What is data science?
Data science, in a nutshell, is a rapidly evolving area, which is the study of obtaining valuable insight and information with unstructured or structured data. The information captured from these digital data sources can result in future discovery, insights, and innovation. This technology provides several strategies for companies such as exploring historical data, enhancing comparisons to competitors, analyzing the market, and creating recommendations on how to sell your products or services.
Most organizations and companies are not using their data sources to their full potential when it comes to data extraction. It is common to understand the importance of data science within a company, but it is uncommon to reveal its value. As the market for this advanced technology increases drastically, it illustrates a key role in helping the concept of transforming businesses digitally.
A business operations study written by the Stable Kernel content team explains that companies such as Netflix, Delta, UPS, and Airbnb, have utilized data science to help bring value to their company. Netflix reduced its customer churn by at least $1 billion because of implementing a content recommendation engine to maintain the attention span of its watchers. Delta is the first airline to create a mobile device application that uses RFID (Radio-frequency identification) generated data to let customers track their luggage. UPS has developed Orion, short for On-Road Integrated Optimization and Navigation, which understands how to optimize driver routes, engine idling times, and data point analysis of package deliveries and shipping points. Airbnb’s data science team decided to record end-user behavior by redesigning their website and displaying top travel destinations in foreign countries versus the abundance of browsing neighborhood photos. Airbnb’s updated website design led to an increase in bookings among foreign countries.
Why data science is important
Predominantly, data science proves to be the fuel that powers the knowledge in businesses by managing today’s vast data volume. It demonstrates superior decision making, product relevance, talent recruiting, staff training, and target audience location. Data science makes it possible to produce more relevant reasoning than what might have been considered beforehand by taking a more analytical approach to the numbers and statistics within a company.