A baby learns to speak by mimicking its parents, a firework vendor shows up around the 4th of July, a Halloween store blows up around the last week of October – all these are examples of Data Science in action in real life.
Data Science is the study of actions, patterns, and numbers to predict a part of the future and leverage it for your benefit. It is an interdisciplinary field that uses a combination of computer algorithms and scientific tools & techniques to deduce a pattern from previously recorded data and suggest a solution for the future.
Consider that you’re a local store owner looking to apply Data Science solutions to enhance your sales. All you’ll need is some past data (the more, the merrier) and the right analytical tool for your business.
The business arena has changed drastically after the introduction of Data Science. Every action today has a statistical reason attached and reaps anticipated results. Be it eCommerce, manufacturing, or even gaming – every industry works on Data Science principles. Data Science solutions have penetrated throughout the business arena, making them more competitive and versatile.
From a spectators point of view, we see two implicit functions stemming from Data Science:
1) Data Science promotes healthy competition amongst the business community.
2) Data Science exposes the customers to new and coming options to make the smart choice.
As a result of such catalytic development, data-driven businesses saw a sharp rise in their turnover from 2015 – they went from $333 billion in 2015 to $1.2 trillion in 2020.
Let’s Look At How Data Science Solutions Have Penetrated Across Various Industries!
The FinTech industry is expected to be worth $26.5 Trillion in 2022 with a CAGR of 6%. And it is safe to say that Data Science solutions have something to contribute to this growing number.
The logic is simple; Finance companies make their decisions based on accumulated data to ensure that their decisions hold as minimum risk as possible. From risk analysis to algorithm trading, every decision made is a result of Data Science solutions.
Statistical inferences are an essential inclusion in this set of data science tools to carry out hypothesis and test them later to ensure that the prediction will hold true.
Since the COVID-19 pandemic, predicting the course of healthcare is perhaps the most critical use of data science solutions. Right from analyzing the data of multiple reports to detect a pattern and come to an answer – data science is everywhere. Not only does it allow you to find solutions to a problem, but it ensures that it is an effective one.
Common examples of this are using MRIs and X-Rays to find a common underlying condition to arrive at a conclusion. Later, using that data to find its cure to eradicate the problem quickly. Such effective use of Data Science allows healthcare professionals to find cures and foster good health quickly.
Apart from using Data Science, smart healthcare solutions have also reformed the industry the leaps and bounds by introducing AI techniques.
Needless to say, eCommerce and Data Science are probably best friends forever. Right from analyzing the cost to acquire your customer to estimating their lifetime value in your product or service, Data Science solutions provide you with the right numbers to create a fail-safe and data-driven strategy.
Accumulating and leveraging that data to understand what your niches are looking for and providing them with the same is what data science is all about.
Here’s what you can do with Data Science solutions and an eCommerce store:
- You can deduce the cost of acquiring the cost of each customer.
- You can ensure that your customers receive recommendations about similar products.
- You can estimate your customer’s total lifetime value to forecast the cost you’ll have to invest in them.
The above mentioned is merely the tip of the iceberg; there is a lot more than you can accomplish with Data Science solutions to grow your eCommerce store.
Every time you received an email from a travel company, whose services you might have availed of previously, you must instantly understand that it’s Data Science solutions working their charms.
Right from customer recommendation to creating personalized packages for the customers – Data Science helps the travel industry capture and convert the niches.
We presume that the increasing competition has made the prices cut-throat. And this calls for business owners to launch personalized solutions for target niches.
Here’s An Example Of Data Science In Action:
Say you booked a two-way flight to place X via a travel company and completed your trip. A couple of weeks later, you might see suggestions to other places with hotel recommendations.
These recommendations stem from similar travel patterns of other flyers and their choices.
Neither the business arena nor Data Science solutions are limited to these niches only. But these areas are where maximum growth happens given how dynamic they are and that the changing customer preferences are leaning more towards them.
Apart from these, gaming is one other arena where Data Science seems to have shown a lot of change. Predicting the value of your choices in the game can determine their accuracy and higher the chances of your victory.
This blog is the first of the many series blogs that we’ll be writing to uncover the use of data science solutions in various industries. Stay tuned for more!