Applications of Data Science & What It brings to the Table
Let’s take you a few years back. There are these giant, omnipresent organizations that are into everything, from FMCG to Logistics, Education to Industries and what not. And with such huge reach, think of the data they have to gather, analyse and utilize, without the help of Data Science. Catch the drift?
Data Science is not an accessory in the present scenario; rather a necessity that binds the ever-expanding universe of data. It is an amalgamation of data inference, algorithm development and technology.
Acting as a base for data-intelligence services such as AI and Machine Learning, the world is in awe of Data Science and exploring all possibilities in the field. Some of the data science companies USA as well have assimilated data science to create brand awareness and serve as per customer preferences. Let’s see how they do that:
Leveraging Search Engines
Search Engines work like wizards; however, only from layman’s point of view. Behind the scene, it is Data Science that assists Google to intelligently acquire data based on keywords, index it and come up with relevant information. Considering the fact that Google processes more than 20 Petabytes, handles 1.2 Trillion searches and holds nearly 15 Exabytes of data; without Data Science, Google wouldn’t be Google as we know it.
Application of Data Science and Machine Learning is much bigger than we know. From digital banners to bill boards at the airports – almost all of them make use of data science algorithms. This is the reason why digital ads have been able to get much higher CTR (Click Through Rate) than traditional advertisements.
Remarketing is another way to interact with users who might not be interested in doing business at the moment and convert them into leads through enquiries and quotes. This process of remarketing can be automated with the help of chatbots that are available 24x7.
Tag Suggestions with Facial Recognition
As soon as the uploaded image reaches Facebook’s database, we get suggestions on whom we can tag in the picture. That right there is Facebook’s Facial Recognition feature that uses Data Science and Analytics to find people with the help of their facial features. Similarly, we can scan a unique barcode on desktop browser at ‘WhatsApp Web’ page to log in and start using our WhatsApp phone account on a desktop. Apart from that, Google Image Search uses image recognition to identify pictures and display whatever information it finds relevant.
Use of Data Science in voice recognition is vast. Most of the personal voice assistants today, have Natural Language Processing that enables them to process conversational queries and find an optimum reply, with the help of AI and, in a broader sense, Data Science. Some of the examples of best voice assistants are Google Assistant, Cortana, and Siri.
Data Science in Airways
Earlier, airline companies were struggling to maintain their occupancy ratio and operational profits. Also, with air fuel prices shooting through the roof, and the obligation to offer heavy discounts, situation had gotten worse. But ever since airline companies have started using data science to identify potential areas of improvements, they can now:
- Predict flight delay
- Decide which class of airplanes to buy
- Determine the route for connecting as well as non-connecting flights
- Effectively manage customer loyalty programs
Fraud and Risk Detection
One of the best applications of data science is in the field of Finance. Earlier, companies used to face operational and monetary losses every year due to fraud actions. As a result, finance institutions had to adopt Data Science applications to manage their operations and resources. Data science also helps banking sector to roll out their financial products and instruments based on customer’s purchasing power.
Apart from what has been discussed above, Data Science also has applications in marketing and finance, such as credit risk mitigation and fraud detection, HR services, health care, government policies and much more.
Ready to take up Data Science services to maximize your business’ profit figures?
Contact USM Business Systems for the same.
USM is a reputed data science development company USA. We provides data science services and solutions for Retail, Energy, Banking and Finance, E-commerce, Healthcare and Telecommunication.