Data science is the set of skills and processes that allow you to extract useful information from vast quantities of raw data. It includes a wide range of tools and techniques, including predictive analytics, artificial Intelligence natural language processing and visualization of data. Its importance is widely acknowledged in the world of business, and its practitioners are highly sought after.
Data science is being used increasing in every industry. In some cases it’s an integral part of the strategy and operations of an organization. Data science aids businesses in constructing more effective marketing campaigns and targeted advertising for their products. It helps manage financial risks by detecting fraud and prevents equipment failures in manufacturing and industrial plants. It also helps block cyber attacks and other security threats in IT systems.
As an example the algorithms that follow customers on digital billboards and social media platforms are able to determine the patterns of shopping behavior of a customer. Marketers can then modify their messages based on this information. This helps improve customer conversion rates and results in higher ROI for marketers.
In the medical field, the ability to analyze and visualize vast amounts of data from patients has helped doctors come up with new treatments and diagnose illnesses more accurately. It also has allowed them to practice preventive medicine and to explore treatments more quickly.
Data science could be utilized in a manner that has grave ethical implications. For instance, the COMPAS Recidivism Risk Score used by law enforcement agencies to predict the likelihood of future criminality could be biased towards African-Americans according to ProPublica.