Data science is the collection of knowledge and techniques that helps extract meaningful information from huge amounts of raw data. It encompasses a wide range of tools and techniques that include predictive analytics artificial intelligence natural language processing data visualization and more. Its significance is widely acknowledged in the business world and its practitioners are highly sought-after.
Data science is being employed more and more in almost every industry. In some instances it’s an integral part of the operation and strategy of an business. Data science assists businesses in creating better marketing campaigns and more targeted product advertising. It helps in reducing financial risks by detecting fraud and making sure that equipment fails in manufacturing and industrial factories. It is also helping block cyberattacks and other security threats within IT systems.
For instance the algorithms used to monitor the users of social media platforms as well as digital billboards can determine the habits of a consumer and then use that information to personalize their marketing messages. This boosts conversion rates of customers which results in a greater ROI for marketers.
In the medical field, the ability to analyze, visualize and interpret large amounts of patient data has allowed doctors to diagnose diseases and create new treatments more disadvantages of data driven decision making precisely. It also allows them to perform preventive medicine and investigate treatment options more quickly.
Data science can be used in a way that has serious ethical implications. For instance the COMPAS Recidivism Risk Score used by a variety of law enforcement agencies to predict future criminality could be biased towards African-Americans according to ProPublica.