Importance of Data Science in Business

Data science is the collection of techniques and skills that helps extract meaningful information from massive amounts of raw data. It is a broad range of tools and techniques that include predictive analytics, artificial intelligence, natural language processing, visualization of data, and many more. Its importance is widely acknowledged within the business world, and its practitioners are highly in demand.

Data science is increasingly utilized in every industry and, in some instances it is a key element in the operations and strategies of an business. Data science is helping businesses design stronger marketing campaigns and better focus their product advertising. It assists in reducing financial risk by detecting fraud and prevents equipment failures in industrial settings and manufacturing plants. It also assists in preventing cyber attacks and other threats to IT systems.

For example the algorithms that monitor the users of social media platforms and on digital billboards can determine a person’s shopping habits and then use that information to tailor their marketing messages. This boosts conversion rates of customers which results in a higher ROI for marketers.

In the innovative solutions for digital transformation medical field the ability to visualize and analyze large volumes of patient data has helped doctors come up with new treatments and diagnose ailments more accurately. It also has allowed them to perform preventive medicine and investigate treatment options more quickly.

However, some of the more troubling applications of data science could have grave ethical implications. According to ProPublica the COMPAS Recidivism Risk score used by many law-enforcement agencies to predict future criminal activity could be biased against African-Americans.