Data science is a set of techniques and skills that aid in extracting meaningful information from large amounts of raw data. It is a broad range of tools and techniques that include predictive analytics, artificial intelligence and natural language processing data visualization and more. Its significance in the world of business is well-known, and its practitioners are in high demand.
Data science is being employed increasing in every industry. In certain instances it is a key element in the strategy and operations of an business. It helps businesses develop stronger marketing campaigns and determine the best time to advertise their products. It aids in managing financial risks by detecting fraudulent transactions and preventing malfunctions in manufacturing facilities as well as other industrial settings. It also helps in blocking cyberattacks and other threats to IT systems.
For instance, the algorithms used to track customers on social media platforms and digital billboards can track a person’s shopping habits and use that data to tailor their marketing messages. This can improve conversion rates and ultimately leads to greater ROI for marketers.
In the medical field, the ability to analyze, visualize and interpret large volumes of patient data has helped doctors identify diseases and develop new treatments with greater accuracy. It has also enabled them to practice preventive medicine and explore treatments more quickly.
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Data science could be utilized in a way that can have serious ethical implications. For instance, the COMPAS Recidivism Risk Score used by law enforcement agencies to predict the likelihood of future criminality may be biased against African-Americans, according to ProPublica.