Statistics and data analysis have exploited the power of data to explain the current condition in any corporate set-up and predict specific consequences. This is further improved by data science. By utilizing data to build algorithms and develop programs that support the development of the best solutions to specific challenges, data science helps to resolve real-world business issues.
By using hybrid mathematical and computer science models, data science addresses real business issues to produce insights that can be implemented. In order to gain valuable insights that aid businesses in making better decisions, it assumes the risk of venturing into the unexplored world of "unstructured" data. The best data science courses in India are available at Learnbay. Through online mentoring sessions and committed career support, gain knowledge from industry professionals.
Let's discuss the application of data science to actual business issues. We'll utilize a few businesses as examples and a few ideas of how data science is applied to actual business issues.
Putting an advertisement online automatically
Brokers will be the first to be discussed. This is a business whose mission is self-evident. It benefits both publications and advertising. If you are an advertisement, it will introduce you to a devoted audience through their reputable, clean exchange.
But What Does it actually accomplish?
It deals with sponsors and publications like ESPN, Encyclopedia, Bustle, and StarTribune. Sovrn has access to a wealth of data for insights because these agreements frequently occur throughout the day.
Automated placement of digital ads is done using this data. Its interface works with the server-to-server bidding platforms from both Google and Amazon, and it can generate revenue by distributing targeted advertisements to a specific group of clients.
Redesigning the search function using data science as well as advanced analytics
The best illustration of a tech company utilizing data science to address actual business issues is AirBnB. Every day, a million people look for the best holiday rentals on the site. Furthermore, it includes information on the demand for rentals, hosts, and more! After realizing this data's significance, Airbnb developed a dynamic pricing mechanism called Aerosolve.
As an open-source tool, Aerosolve's predictive model considers several factors, such as the ideal rental pricing depending on the property's location and the time of year when it is most frequently booked. It then uses the information to assist AirBnB hosts in determining their prices and maximizing their returns.
Making data-driven forecasts about crime using Data Science
There are many ways that data science helps US government agencies handle actual business problems, not simply at corporations or tech firms. The Northpointe software suite, for instance, is frequently utilized by the US legal system and law enforcement. It was created by an Ohio-based business called Equivalent and used data-driven algorithms to simulate if a person poses a risk of trespassing. The algorithms evaluate the risk based on a questionnaire about the offender's employment status, education, and other factors.
Using Data Science to avoid detection of tax evasion
The Internal Revenue Service of the US government has developed fraud-detection methods for the digital age using data science. One of the main reasons the IRS has stepped up its game is that tax evasion costs the US government billions of dollars annually. By analyzing the data that the public provides through a variety of channels, it has increased efficiency by building multidimensional profiles of taxpayers. As an illustration, consider the information from social media, email analysis, identifying electronic payments, etc. Individual tax returns are projected by the agency using these characteristics, and those with predicted and actual returns that don't match are chosen for auditing.
Conclusion
In this article, we sought to discuss a few ways that data science solves business issues. There are also a lot more situations when this might be useful. This list is not, therefore, all-inclusive. Nonetheless, I'm confident that after reading this post, you would have recognized the enormous expansion of data science in India, the US, and worldwide. Why not take some time taking one of the data science training like the IBM-certified data science course in Bangalore, offered by Learnbay? Who knows, you might use your data science skill set to solve a real business problem in a few months!
