Data Science Influencing Myriad of Sectors
Data science market in India has grown exponentially in the last few years. Several industries are turning to big data techniques to create value for their business. As the competition in the market is at its all-time high, staying in the game as a leader is a new challenge.
Data analytics has always been a part of business concerns, but the latter is more proliferated and advanced. Let’s know how?
DATA SCIENCE AND DATA ANALYTICS
Industries like finance and banking have always used data analytics to know about risk and frauds that can happen, checking customer’s credit position and expenditure pattern. Data analytics used various quantitative and qualitative methods to see behavioral changes in data and patterns. It doesn’t use much mathematical and programming skills, but depend on soft skills.
Whereas, data science is the broader subject; it uses mathematical, statistical, programming, skills and on final stage rely on soft skills. Data analytics is a part of data science which starts from asking the correct questions and by using one’s curiosity to see what others cannot. That is the reason why data science is more in demand, so that other than just having a narrow lookout one should see future changes and be prepared for it.
GROWTH OF DATA SCIENCE
Analytics industry is earning revenues like never before; almost all industries are spending on analytics to increase one’s business value. Analytics industry is showing a growth rate of 33.5% CAGR. In no time data science will become the leading industry in revenue earning, innovation, and for providing career opportunities. Let’s discuss some leading sectors that are leveraging data science:
Social media and entertainment: Digital media are the new revolution, and the number of competitors is high. Major challenges include; knowing what customers want, how to expand distribution, collection, and knowing the right content. Applications include:
Using recommendation systems to make the right content available.
Creating the right kind of content.
Checking the performance of content among the audience.
Retail and wholesale industry: This industry has many components like product demand and supply, customers, logistics, warehousing, advertising, pricing etc. All these data and information are used to make retailing business fruitful. Some of the uses are:
To know about the market trends and fashion.
Taking care of the inventory levels at all times.
Knowing about the customer buying patterns and preferences.
To keep a tab on frauds and defaults.
Banking and finance industry: One of the pioneers in data analysis, and still provides a major share of revenue to the analytics industry. This industry deals in various dimensions with two major variables, that is of money and customers. Some of the applications are:
Big banks use it for the credit position of the customers.
Several financial commissions use it for keeping a check on illegal activities in the financial market.
Trading and investing firms use data to know about market moods and trends, so that they can mitigate risks of losing.
Manufacturing and natural resources industry: Both the industries deal with a lot of data which can help them in increasing their market performance and profit margins. It is used for:
Natural resources industries use it for analyzing geospatial and geographical data.
Manufacturing units use data science for maintaining inventory, optimizing production, and handling labor.