There’s a lot of information about data science; what it does and how it has revolutionized some of the world’s leading economies. Many companies are now using data analytics to make predictions, and the results are pretty impressive.
From the chatbots you find on web pages to the personalized marketing pop ups from your favorite Nike store - all these explain the power of data science. We’ve highlighted four amazing applications of data science below.
Used in sentiment analysis
Data scientists use sentiment analysis to measure the feelings and attitudes associated with a given string of words. It could be a speech from a renowned political figure, a spoken dialogue, or an excerpt from your favorite music.
Over the years, data science has been evolving and opening opportunities for a broader range of applications. Data Science with sentiment analysis is currently being used to explore far and beyond human behaviors. Human reactions and impacts from events occurring within the local and online environments can now be modeled with accurate data.
Politicians often use sentiment analysis to market themselves by predicting how various segments of a population will perceive their message. This is the current trend for multiple brands looking to sell their products and outshine their competitors.
Banking and finance
Banks and lending firms use data science to manage their inventories, make smarter lending decisions, and even keep away fraudsters. From risk modeling, customer segmentation to real-time predictive analytics, data science is the unsung hero in the banking sector.
By using various data science tools, banks can tailor personalized marketing to their clients and use AI algorithms to improve their analytics strategy.
On the other hand, the finance sector uses data science to model sustainability through risk management and cost-efficiency. Machine learning algorithms are used for predictive analytics that allows firms to foresee customer lifetime value and to improve customer and client relationships.
There are various ways in which healthcare systems are making use of data science. Data analytics and Artificial Intelligence have complemented each other, and this is true in predictive modeling for diagnosis.
Clinical and operational data are now used to create models that can learn historical patterns, which are later used for insightful predictions. Data science and analytics play a significant role in medical image analysis and drug discovery. The latter helps to speed up the drug manufacturing process and boosts revenue.
Transport and logistics
With the help of data science, the transport and logistics industry can now track fuel consumption patterns, freight conditions, and driver behavior from the comfort of their smart devices. With active vehicle monitoring, several variables such as consumer profile, economic indicators, location, etc. can predict when and how certain products should be delivered to customers. These insightful reports help with decision making and execution strategies.
Several industries have leveraged data science to drive growth, minimize risks, and make informed decisions. The future of data science and analytics is already with us. To beat the odds of competition and to serve their clients better, every business should tap the irresistible power of data science.