A few of the real-world Data Science Applications

The role of Applications of Data Science has not just evolved over a single night. In fact, Data Science has been around for so many years in the form of competitive intelligence and business analytics, but it is only now that people are using and acknowledging it for its true potential.  And this has been made possible by cheaper storage and faster computing. We are now able to calculate and predict the outcomes in a matter of minutes, what used to take us several hours to get to process before.

Since Data science is still an emerging field, there are an abundance of opportunities out there that are available to anyone across the world. A data scientist takes home a handsome salary of $125,000 a year. And the reason the number is high is due the gap in demand and supply for these skill sets.

Here we are introducing you to a few applications that were built using the concepts drawn from Data Science. The aim of this article is to neutralize any impressions that you have about data science being some kind of vague and insanely difficult skill to acquire and show you some concrete examples of how it is applied on the ground.

Detection of Risk and Fraud

Some of the early applications for data science happened in France. Companies were totally fed up of losses and bad debts every year. However, what they had was a lot of data which they used to collect at the time of the initial paperwork when they were in the process of sanctioning loans. That was when they decided to get in a bunch of data scientists so as to rescue them from their continued losses.

Over the last few years, banking companies have also learned to divide and conquer the data by profiling of customers, previous expenditures, and other necessary variables in order for analyzing the probability of default and risk. More than that, it has also helped them in pushing their banking products as per the purchasing power of the target customers.

The area of internet search

We are all slaves to search engines nowadays. Not a day passes when we do not use google or any other search engine to search for something of interest. Now, this probably is the very first thing that comes in your mind when you think of applications of data science.   Whenever we think of search or a related thing, we think Google, right? However, we would like to bring to your attention that there are many other search engines out there as well like Bing, Yahoo, AOL, Ask and so on.

All of these various search engines (including our favorite Google) make use of algorithms from data science in order to deliver the closest matches to our search query within a matter of split-seconds. Keep in consideration the fact that Google search engine processes more than20 peta bytes of search data on a daily basis.

Resources

Now that you have seen some real-world applications, you can appreciate how valuable data science is becoming for the companies nowadays and why they are all on a hiring spree for these skill sets. We recommend you start with Datascience course in Mumbai.