Importance of Data Science in Business

Data science is a set of skills and processes which help extract meaningful information from vast amounts of raw data. It encompasses a range of tools and techniques including predictive analytics, artificial intelligence as well as natural language processing and data visualization. Its significance is widely acknowledged in the business world and its practitioners are highly sought after.

Data science is being employed increasingly in every industry. In some instances it’s an integral part of the strategy and operations of an organization. It helps businesses develop stronger marketing campaigns as well as better target product advertising. It helps to manage financial risks by detecting fraud and making sure that equipment fails in manufacturing and industrial factories. It data protection strategies for modern businesses is also helping block cyber attacks and other security threats in IT systems.

For instance the algorithms that follow customers on digital billboards as well as social media platforms are able to determine the habits of a person’s shoppers. Marketers can then tailor their messages to take advantage of this information. This helps increase conversion rates and leads to higher ROI for marketers.

In the medical field the ability to visualize and analyze massive amounts of patient data has helped doctors come up with new treatments and diagnose diseases more precisely. It also allows doctors to perform preventive medicine and investigate treatment options more quickly.

However there are some alarming applications of data science can have serious negative ethical consequences. For instance, the COMPAS Recidivism Risk Score used by a variety of law enforcement agencies to predict the likelihood of future criminality is biased against African-Americans, according to ProPublica.