Data science is the set of knowledge and techniques that helps extract meaningful information from huge amounts of raw data. It covers a broad array of tools and techniques that include predictive analytics, artificial intelligence natural language processing, visualization of data, and much more. The importance of this technology in the business world is well-known and its practitioners are highly sought-after.
In the present, data science is employed in nearly every industry and, in some instances it is an integral part of the operations and strategies of an organization. It assists businesses in creating stronger marketing campaigns and better determine the best time to advertise their products. It is aiding in managing financial risks by detecting fraudulent transactions and preventing malfunctions in manufacturing facilities as well as other industrial settings. It also assists in blocking cyberattacks as well as other security threats to IT systems.
For instance the algorithms that follow customers on digital billboards as well as social media platforms can identify the habits of a person’s shoppers. Marketers can then modify their messages to take advantage of this information. This helps improve customer conversion rates and results in more ROI for marketers.
In different challenges in data science research the medical field the ability to visualize and analyze vast amounts of data from patients has helped doctors develop new treatments and diagnose ailments more accurately. They can also perform preventive medicine and look into treatment options quicker.
However some of the most disturbing applications of data science can have grave ethical implications. For instance, the COMPAS Recidivism Risk Score used by law enforcement agencies to predict the likelihood of future criminality can be biased against African-Americans, according to ProPublica.