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Describe 5 real-time applications of data science?

May 7th 2020 at 10:48 PM

Data science is the most popular field nowadays in terms of career. The various industries in which data science is used to make them better are as follows-

1. Banking

Banking highly depends on the application of data science. Data science plays a very important role in helping banks for optimum utilization of resources. Data science helps banks to manage the data of their customers, detection of fraud, segmentation of customers, risk modeling, etc. All this enables the banks to take effective decisions. With the use of data science banks are able to analyze their customer cycles and investment patterns. The banking sector can see the number of customers they have which helps them to make predictions about various things. All this is possible only through data science.

2. Manufacturing

Data scientists have become a prominent part of the manufacturing industry. Data science is being used in this industry for reducing the cost of production by optimum utilization of resources and thereby increasing the profits. With the increase in technological advancements, data science has also enabled the industry to make predictions about various future problems and find out the necessary solutions by analyzing the data continuously.  Data science also helps the manufacturing industry to analyze customer review, which in turn leads to better performance. Due to data science, this industry is capable of improving the quality of its products. Through machine learning, data science leads to enhancement in the production lines.

3. Finance

Another industry where data science has acquired a crucial position is finance. Data science has led to the automation of various financial tasks. To carry out strategic decisions, the financial industry needs to make risk analytics automated. Through machine learning, data scientists help the financial industry to identify, analyze and monitor the risks. Machine learning is also used by financial institutions for making predictions.

4. E-commerce

Data science has totally transformed the e-commerce industry. It helps the e-commerce industry to identify potential customers for the product. It also helps to predict future trends. It enables the industry to forecast various goods and services. It enables the industry to know which products are acceptable to society and what is their response towards the product. What will be the products that will be popular in the future and also predicts their trends?

5. Healthcare

Almost all the industries of healthcare are using data science like drug discovery, Medical image analysis, Health bots, Genetics and Genomics and Predictive modeling.

  • In the drug discovery industry, data science is making the processes easier and provides useful insights. Machine learning helps to analyze different combinations of drug and what will be their effect.

  • Data science is helping in medical image analysis like MRIs, x-rays, CT-scans, etc. Such technology helps the doctors to detect the flaws.

  • On the basis of historical data of the patients, data science helps to predict the results of the disease.

So this was all about data science, business analytics, and data analytics. If you are really serious about your career you can enroll in our data science course

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