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Data Science for Business – All you need to grasp

Data Science For Business

Storage of data was the main challenge as this contemporary world is in the era of big data, especially for corporate enterprises and companies. This issue has since 2010 been put forward and resolved when a great community of developers built some of the essential tools for processing a massive amount of data. Hence, the question, how do we process and utilize this data? Data Science? Yes, of course.

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It is then crucial to understand what Data Science is and how business development can use it.

By the end of this article, you will understand what Data Science is all about, who a Data Scientist is, and the need for Data Science in 2021.

What is Data Science?

Data Science is a study that focuses on analyzing the past or current data and predicting future outcomes to make smart and critical decisions.

Who is a Data Scientist?

A Data Scientist is someone who solves complex data problems with in-depth knowledge in specific scientific fields. In other words, a great Data Scientist is versatile with an in-depth operational understanding of Mathematics, Statistics, Advanced computer applications, and so on. This specific knowledge is because the study requires advanced technologies in identifying problems and solving them.

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As this is defined, you may also wonder how this is different from what Data Analysts and Statisticians do. A data analyst explains what is going on by studying and processing the history of the data. At the same time, a data scientist does not only undertake the overall analysis but also uses various Advanced Machine Learning Algorithms (AMLA) to gain insights and predict future occurrences.

In other words, Data Scientists make use of predictive causal analytics, prescriptive analytics, and machine learning systems to make predictions.

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Predictive Causal Analytics

Predictive Casual Analytics is used to foretell the chance of occurrence of a particular event in the future. Let’s say you work in a company, and some customers request certain goods on credit. Still, you are scared if they will pay back as promised, you can build a model that can perform predictive analytics on the customers’ payment history, which will help predict if the payment will be on time.

Prescriptive Analytics

This model has Artificial Intelligence and can decide on its own. It does not only predict but also suggests a series of related outcomes. For example, with Google self-driving cars, you can build a model by gathering data from vehicles. This information is then processed and used to model self-driving cars to have the intelligence to make individual decisions such as when to turn or slow down.

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Machine Learning

ML can be categorized into two: supervised and unsupervised learning systems. 

In the supervised learning system, you already have a labeled database. For instance, you want to determine a particular company’s transaction trends, and you can build a machine that will determine the future direction from past transaction records. While on the other hand, in an unsupervised learning system, you have to find out the database pattern to make a meaningful prediction. In this case, the method used in discovering the hidden-patterns is Clustering

The Importance of Data Science

With various examples discussed above, we can easily deduce that Data Science is a secret sauce for business development in 2021. It is indeed, the future.

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Below are the highlights of several data science’s benefits and its future in business evolution.

  1. Data Science can help make critical decisions, especially in businesses, corporate organizations, and institutions.
  2. It can be used in predictive analytics, for example, weather forecasting.
  3. It is crucial in businesses to create more models according to your customer’s preference. Applying data science techniques creates the best customer experiences and brings more people to your company.
  4. Risk and Fraud controls; Data Scientists develop models that generate alerts and ensure timely response when strange data is identified.
  5. Organizations can find which, when and where products sell the best, thereby focusing on relevant products on the trend, that is, a proper market survey.
    With this informative content, you now understand what Data Science is all about and the need to utilize Data Scientists’ services in 2021 business development.

#DataScience #DataAnalytics #DataScienceBenefits #AMLA #BusinessDevelopment2021

6 thoughts on “Data Science for Business – All you need to grasp

  1. A well written article. Just wanted to add one more point on supervised vs unsupervised approaches is that in supervised learning target variable is known means you know what you need to do or what need to be predicted.
    However in unsupervised learning, target variable is not known. It means you don’t know what to be done at least in the beggining. You are given with raw data and expected to bring some information out of that.

    Just a bit about my self, I write Blog posts on data science, Machine learning and Artificial intelligence topics. Please visit my website at ashutoshtripathi.com

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