Data Science Applications for Enterprise Users

Data Science is transforming the world as we currently know it, making the work of humans easier than ever. Over 90% of the data in the world was generated in just 2 years(2018-19). By 2026, 11.5 Million jobs for data scientists will be available, according to the U.S. Bureau of Labor Statistics. But how is it making a difference in enterprises across various sectors today? What are the indispensable applications of data science for enterprises?

Automation of several processes leaves the boring, tedious work to machines. From fields like healthcare, where there is a requirement of utmost precision, to travel industries, it makes the data handling process trouble-free. The following article explains how exactly it helps companies from different sectors.

Hospitals and Healthcare

There is a slight possibility of human error, even by skillful professionals such as doctors. Many Doctors and healthcare industries rely on accurate diagnostics by trained machines. Similarly, diseases and chronic infections in a patient can be prevented, by referring to historical data, genetics, and analyzing the symptoms throughout the body. For identifying microscopic irregularities within X-ray or CT scans, which is normally not possible by the human naked eye, processes like image segmentation, SVM provide great results. We see many common examples of IoT in hospitals, like monitoring devices. In pharmaceutical industries, the production and testing costs reduce a lot with the help of data, as we can virtually simulate the effect it has on humans. It can also provide virtual assistance in surgery, for differently-abled people and patients with Alzheimer’s, etc. IBM provides modernization solutions for healthcare industries with an interconnected and data-rich ecosystem. They also facilitate healthcare consumer and employee engagement. Another leading healthcare solution based in the US is Cerner, which offers population health management, clinical operational analytics, and a lot more.

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Marketing

The job of data science in marketing is to turn data into actionable insights. It used to be a very hectic job to work on a large number of customer profiles. Data analytics software introduced customer segmentation via touchpoint engagement and purchase patterns. Companies can gain real-time analysis for best working practices and finding efficient platforms to deliver best-in-class customer service. Predictive analytics for marketing enterprises brings future predictions into the picture so that companies can balance their finances and avoid unnecessary expenses. It predicts customer behavior and helps the marketing team to bring the right product at the right time. Another marketing strategy of Recommendation engines uses concepts of the decision tree, neural networks, regression, etc, so that customers see only what concerns them. All the features above optimize a marketing campaign to such an extent that you may even expect the least probability of failure. A well-known Data Analytics, Looker, provides a solution for marketing that centralizes your data, gives a deeper insight into your customers, and analyzes your current marketing strategy. For an all-rounder CRM of your company, HubSpot has premium software for sales, marketing, and CMS management. Moreover, they offer various automation solutions for all scales of companies.

Logistics, And Manufacturing

According to the latest study by a famous group, the value of the global logistics market reached $5.2 Trillion. Slight mismanagement in such a size can result in a huge loss for the industry. Automation seeks a future of self-driving trucks, possibly ending the problem of truck driver shortage in the US. Currently, drivers can avail the best delivery path for saving on resources, with the help of data science applications. This also helps the managers keep a track of the goods being transported. Additionally, forecasting helps to match the supply with demand, to avoid over or under-stocking. In the same way, the manufacturing industry forecasting helps to produce the goods only according to the demand. In many units, automation lessened the requirement of human labor with auto-manufacturing, virtual monitoring, and detecting potential problems in the machinery. WorkClout is software specially built for manufacturers. They can track their production and inventory, schedule the shipping, and look after the employees and laborers with the software. For accounting purposes, the renowned software Tally is what every business resorts to. Tally has been famous amongst shops, logistic enterprises for a long time.

Gaming

With over 2 billion gamers all over the world, gaming is one of the rising fields with a lot of potential for almost everyone. In fact, the basics of game development use data science. Likewise, creating a gaming model that consumers would like involves a lot of algorithms from data science. Game designing has become a midpoint of technology and art, where VR experiences are blending with 2D/3D designing. No one would have thought that a concept such as an object identification would have to do anything in this field. In the virtual realm, developers use this for creating scenes and movements. Unity, a globally acclaimed company, is a platform to create and play games for both indie and businesses. Also, UbiSoft Anvil is the software that has introduced VR in video game stations like PlayStation and Xbox.

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Aviation

The extremely complex sector with interdisciplinary applications was somehow relieved when Data science made its way into the operations. Personalized pricing and offers for customers based on their previous travels increased the revenue of the industry. After analyzing certain real-time flight data, the aviation industry was able to save on the cost, especially in fuel consumption. Other than this, the aviation industry is always under the burden of risks and control management. Pilots are prone to fatal health deterioration due to constant change in time-zones. Data analytics took over the problems and have started giving optimal solutions for the problems. Obviously, AI has been around since long ago for determining air routes, weather, and load forecasting to avoid mishaps. If you are looking for a one-document management system for aviation, Web Manuals provides a web-based solution for enabling control and agility, and automatic compliance monitoring according to the aviation regulations. Sabre Aircentre is the software for managing airline operations also focusing on customer experience while ensuring productivity.

Finance Industry

We can say that finance is the industry that benefited the most because of Data science. Risk Analytics became the most important factor, as security was so much more enhanced than before. Determining a potential threat helped in the reduction of frauds in online banking and credit cards. Data scientists use anomaly detection in most of these cases. Understandably, customers value their privacy a lot. Deriving insights from the customer database while simultaneously protecting it from malware became easier. Algorithmic Trading helped to calculate various complex equations within a lot lesser time so that the financial institutions can focus more on new strategies.

Many other sectors, including education and agriculture, also experienced a transformation, partly because of the pandemic.

Educational institutes have started devising the curriculum for students via digital methods, addressing the issue of unidirectional development of students. It became possible to assign individual tasks to students according to their skills and needs. There are many virtual classroom management software by Google, Microsoft, Blackboard Learn; all developed for the betterment of students. Agriculture has software to digitally map the crops, personalized fertilizer recommendation, auto-irrigation, and weather forecasting. Even the cinematic/entertainment is not that far from the new age transformation. Movies use data science to predict the success rate and improve the post-production of films. Streaming platforms like Netflix and YouTube use recommendation engines and personalization for better customer engagement.

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