Question

What are the applications of data science in the real world (E.g finance, Pharma, IT,Manufacutring etc)?

Answer 1

Data Science has revolutionized the IT Industry. Nowadays every Industry uses data. There are a lot of industries that use data science to build or predict the different factors involved. Various applications of data science are finance, Pharma, Manufacturing, etc.

1. Finance:- In the domain of finance, data science has played a major role in evolving it. Finance Industry has done a lot to automate the different tasks in the industry to automate certain processes using machine learning and AI. It helps in enhancing the efficiency of cost and also majorly for predictions related to finance to increase the profits of this industry. Also, data science is used to improve the customer experience in the domain of finance. Various machine learning models are used to understand the perspectives of the customer and optimize accordingly to boost profits.

2. Pharma or Healthcare:- Pharma Industry has also reached new heights using data science. Data Science helped in identifying or detecting the rate of major diseases using various models or bots by using the previous different patient's data. Data Science can help to ease the work of doctors and also identifying the disease early so that the patient can be treated on time. Discovery of drugs has helped in making new medicines by analyzing several combinations and their effect using Data science which helps to get the idea of the success rate of medicine which is in development.

3. IT:- One Industry that has seen a serious and major transformation in the IT industry especially E-commerce Industry. As we have seen nowadays based on the previous search history of the person on the E-commerce website, the website shows on the top only that kind of products that the customer has searched a lot for in the past. So this all has been achieved using data science by training various models at the backend using machine learning by making a recommendation system. Also, there is one more system based on which the websites analyze the behaviors or patterns of customers known as a sentiment analysis system. All this has been achieved with the help of Data Science.

4. Manufacturing:- To increase the profits in a manufacturing industries data scientist plays a major role. As they are the one who is helping the manufacturing industry to optimize the factory productions and reducing the production cost for the benefits of the industry. All this has been achieved using the manufacturing Industry. Using the customer feedback data scientists are helping to improve and innovate the already existing products to meet customer satisfaction and needs. Various machine learning models are implemented to automate such tasks that require less human effort and hence resulting in boosting profits of industry.

5. Security:- Data Science has also helped in identifying various criminals committing a crime in the city, state, or country. Criminals are identified using the data which is already present in the public database who has previously committed a crime and when someone commits a crime their criminal records are checked by using various facial recognition and machine learning methods to retrieve the details of criminal and according to that warrants are issued on them. Only Government and security personals can access to the data or database.  Also live monitoring is done at high crime rate places to detect the face of the criminal and matching it using the database which can help in getting criminal information. Government security agencies are a lot benefited from Data Science.