More data businesses have about people, better would be the chances for their businesses to grow and
expand. This is something called datification. Datification is the process to convert various aspects of life
into meaningful data.
Data collected after tracking and monitoring the online activities of the prospects is used to create
organised data-sets. These data-sets can be optimised to get useful insights in order to analyse the
prospects of a person being a potential customer or to understand problems or to see trends as solutions
to address the problems and to do projections which could prove useful in various ways.
Understanding Data science:
Science of discovering knowledge by analysing data is called data science. Data science involves
mathematical techniques, statistics and algorithms to analyse data and derive some useful insight which is
beneficial for the businesses or the purpose at hand.
Voluminous, dynamically generated and complex lot of data is collectively called the Big Data.
Benefits of Data Science:
Unlocking hidden intelligence:
Data sets have patterns and internal relations. Data science tools and techniques enable us to see
the useful trends and meaningful patterns quickly and accurately.
Answering the unanswered:
Human brain and even traditional fast computers are not capable to manage and analyse the enormous
data. DS can help to find answers to many questions such as useful relationships between the hunger data
and poverty statistics or how the unemployment data in a particular sector relates to the skill and literacy
data in that sector etc.
Precision and Speed:
Business and enterprises expect timely and precise answers to their business-related questions. Data
science helps with precise predictions and trends out of the vast big data quickly. For example, accurate
and timely predictions of weather trends for farmers can save them a lot of loss during droughts.
Better decision making, strategies and opportunities: Owing to its accuracy and ability to analyse big data to
see useful patterns and trends, data science makes businesses improve upon making better decisions.
Social Media:
Facebook, Instagram, Twitter, LinkedIn – Have lot of data. All interactions we do are digital in nature. Data
science methods can process these numbers to turn profitable predictions for businesses.
We are analysed on the basis of our personality, values and interests, lifestyle, opinions etc. This is called
psychograph analysis or psychograph.
E-Commerce and Retail:
For E-commerce giants such as Amazon, Flipkart, OLX etc. the biggest concern is customer experience. Data
collected from the transactions, reviews, rating, and also detailed analysis of their social media help
understand to improve on the customer experience and customer retention.
Health Care:
Imaging of human body is a common occurrence in hospitals. Millions of patients are scanned and Xrayed
through various advanced machines. Visual and numerical data collected through these equipment are
analysed by algorithms to predict life threatening diseases. The field of healthcare can benefit from data
science in various ways such as diagnosis, patient care and research.
Manufacturing:
Production, supply chain etc. DS can help predicting demand-supply gaps, risks, reduce down time, failures
predict and quality check.
Banking & Finance: Detecting frauds. Clustering & Classification, Risk analysis - Customer Lifetime Value.
Identify loyal and profitable customers by customer segregation and classification.
Electronics:
RFID - Radio Frequency ID emit data. Network of devices sharing data and signals over internet or personal
area networks through Bluetooth or other short range protocols called internet of things IoT.
Search Engine Optimisation: SEO is the process to increase the visibility of a website by making it appear in
the top search results returned by search engines.
Improved public services: Government uses data science methods to analyse big data related to
demographics (population statistics), social groups to provide better public services to the masses.
