Data science is a collection of skills and processes which help extract meaningful information from massive amounts of raw data. It covers a broad range of tools and techniques including predictive analytics, artificial Intelligence, natural language processing and data visualization. Its significance in the world of business is well-known, and its practitioners are highly sought-after.
Data science is being employed increasingly in every industry. In some instances it’s a crucial part of the strategy and operations of an organization. Data science can help businesses develop better marketing campaigns and more targeted advertising for their products. It assists in reducing financial risk by detecting fraud and preventing equipment failures in manufacturing and industrial plants. It also helps block cyber attacks and other threats to IT systems.
For example, the algorithms used to track customers on social media platforms as well as digital billboards can identify a person’s shopping habits and use that data to customize their marketing messages. This increases the rate of conversion for customers, which leads to a greater ROI for marketers.
In the medical field the ability to analyze and visualize large volumes of patient data has assisted doctors in developing new treatments and diagnose diseases more precisely. It also has allowed doctors to practice preventive medicine and explore the options for treatment more quickly.
Data science can be utilized in a way that has serious 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.