In simplest terms, data science is simply the study of data. Today’s world is filled with more information than can be managed without the proper tools and data science incorporates those tools, along with in-depth analysis.
Virtually every industry out there makes use of data science. With the overwhelming amount of data available, top industries need data science in order to keep track of important information, as well as make sense of what is being collected.
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The healthcare industry uses data science in order to take literally petabytes of raw data and have them converted into usable and manageable information. Data science helps keep track of patient records, current scientific studies, and research findings, as well as integrate within medical insurance systems in order to provide the best care possible with the least amount of expenditure.
Millions of people trust their finances to the banking institutions and those companies need to maintain incredible amounts of data. Data science is how that is accomplished. Banks and other financial institutions are also always monitoring for the slightest evidence of fraudulent activity or computer hacking attempts. Data science must always be at the forefront of computer security, due to the large volumes of data passing through worldwide systems on a daily basis.
Law enforcement officials are always looking for ways to reduce crime and to protect individuals and organizations from criminal activity. Data science is an incredible tool available. With it, criminal patterns can be detected and appropriate measures can be taken in order to apprehend lawbreakers and prevent further criminal damage.
Retail is one industry where data science provides incredible benefits. By taking raw data and breaking it down into different sub-sectors, the retail industry is able to see different trends surfacing almost instantaneously. At one time, retailers had to wait for daily or weekly reports in order to determine which sales numbers were doing well and which were faltering. With data science and the information accessible, those trends can be viewed within seconds.
Data science has proven invaluable to anyone involved in the real estate business. It has allowed access to information for potential buyers and sellers that can both speed up the entire transaction process, as well as determining whether or not the finances are already in place to make the sale. In addition, data science pinpoints which neighborhoods are the most desirable to live in, as well as which areas are on the cusp of becoming desirable.
While it might seem that data science is the salvation for many businesses, the reality is there remains a disconnect between data science and the businesses that use it, according to Forbes. One of the reasons for this is there is an unrealistic expectation from businesses as to how to use data science within the company framework. While the data science teams have access to a vast amount of important data, the difficult part is finding ways to take that data and make something useful to the business itself.
The industries using data science encompass nearly every walk of life and even those industries not currently using them on a regular basis often find themselves using them more and more. Technology has touched every aspect of an individual in some way and data science is there to make the best use of the information gathered.