Data science is the set of knowledge and techniques that allow you to extract useful information from vast quantities of raw data. It encompasses a wide range of tools and techniques that include predictive analytics, artificial intelligence, natural language processing, visualization of data and more. Its importance is widely recognized in the world of business, and its practitioners are sought after.
In the present, data science is utilized in every industry and, in some cases it is a key element in the operations and strategies of an business. Data science assists businesses in creating more effective marketing campaigns as well data governance: maintaining accuracy and compliance as more specific product marketing. It helps in reducing financial risks by detecting fraudulent transactions and preventing equipment breakdowns in manufacturing plants and other industrial settings. It also helps block cyberattacks and other threats to IT systems.
As an example, the algorithms that track the customers of digital billboards and social media platforms can identify the habits of a person’s shoppers. Marketers then can tailor their messages according to this information. This can improve conversion rates and results in an increase in ROI for marketers.
In the medical field the ability to visualize and analyze vast amounts of data from patients has assisted doctors in developing new treatments and diagnose illnesses more accurately. It also allows them to perform preventive medicine and investigate treatment options more quickly.
However, some of the more alarming applications of data science can be a serious ethical risk. According to ProPublica, the COMPAS Recidivism Risk score used by law enforcement agencies to predict future criminal activity could be biased towards African-Americans.