At first glance, data science seems to be just another business buzzword — something abstract and ill-defined. While data can, in fact, be both of these things, it’s anything but a buzzword. Data science and its applications have been steadily changing the way we do business and live our day-to-day lives — and considering that 90% of all of the world’s data has been created in the past few years, there’s a lot of growth ahead of this exciting field.
While traditional statistics and data analysis have always focused on using data to explain and predict, data science takes this further and uses data to learn — constructing algorithms and programs that collect from various sources and apply hybrids of mathematical and computer science methods to derive deeper insights. Whereas traditional analysis uses structured data sets, data science dares to ask further questions, looking at unstructured “big data” derived from millions of sources as well as nontraditional mediums such as text, video, and images.
So how is this all manifesting in the market? Here, we take a look at three real-world examples of how data science is driving business innovation across a wide range of industries.