The Power of Predictive Analytics: How Data Science is Changing the Game
Data science is rapidly evolving many industries. From the idea of robot butlers to self-driving cars, these mere concepts were just flights of fancy a few years before. However, it took data science and big data to bring them to reality, and many data-driven advancements are now part of our life.
It can be surprising to know how data science is changing the game in many industries. The extraordinary insights into how people behave and how things work are surprising, allowing us to predict breakouts, gain operational insights and increase overall efficiency in our work scope.
What Is Data Science?
Data science is the collection, cleaning, processing, and analysis of the vast majority of data sets to commute patterns and analytical results. It also involves communicating those results to stakeholders to make informed decisions. From personality traits to speech patterns, data science can provide interesting revelations for just about anything
The rise of data science has been so meteoric that we tend to forget it is a relatively new field. A few years back, we had statisticians who were well-versed in qualitative data analysis. However, with the advancement in analytical tools, computing processes, and cloud storage, computer science has merged with statistics giving birth to data science.
How Is It Changing The Game For Different Industries?
While data science started in the 1960s, the term was officially coined less than a few years ago. Since then, it has touched every aspect of modern life. Data scientist jobs today rank in the top 100 according to the US News & World Report.
However, the field only took flight in the 2010s when the research of talented field professionals started producing effective applications. Since the 1990s, companies have been collecting user data to gain insights, but only recently have those results successfully converted into sales.
While big data is making waves, even small data is no less in its uses. For instance, small data is used in self-driving cars to power the machine learning systems that make real-time decisions in traffic.
In e-commerce, small data is very useful in collecting and analyzing personal data. It is used to predict purchase patterns and make purchasing suggestions. Even social media websites like LinkedIn and Facebook use data to make content suggestions and optimize posts.
Data science is also heavily influencing our homes. Anything “smart” is highly likely backed with data science to predict behavior and make suggestions. For instance, smart cities use data analysis to control stoplights.
Data science is also driving the medical and farming industries. More companies are investing in machine learning and analytics to combat diseases, understand patterns and invent new farming techniques.
Conclusion
In conclusion, data is creating magic in the modern world today. It allows different industries to make informed decisions and improve the standard of living for people by converting raw data into meaningful insights. It is helping companies make smart decisions while allowing consumers to enjoy better lifestyles.