8 Ways Data Science Will Change the World

8 Ways Data Science Will Change the World

The principal aim of data science is to parse through large sets of data to find hidden patterns. For this, a data scientist uses statistical techniques to analyze and generate insights from data. In recent times, data science has replaced regular old-fashioned processes and has led to better outcomes in various facets of life. Let’s look at how data science has made a difference.

So, how is data science contributing to the world? Let’s take a look. 

8 Ways in which Data Science is Changing the World

Table of Contents

  • Fraud and Risk Detection

Finance was perhaps the first domain in which data science started getting used on a vast scale. This was especially true in the case of banks, where a lot of losses began piling up due to a lack of proper checks and balances. This led to a lot of fraud and malpractices that went undetected. With the help of data science, many of these banks became systematic with customer profiling, past expenditures, and other essential variables that reduced the probabilities of risk and loan default.

  • Genetics and Genomics

Data science aims to understand the underlying impact of DNA on individual health and a person’s propensity towards diseases and drug response. The use of data science techniques makes it possible to integrate data for various disparate sources along with genomic data to uncover genetic issues and possible disease occurrences due to the distinct human physiology of an individual.

  • Drug Development

Drug development is a long process. On average, it takes 12 years to bring a new drug into the market. Data science helps cut short this long-drawn process to save both cost and time. The role of a data science expert starts with screening drug compounds to forecasting the success rate of a drug based on biological factors.

  • Search Engines

Google is possibly the first name that springs to the mind when thinking of search. Search Engines like Google use data science algorithms to deliver the best search results for a searched query in a matter of a few milliseconds. Without data science, there would not have had the luxury of search engines.

  • Targeted Advertising

Most display banners on a website or digital billboards in public spaces like an airport have their backend controlled by data science algorithms. Complex algorithms also play an essential role in serving personalized advertisements to web visitors at the right time to deliver a high Click-Through Rate (CTR) to advertisers. This has made digital marketing more in demand than traditional advertising in the current scenario. 

  • AirLine Route Planning

Some of the biggest airlines are currently having a tough time keeping their company afloat. Many factors combined with a sluggish economy and high fuel prices have made it tough to maintain airline occupancy, thereby reducing profits. One of the ways to combat the situation is the utilization of data science. Data scientists give airlines actionable insights on the most optimum and avoidable routes for healthy profits.

  • Virtual Reality

Virtual Reality (VR) and data science go hand in hand. The working of many VR headsets currently available in the market makes use of computing knowledge and data science algorithms to provide the best viewing experience. The popularity of games like Pokémon Go signals the adoption of this technology on a large scale.

  • Road Travel

With the rise of e-commerce and mobile applications like food delivery apps, it has become incredibly important for such companies to chart out optimum routes for last-mile delivery. Currently, such problem solving is done with the help of data science so that the driver has to travel the least distance with minimum fuel consumption. This is fundamental to the bottom line of such new-age companies.

So, are you willing to get into this field? To learn with the best, consider enrolling in the Post Graduate Certificate Programme in Data Science for Business Excellence and Innovation by IIM Nagpur. This programme will give you in-depth insights into the use of data science in making effective business decisions. To know more, contact us.

Frequently Asked Questions (FAQs)

  • How data science is used in business?

Although the scope of data science is quite vast, the fundamental usage of data science is definitely to do with decision making. Data-driven decision-making leads to better outcomes.

  • Which data science course is best?

When it comes to established brand names like IIM and experienced industry faculty, this is one of the best data science certification courses currently offered.

  • Is data science useful for small businesses?

Yes, data science can benefit both big and small businesses.

  • Is data science important for MBA?

Data science will be a great add-on skill for an MBA student aspiring for a managerial role. It will certainly work to their advantage in the job market.

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