If you’re an ardent reader of the news, you’ll notice that the keyword ‘data’ has recently been coming up more often. Although the biggest stories are usually on privacy breaches, data analytics topics frequently appear. Big data and data analytics are trending topics in the financial space since organizations want to leverage data to serve their customers better.
Although, data analytics is extensively utilized in accounting,
its powers are not maximize. Accountants are already using descriptive statistics on past data to get insights into a firm’s performance. Nevertheless, it fails to accurately predict what will most likely occur to an organization in the future.
And also, data science has been heralded as the answer, prompting several industries to leverage the technology behind predictive analytics. Different sectors of the economy like health, finance, casino, and energy are utilizing data science to make more intelligent decisions. For instance, casino players who want to play online teen patti for real money can get better recommendations from casino operators.
Industries Where Data Science is a Revolutionizing Force
And also, the health industry generates a lot of data from mobile health devices, health records, etc. When this data is utilize across data science sub-niches, there are clear improvements in patient health care.
Computer vision is a sub-niche of data science that allows a robotic system to evaluate images like humans. This field is highly crucial in health care because it helps to boost the precision of clinical decisions.
And also, genomics, a discipline that allows scientists to better understand diseases and infections, is also leveraging data. Now, different environmental and genomic variables can be combin to better analyze these diseases and how they can be manage or cure.
However, finance is possibly the industry that leverages data science tech the most. Data science helps in different aspects of the finance sector like detecting fraud, risk management, and making better trades.
Basically, once a suspicious activity has been detect on an account, machine learning, a subset of data, is leverage to send an email quickly to the account owner. The machine learning algorithms that learn how customers spend can be used to prevent fraud when scammers try to make huge purchases from a potential victim’s bank account.
And also, E-shopping is an area where users highly experience the applications of data. When you visit an online shop like Amazon or eBay, and you’re recommend products that interest you, that’s data science and AI in action.
Dynamic pricing that is base on location, demand, and other variables is also facilitate through data science.
And also, the topic of big data has been showing up more in recent years across different industries. Sectors like finance, health, and e-commerce highly utilize data to ensure higher efficiency in the various fields.
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