What is Data Science?
Data science, also known as data-driven science, is an interdisciplinary field of scientific methods, processes, algorithms, and systems to extract knowledge or insights from data in various forms, either structured or unstructured, similar to data mining. Data science is a “concept to unify statistics, data analysis, machine learning and their related methods” in order to “understand and analyze actual phenomena” with data.
Using data science, companies have become intelligent enough to push & sell products as per customers purchasing power & interest.
Data science is a multidisciplinary field of study with the goal to address the challenges in big data. An area that manages, manipulates, extracts, and interprets knowledge from the tremendous amount of data. Data science principles apply to all data – big and small.
Let’s talk about How Data Science is ruling our hearts and minds –
From car design to insurance to pizza delivery, businesses are using data science to optimize their operations and better meet their customers’ expectations. Logistic companies like DHL, FedEx, UPS, Kuhne+Nagel have used data science to improve their operational efficiency. Using data science, these companies have discovered the best routes to ship, the best suited time to deliver, the best mode of transport to choose thus leading to cost efficiency, and much more to mention. Furthermore, the data that these companies generate using the GPS installed, provides them a lot of possibilities to explore using data science.
Tomorrow’s healthcare may look more efficient thanks to things like electronic health records. It also may look a lot more effective. Reduced readmissions, better care, and earlier detection are on the horizon. By using data science one can predict the cancer cells, the tumors and much more. It is possible to train a model with a huge amount of dataset, and make some prediction using a data science machine learning algorithm.
Price Comparison Websites
At a basic level, these websites are being driven by lots and lots of data which is fetched using APIs and RSS Feeds. If you have ever used these websites, you would know, the convenience of comparing the price of a product from multiple vendors at one place. PriceGrabber, PriceRunner, Junglee, Shopzilla, DealTime are some examples of price comparison websites. Nowadays, price comparison website can be found in almost every domain such as technology, hospitality, automobiles, durables, apparels etc.
Who can forget the suggestions about similar products on Amazon? They not only help you find relevant products from millions of products available to them but also adds a lot to the user experience. A lot of companies have fervidly used this engine/system to promote their products/suggestions in accordance with user’s interest and relevance of information. Internet giants like Amazon, Twitter, Google Play, Netflix, Linkedin and much more use this system to improve the user experience. The recommendations are made based on previous search results for a user.
Starting from the display banners on various websites to the digital billboards at the airports – almost all of them are decided by using data science algorithms. This is the reason why digital ads have been able to get a lot higher CTR than traditional advertisements. They can be targeted based on user’s past behavior. This is the reason why I see ads for analytics training while my friend sees an ad of apparels in the same place at the same time.
There are many search engines like Google, Yahoo, Bing, Ask, AOL, Duckduckgo etc. All these search engines make use of data science algorithms to deliver the best result for our searched query in a fraction of seconds. Considering the fact that, Google processes more than 20 petabytes of data every day. Had there been no data science, Google wouldn’t have been the ‘Google’ we know today. They process your data and make predictions from your searches.