In the ever-growing digital world, technological advances are vital for businesses to grow and succeed. Business, irrespective of size, can keep themselves competitive and continue to grow with the help of data science. Data science has become a vital tool for businesses to remain competitive and meet consumer demand. The beauty of data science is that it is based upon actual patterns of behaviors and trends, revealed by data, rather than a gut feeling about consumers and their needs. This field is consistently evolving, allowing businesses to become data-driven with apt knowledge and better insights.
Today, every organization is trying to transform itself into a data-driven organization but struggles with implementation due to lack of resources and skilled professionals. To assist such organizations, several companies are rendering data science, big data and data analytics services. Data is nothing but the information that is available all over the web and data science is the process of gathering large amounts of data which is churned and categorized to derive specific information required by a user. The task of gathering data and extracting specific information is executed by data scientists, who develop algorithms and use their expertise to extract user-specific information.
Previously, data science was utilized only by big enterprises, who could afford to hire data engineers for the task. But now due to the democratization of tech, and the rise of Blockchain technology, there are tools that can be easily used by small and mid-sized companies to leverage data science. Organizations that lack skills and knowledge in data science can make use of data science consulting services offered by eminent companies to make their organization competitive and successful. These companies are served by some proficient and talented data engineers, who effortlessly perform data scraping, data ingestion, and data cleaning. They basically transform data into a simple and useful format for analysis.
The application of data science is growing all around the world in almost every industry like IT, telecom, insurance, manufacturing, banking, healthcare, retail, e-commerce, oil, gas, and NGOs in every functional area like HR, operation, marketing, and finance. The combined power of data science and machine learning has allowed data scientists to find new ways of solving problems with ease. And with their ability to frame complex problems, data scientists are able to unveil better solutions to old problems. This can be understood with an example of a multinational package delivery company, UPS. The company’s On-Road Integrated Optimization and Navigation system makes use of data science to figure out how to change the route of its delivery trucks using different sources of new data. Therefore, with the help of data science, the company was able to save hundreds of millions of dollars and was also able to offer an enhanced customer experience.