data-driven innovation: shaping the future of business
Data science is the set of processes and skills that allow you to extract useful information from vast quantities of raw data. It is a broad range of techniques and tools 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 used in almost every sector and, in some instances it plays a major role in the operations and strategies of an organization. Data science helps businesses create better marketing campaigns and more specific product advertising. It assists in reducing financial risks by identifying fraudulent transactions and preventing failures in manufacturing plants and other industrial settings. It is also helping to block cyber attacks as well as other security threats to IT systems.
For instance the algorithms used to monitor the users of social media platforms and on digital billboards can track a person’s shopping habits and use that data to tailor their marketing campaigns. This increases the rate of conversion for customers and results in greater ROI for marketers.
In the medical field the ability to visualize, analyze and interpret massive amounts of information about patients has allowed doctors to diagnose diseases and develop new treatments more accurately. It also has allowed them to practice preventive medicine and explore treatments more quickly.
Data science may be used in a way that can have grave ethical implications. According to ProPublica, the COMPAS Recidivism Risk score used by many law-enforcement agencies to predict future criminal activity could be biased towards African-Americans.
