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How is Data Science used to Solve Real-World Business Problems?

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Empower Data Science to Resolve Real-World Challenges

Data science has become the most promising fuel that drives most businesses today. Accumulating all the data generated from different sources, companies leverage them to make better decisions and predict the market and sales’ future. According to a report of 2020, every individual user generates approximately 1.7 MB of data per second. It is enough to understand the market demand and predict how to extend the growth of businesses to a more thriving level. This article will discuss how data science helps solve real-world business problems. It will also discuss data science courses in India and what data science online courses from IIM Nagpur offer.

What is Data Science?

Data science is a branch of computer science blended with statistics to provide an interdisciplinary domain dealing with granular data, and its collection and analysis for extracting valuable insights from filtered data. According to some research, the market demand for data science is growing exponentially every day. Companies are opening new doors through data-driven approaches. With the increase in the market need for data science, job opportunities are also exponentially going high. Therefore, having a data science certification from a reputed institute will add value to your journey. 

How Does Data Science Solve Real-World Business Problems?

Today, almost every business leverages data science to solve real-world problems such as understanding market trends, predicting crimes, digital advertising, etc. Professionals who pursue data science online courses enhance their chances of getting a data science job. Let us now look at some typical business problems that data science can solve.

  • Through data science, professionals can analyze and extract patterns from past business data and arrange them in a meaningful fashion. It helps business executives make decisions based on those data analyses.
  • Herein, businesses can leverage unstructured data to find data-driven insights that can help understand the business needs and where to improve in the business in the future.
  • Data science helps in predicting customer needs. Many e-commerce companies leverage data science with machine learning (ML) algorithms to recommend similar items or complementary products to users.
  • Pharmaceutical industries also implement data science to check the impact of medicine and its composition in a simulated environment due to massive datasets. It can help in taking the medicine creation process to a great height.
  • Healthcare businesses leverage data science to cure new diseases and predict diseases based on past data and symptoms through analysis software and data visualizations. 

In this disruptive technological era, data science is enabling massive productivity by predicting business work, automating business practices, and making smart decisions. If you, as an aspirant, want to upskill your data science proficiency, try IIM Nagpur’s online data science course in India. The Data Science for Business Excellence and Innovation course is a one-year data science certification course that will provide a post-graduate certificate from IIM Nagpur. 

It covers data science tools like ML, AI, Tableau, R, Python, Simul8, etc., and helps provide real-time business exposure with personal mentoring. The course fee is INR 2,35,000 + 18% GST and provides aspirants with a managerial understanding of data science. It requires a minimum qualification of 50 percent in graduation under any recognized national or international university, along with a minimum of two years of experience.

Conclusion

This article gives a crisp idea to all aspirants who want to opt for a data science online course.  If you are looking for a cutting-edge learning curve in the data science field, join Data Science for Business Excellence and Innovation by IIM Nagpur.

FAQs

  1. Do data scientists code?

Data scientists mostly code those programs that can help extract insights from data and analyze them by generating visualization. Data scientists are also responsible for creating machine learning codes that can help in automating data-driven insights for large projects.

  1. What problems do data scientists solve for businesses?
  • Data scientists solve various business problems like:
  • Understanding the precise requirement of the supply chain.
  • Understanding market trends through data and solving unnecessary production.
  • Continuous improvement with the help of data-driven analytics.
  • Understanding customer requirements and behavior.
  • Solving different types of business crises.
  • Rescuing from loss by predicting the market.
  1. What should I learn first to become a data scientist?

Statistics and data science programming languages like Python or R will help you build a base and core to have a kickstart to the data scientist role.

  1. How is data science used in business?

Data science helps tackle business problems like understanding market trends, predicting crimes, customer behavior towards a product or service, digital advertising, analyzing medicine, predicting diseases, etc.

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