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. It 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 actionable 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 and nontraditional mediums such as text, video, and images. This allows companies to make better decisions based on its customer data.
So how is this all manifesting in the market? Here, we look at three real-world examples of how data science drives business innovation across various industries and solves complex problems.