25 Apr Data Science and Analytics: A Boon For Large Scale Industry
We at present resides in a world that is driven mostly by data which will have a basic effect in our ability to compete later on. Data is generated in a massive amount from everything around us; like every digital process, web-based social networking activity, business processes, etc which are responsible for the generation of this kind of data.
Data science has become the central approach for tackling data-heavy problems in large scale industries. Enterprises are learning how data science approach is done in the wild, with a focus on data acquisition, cleaning, and aggregation, preparatory data analysis and visualization, feature engineering, and model formation and validation.
All government organizations and large scale industries and alike are flooded with data in this pro-tech age. Some of the notable and remarkable industries that make effective use of their own data, with the help of data science and analytics strategy are:-
E-commerce: Cross and up selling, re-marketing strategy, packaged services, customised offers, or personalized products; the extension brought by Data Analytics to the e-commerce industry is limitless. Customer data is being analyzed like never before, and products and offerings are being showered on them from all ten directions possible, depending upon their buying patterns, passion, search histories, and behavioral analysis.
Finance: The Financial market is consistently flowing as it gets going. Integration of mobile technology, real-time market intuition, customer sentiment analysis, transaction details with the historical data is at an all-time high. This is helping the industry in operating real-time analytics, automating peril credit management, battling against financial frauds, and predicting market disasters before it happens.
Telecom: Targeted at improving user experience, Data Scientists of the telecom industry spend a lot of time organizing sophisticated 360-degree profiles of their customers. Using demographic as well as behavioral data, the companies are able to strike the trajectory with their customers at every touch point and enhance their individual network solutions.
Healthcare: For an industry which have an adversity with unusable data and rising costs, Data Science appears as an obvious salvage. Apart from helping analyze a large amount of genomic data, it enables leveraging public health data and processing records of past treatments. Connected with effective use of technology, it further helps in conducting predictive analysis, identifying chronic disease trends, offering personalized treatments, and eventually slashing costs.
Pharmaceuticals: High downfall rate of products, medically likewise financially, has harmed this industry from last decades. lower returns from the approved drugs, and the high costs of research blotch the revenues of this industry. Nevertheless, effective use of Data Science has helped to reduce this risk by predicting future trends, improving sales and marketing practices, and bettering research.
The list is undoubtedly expandable. Entertainment, medical, retail or biotechnology, banking, logistics; all other industries are also realizing the consequences of data analytics and the science to extract knowledge out of it. Expanding competition, technological advancement, and an ever-reducing world are paving the exciting roads ahead for Data Analytics.
An Indian Data Science Company, Canopus Data Insights is a leading provider of Data Science Products, Solutions and Services, to clients, from start-ups to large enterprises. It has expertise in generating insights from the raw data and converts it into profitable business outcomes, be it Big Data or traditional data, structured or unstructured.