Data Science Creating value for businesses

Today, every business relies on data analytics as their central pillar. Business units produce and collect a lot of data on a daily basis. The sources of this data can be varied as web, internal database, surveys and various types of media circulating around.

How is all this data useful for a business relationship? Which all sectors use these data analysis techniques? These are some initial questions. Let’s discuss some points.

DATA AND ITS USE

Data is not used in its raw form as it is collected, but instead one has to work extensively through the data to find meaning in it. This is where data science becomes useful. Using various tools and techniques, data is sorted, grouped, analyzed and presented to management. And then data is used in automation and algorithms to solve various customer or performance related problems.

Computer science is multidisciplinary and brings together many subjects and their experts to solve any problem. Disciplines included are math, statistics, computer software programming and business knowledge.

The pipeline in the data cycle is complex and needs expertise. It involves multiple steps of being equally important and any discrepancy means getting the wrong insight. Steps usually use micromanagement and research, machine learning and data processing as tools. It starts from data collection and storage of them according to their source and application, followed by cleaning and exploration of data using statistical models and coding and finally ends with algorithm building and communication of the results.

Companies utilize data from various open and closed sources for:

  • Solve problems with many operational, marketing, production and workforce.

  • It helps to understand and control the performance of the organization in different areas.

  • To improve a device’s processes and workflow, it helps with innovation and research in a new way and execution of the same.

  • It helps to know its customer and their requirements and reviews and also provides insight on market opportunities and risk.

  • Help interact with customers through the digital platform.

SECTORS USED IN DATA ANALYSIS

Computer science is generally used by companies to increase their value and keep profitability up. Some sectors use it for purely commercial and profitability purposes and others for public improvement purposes. Some of the sectors are:

  • Production: Industries such as this use historical data sets as well as predictable data to keep track of both current and future issues. Analytics helps with demand and sales forecasts, inventory management and keeps track of store floor activities.
  • detail: Today, the entire retail sector is being exploited through digitalisation. From merchandising to post-purchase analysis, everything is data-driven. Currently, social media data is widely used for emotion analysis.
  • travel: datasets from different itineraries and itineraries, travel companies create personalized offers for different customer groups. From route planning to hotel reservation and even the safety of travelers make sure to use sensor data.
  • financing: one of the very first sectors to use analytics to understand market trends and customer behavior patterns. Analytics also helps massively reduce risk and fraud.