises enhance business performance and enhance customer experience.
10. Augmented analytics
Augmented analytics uses Artificial Intelligence and Machine Learning to improve data analytics. As a result, organizations can attain faster data insights, reveal hidden data insights, enhance data literacy in small organizations and increase trust in the data.
Data science with machine learning has made transportation easier. Autonomous vehicle development and enhanced documentation of weather, traffic, and routes are the various other factors.
Uber, Ola, and Lyft are the well know transportation and cab service organizations that have enhanced the pricing, allotting optimal pricing and delivery routes by considering geographical locations, economic indicators, consumer profiles, etc.
Data science analyzes which part of manufacturing requires more focus and avoids redundancy. Also, it helps forecast errors in the supply chain, reduces supply chain risks, and determines which organizations deliver the best spare parts.
Thus, data science helps make better decisions for reduced losses, forecasting demands, user requirements, and market demands for products before manufacturing.