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KDnuggets Home » News » 2020 » Dec » News, Education » Applications of Data Science and Business Analytics ( 20:n47 )

Applications of Data Science and Business Analytics


In recent times, a large number of businesses have begun realising the potential of Data Science. Business analytics and data science applications are far and wide. So let us have a look at them in detail.



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In recent times, a large number of businesses have begun realising the potential of Data Science. They have been using the latest technologies related to data to solve a variety of problems and gain a strategic advantage. It can be expected that data scientists will shape the way businesses are conducted in the future. IoT, Big Data, algorithm economics, Cloud have already gained a lot of traction as businesses worldwide use them to stay ahead of the competition. In this transition, automation and analytics have played a key role and continue to shape business practices. Business analytics and data science applications are far and wide. So let us have a look at them in detail.

 

Applications of Data Science 

 
1. Google Search Results :

Today, most of us use Google to get answers to all sorts of questions running in our minds. But let’s pause and think for a moment what powers Google and how it can perform the operations so intelligently. It’s not only Google but all other search engines that make use of machine learning. It immensely contributes to helping Google analyse and gather data, and present it to the users in the shortest possible time. In just a matter of a few seconds, users have thousands of results. All this would not have been possible if there was no data science.

 
2. Genomics and Genetics :

The applications of data science offer an excellent level of personalisation when it comes to treatments. It can help doctors find a link between the medicines, genetics, and ailments the patients are suffering from. The genomic data can be combined with different data sets during the research and analysis stage. It helps to develop a better understanding of the ailments concerning the medicines. The acquisition of genome data on a more personal level will help scientists better understand human DNA. It can revolutionise the medical industry and pave the way for a better cure to various ailments.

 
3. Virtual Assistance : 

With the advent of technology, soon, it will become possible that patients can consult doctors virtually. By optimising clinical processes and making everything available in a mobile app, patients can get more effective solutions. With the help of artificial intelligence, mobile apps can assist patients through chatbots. Popular applications like Ada and Your. MD is already doing this. Users just need to raise queries for their symptoms through which they receive answers regarding causes and remedies. This also helps patients by reminding them to take their medicines on time. Overall, it offers excellent assistance to patients who want to live a healthy lifestyle.

  
4. Targeted Advertising : 

Today, the entire sphere of digital marketing is powered by data science and artificial intelligence. While Google can be considered a significant player, advertisers are not far behind. The advertisements that most of us see in our feeds today are based on our browsing patterns and are a reflection of what we like in a real sense. Data science makes it possible for advertisers to understand the trends based on the data they collect in terms of browsing history or any other personal data. This has helped advertisers reap more benefits out of digital advertisements as compared to traditional advertisements. 

 

Applications of Business Analytics

 
1. Marketing : 

The competition in the business world is ever-increasing, and businesses that do not think on their feet will not last long. Analytics is one area that companies can target to stay ahead of their competition at all times. Business analytics has the potential to reveal critical personal details of consumers. Right from necessary information like demographic data to more personalised information like preferences, business analytics can help companies understand the minds of their target audience. They can make use of this data to provide more customised recommendations and solutions to their customers. In this age of targeted marketing, personalisation will be the crucial factor for any successful business.

 
2. Human Resources : 

For any business, their core strength is their employees, who have the power to make or break a business. It becomes essential for companies and human resources departments to keep their employees motivated and engaged. A workforce that is motivated can achieve positive results and bring profits to the company in the shortest time. All this can be achieved with the help of business analytics. Human resources departments already have a large amount of employee data. This can be used to find the likes, preference and motivating factors of employees. It can also help them control the attrition rate, which can be very crucial for the success of a business.

 
3. Finance

Data has the value of gold in today’s times and can help businesses succeed in their efforts. Even when it comes to the finance sector, business analytics has a significant role to play. Financial institutions can make use of business analytics tools to process the essential data available with them. Based on the insights gathered from this data, financial institutions can make predictions on the performance of the stock markets and guide their customers. It helps investors to invest their hard-earned money wisely.

 
4. Manufacturing :

Manufacturing processes can be very lengthy, time-consuming and involve a significant exchange of data. However, they can be handled intelligently by making use of business analytics. Since there is a considerable amount of data at the disposal of professionals from the manufacturing sector, they can leverage that to gain deep insights. Right from risk mitigation plans to supply chain management and inventory management, business analytics can help speed-up the processes and plan for the future. This leads to overall improvement and efficiency of operations. 

 

Payscale and Demand for Data Science & Business Analytics Professionals

 

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With the advent of technology, businesses are becoming more tech-savvy. Big data, artificial intelligence, machine learning, etc., are already making waves in the industry. The world of IT has seen quite an upsurge in recent years. It will continue to see an upward growth as more data science companies leverage different technologies for better profits. Data science and business analytics domains are not far behind. In the coming years, the demand for skilled professionals will only increase. Already, the demand-supply gap is enormous, which is resulting in businesses not being able to utilise the technologies to their full potential.

According to payscale.com, the median pay scale for data scientist jobs in India is INR 7 lacs. An entry-level professional can expect INR 5.5 lacs, while experienced professionals can expect around INR 18 lacs per annum. For business analysts, the situation is a bit different. The results from payscale.com reveal that entry-level business analysts get around INR 3.5 lacs. Mid-career professionals can expect around INR 8.5 lacs per annum, while highly experienced ones can expect around INR 12 lacs. These figures are indicative only as a salary depends on many factors, including location, type of company, etc. 

 

Final Thoughts

 
The demand for skilled professionals from data science and business analytics will only increase with the time as businesses begin to up their game. However, there is a lack of a talented workforce that can meet the growing and constantly-evolving demands of the industry. To bridge this gap, Great Learning offers many career-oriented courses in the IT domain. You can opt for a Data Science, Business Analytics and data analytics course. These courses are delivered by veterans who have played a pivotal role in shaping the industry. Business analytics or data science career can be very rewarding. These data science courses are also available online so that you can learn from the comfort of your home. If you are looking for some of the best data analytics courses, look no further. Get in touch with us today to know more about the different methods we offer.


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