How data science can help different industries?

The implementation and usage of data science have increased rapidly over the last few years. Many Data Science start-ups have witnessed significant growth over the last few years and this industry is on no moon to slow down. Initially, data science was used by just a few big firms but today it has been used by small business owners and many other eCommerce website owners to figure out the liking of their customers to sell more products.

Here in this article, we share how data science can help the different industries to grow more. Travel through this article and know more.

  • Banking and financial

Data science is always going to help where you have a lot of data. A machine learning or deep learning model needs data. With a huge amount of data, the AI model can make much better and accurate decisions depending on the situation.

When it comes to banking and financial companies, they have data of hundreds of thousands of customers. Data science and AI implementation can help detect fraud detection, loan and lending management, risk management, improve customer satisfaction. With so many advantages, one big advantage that comes with this is nothing but improved revenue. With such outstanding advantages, different banks and financial institutions can expect a significant amount of revenue growth.

  • Stock markets and cryptocurrency

Before starting anything, I would like to share that an enthusiast developer once tried to develop a bot that predicted the stock price but that was a disaster. Apart from that, implementing data science concepts in the fields of the stock market and cryptocurrencies can be beneficial to predict trends in the market. There are thousands of companies listed on the stock market, it might be next to impossible for a trader to keep an eye on each stock.

In such a situation, data science can be really helpful. A data science model can constantly study the graphs of all the stokes and send an alert to the user regarding unusual behaviour. After getting the alert, the user can take a decision accordingly. One financial company has also tried to implement this automation technique in the company and they have achieved significant results in just one month. Block chain technology has been widely used by most public cryptocurrencies. For such conversion, binary numbering system is used. With the help of a binary translator, it gets really easy for the developer to convert binary to text. You can just develop a binary translator tool and perform all the binary translation processes.

  • Defence Intelligence

If you are aware of current world affairs, then you would probably know about the missile defence system called Iron Dome. This missile defence system is used by Israel. The concepts of data science and Artificial Intelligence are used by the Iron dome. This is one of the best defence intelligence systems in terms of accuracy.

Whenever a rocket missile is fired, Iron Dome predicts the location where this missile might land. If the missile is projected to land in a crowded area, then the Iron dome destroys the missile in the air.

Many other air-defence systems use the concepts of Artificial Intelligence heavily. One such popular air-defence system is nothing but Russia’s S-400. Russia has also sold this system to other nations like India, China, and Turkey.

  • Food industry

The first rule for a successful restaurant is to get to know the likings of people around your food store. Data science can be a great solution to process this information and get the best information possible about people’s likings. Here, you not only need the information about food dishes but you also need to know about what kind of taste these people prefer.

With the help of data science concepts and machine learning, you can get the best model developed that can predict the most precise information about the perfect foods and best taste.

  • Retail industry

Just like for a successful food business, you need data to run your retail business successfully. If you have the data of people of certain areas about the products they are using then it might get easy for you to market your business in a way that you can make the maximum amount of profit for your business.

Bottom line:

These are the most basic implementations of data science in different industries. Apart from these industries, many other industries can get benefit from Data Science. These industries are marketing and automation, healthcare, cyber security, telecommunication, and many others. After reading this article, do share your views on data science. We would be glad to hear from your side.


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