Data science is one of the hottest and most diverse fields of technology today. It is about collecting data that is unstructured and raw and then finding information from it; can help any business become more profitable. There is data everywhere, from all kinds of sources, whether internal or external. All of this data tells a story and represents something useful for a company to understand in order to create more productive strategies.
DATA SCIENCE
It is a pipeline of activities all structured together. It starts with collecting data and then storing it in frames. This is then followed by data cleansing to remove the unwanted and duplicate parts of the data and also correct the bad bits and fill in the incomplete data. After all the pruning is done, the data is further analyzed using many statistical and mathematical models. This phase is to understand the hidden patterns in the data. All of this ultimately continues to be communicated all to upper management so that they can make decisions about new products or existing products.
These days, one can find various data science courses to become a trained professional in the field of data science, and why not? Jobs will skyrocket up to 28%-30% by 2020, which means more opportunities. To be a data scientist, one does not necessarily need to have too much experience, even fresher with mathematical computing and economics background can train to be a data scientist. This growing need for data scientists is due to the increasing application of big data in almost every possible industry.
DATA SCIENCE IN BANKING AND FINANCE
Today, many banks are using big data to analyze the financial behavior of customers and provide them with relevant banking advice. This increases the ease of banking among customers and they also get personalized banking advice and information. Big data is also helping banks fight fraud and identify non-performing assets.
DATA SCIENCE IN CONSTRUCTION
This is an industry that needs to track a myriad of types of data related to customer value, material and land costs, revenue, future prospects for land, etc. All of this has become super easy as big data helps analyze the data and provides insights into the decisions that need to be made.
DATA SCIENCE IN RETAIL
Retail companies rely entirely on inventory and customer happiness as two main pillars of their core business. Both facets can be served by big data and its analysis. It can help understand recent trends and customer demands, analyze customer feedback, and most importantly manage inventory and storage.
DATA SCIENCE IN TRANSPORTATION
The transportation industry uses big data to analyze routes and trips. It helps map the routes and provides people with the shortest trips. It also helps track past travel details and provides customers with personalized travel packages. Big data also helps the rail industry by using sensor-generated data to understand braking mechanisms and mileage.
DATA SCIENCE IN MEDICINE
It helps manage and analyze medical and healthcare data, which in turn helps doctors make decisions. In addition, it helps in safety inspections, makes hospital management more effective, tracks vital signs of patients, and also helps in diagnosing diseases.
It is ubiquitous and will grow exponentially even in the next few years, making data science a promising career choice.