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Hackernoon logoWhich Industries Will Drive Data Science Innovation in 2020 and Why by@jamesmurpy

Which Industries Will Drive Data Science Innovation in 2020 and Why

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@jamesmurpyJames Murphy

James Murphy is a tech guru and a blogger from New York. James mostly writes about new technologies.

It is until recently that the US government recognized data science as a job. Companies now have a green light to hire data scientists and to build their job descriptions. P eople have become interested in this emerging science, but what does it mean?

Data Science

Well, data science is an interdisciplinary field that combines different statistical and mathematical processes and algorithms to extract knowledge from structured and unstructured data. Data science is a concept that emerged to unify independent domains like machine learning, statistics, and data analysis. 

Machine learning means studying how computer systems work to solve different algorithms, while statistics helps in collecting and organizing data. Data analysis is a small part of statistics but it can exist as an independent domain that inspects and transforms modeling data.

All these small domains are united under the science data concepts to analyze and use data to extract knowledge and support the decision-making process.

Data science is a helpful and useful domain that can help people make informed decisions while discovering important information. Data scientists are the ones that can help a business extract valuable knowledge from their data.

The technologies are changing from day to day and many more dependent domains need to evolve too. Data analysis has become more and more complex and the tasks are more and more demanding. Although in the last years it was programmers who tried to analyze data, now data scientist exists as an independent job.

Yes, it is useful to have a data scientist to help you with the decision making process. Data analysis can provide some useful information about your business and the ecosystem within so that you can improve your business model and processes. But who needs to hire data scientists in 2020?

1. Retail Companies

Experts from uni assignment help say that retail companies have a huge amount of data that needs to be analyzed. Here is where data scientists can help them analyze their costs and profits and plan better for the future.

Data scientists can help retail companies improve customer experience by analyzing data and providing information about their behavior. By analyzing the customer data, data scientists can recommend engines to improve the customer experience.

Also, they provide data about fraud, price optimization, and inventory management. They can also predict marketing trends and provide information to build a personalized marketing plan.

2. Content Companies

Most people would think that only big and important companies need data scientists. Indeed, it emerged firstly in the IT and Artificial Intelligence domains, but it is not limited to them. Data science can be used in the media industry to keep up with the latest technological improvement.

The media domain has become more and more dynamic in recent years, with newer and newer possibilities of sending messages emerging. You can use photos, videos, GIFs, images, texts, templates and so on. So, the need to develop a deep learning process and data analysis is essential for content companies.

The data they collect is mostly unstructured, but if it is analyzed, it can provide valuable insights into customer behaviors. And like this, data science can help analyze and extract knowledge to build targeted media campaigns.

Data scientists can help content companies understand why their audience likes or dislikes a specific content. This kind of information helps companies build successful media campaigns and improve their decision making processes within the company.

3. Tech Companies

Tech companies are the ones that constantly develop new products and apps, and all decisions regarding them need to be supported by data. When you have a tech company or a start-up that wants to bring a new technology or service on the market, data science is the key to success.

All changes in features or products are supported by innovations in data management and machine learning. Data scientists working in tech companies have the tasks of grabbing all data and analyzing it, providing useful information and supporting feature changes.

4. Healthcare Companies

What would humanity do without doctors, medications, and hospitals? The healthcare industry developed to ease doctors’ jobs but to also maintain the connection with the patients easier. Nowadays, new healthcare companies emerge and offer medical solutions for hospitals or healthcare tech services.

Companies that are active in the medical domain need data scientists to make the healthcare industry more organized, efficient, synchronized and productive. Data insights can help doctors prescribe the best medical treatment, having the risks minimized.

They can help build plans to adapt to any emergency and deliver services on time. Data scientists help healthcare companies store and compile medical records efficiently and identify gaps in patients’ medical records.

5. Financial Companies

Financial companies and banks need to use data science to make predictions about the spending behavior of the clients. They have all the data about their income, purchase patterns and powers. The benefits of data science in the financial sector are obvious especially when a company or a bank needs to decide whether to give or not credit cards.

Financial companies need to make the best decisions to minimize loss. To give or not a credit card, they need to take into consideration important aspects of the client requesting it.

Or, they can develop algorithms based on machine learning and big data to extract important information from contracts. Because banks and financial institutions sign contracts daily, it would be difficult to do this manually.

Conclusion

Data science is an important science that has emerged in recent years. It combines knowledge from statistics, machine learning and data analysis to provide valuable information and knowledge. This knowledge helps content companies shape better media campaigns and understand the behavior of their audience.

It helps healthcare companies ensure a healthy workflow and medical treatment administration. This valuable information data scientists provide helps financial companies predict the behavior of their clients.

It helps tech companies support changes in features or development of new products. It helps retail companies analyze their costs and profits and make better plans.

Data science is important because technology is constantly evolving. And if you want to be successful in your industry, you need to invest in data analysis to better understand your current status.

Author profile picture

@jamesmurpyJames Murphy

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James Murphy is a tech guru and a blogger from New York. James mostly writes about new technologies.

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