All About Data Science

“Data is at the foundation of all the megatrends that are happening today, from social to mobile to cloud to gaming.”

Above mentioned CTC’s are as per the Indian market standards and may slightly vary based on different domains

Data Science Roles and How they interact with each other

Various Sectors which require Data science for better decision making

1. BFSI (Banking and Financial Services Industry)

Banks have always been at the forefront of technology adoption and ensuring that their services are streamlined to the best possible extent. Not only do banks provide a significantly high level of services with the help of Data Science, but they also use insights to cater better to their customers and retain them for more extended periods. By taking a closer look at the data they generate, banks can understand their customers’ spending patterns and offer them suggestions that can make their transactional lives much more straightforward. So, banks collect information on debit or credit payments and purchase patterns and history, internet banking, mobile phone usage, and more.

2. Healthcare

A vast majority of the data generated in your average day in the healthcare industry is significantly useful. It comes from many ways — electronic medical records, wearables data, clinical systems, billing, and a myriad of other sources — and creates an opportunity for the healthcare industry to leverage this data to cater to people’s wellbeing. And it shouldn’t surprise you to find out that Data Science is powering this facilitation completely! Having large datasets to analyze, the insights gleaned from them give healthcare providers the freedom to do experiments and take the absolute path to optimize healthcare services.

3. Manufacturing

Manufacturing is a multifaceted industry, and there are various use cases for Data Science across multiple levels and functions. Some of the primary ways to address some of the manufacturing gaps are by minimizing risk, affecting productivity, and increasing profit. Data Science can also help with predictive and conditional maintenance, quality assurance, performance, and defect tracking. Supplier relations and supply chain logistics can benefit from Data Science and the design and automation of new facilities and global market prices. Finally, to mention a few more instances, data science can also help with sustainability and improved energy efficiency and source new materials and processes for more efficient product development.

4. Transportation

Most people don’t have an intuitive understanding of data collection when it comes to transportation. However, it generates an overwhelming amount of data daily — you could say it’s on par with healthcare in this regard. Whether it’s vehicle location systems, fare collection systems, or ticketing, many data must be stored for future use. In addition to this, passenger counting systems and asset management and scheduling systems, are also essential pieces of the puzzle, making the overall picture more detailed. With all this data, transportation companies can improve their service reliability, reduce their risks and gain a significant competitive edge!

5. eCommerce and Retail

At the interface of many consumer-facing industries, both e-commerce and Retail require a lot of data analysis. By tracking consumer behavior, understanding their preferences, and looking at their attention’s hot zones, retail stories and companies can rake in millions in profits. This is achieved not by manipulating the customers but by simply providing them with something they need. For instance, by analyzing customers’ preferences, certain products are advertised to them. They are more likely to buy them than when they have advertised something they didn’t want at all.

Wrap up

Data Science is a booming field, full of opportunities for the years to come. If you invest your time in it today, you are guaranteed to have a future that will last several decades, if not more! Not only does it pay well, but you can also find job roles that will be catered to your liking, ones that will offer you a chance to express your problem solving as well as creative thinking skills.

Linkedin Profile: https://www.linkedin.com/in/nitish-kaushik-534107b3/