What is Data Science and importance of it?

What is data science?

Data science is a field that uses algorithm, process, systems and scientific method to extract insights from structured and unstructured data.

It focuses on extracting knowledge from large data set and applying insights and knowledge from that data to solve problems in a wide range of application.

 In 1962 john tukey explained a field he called data analysis, C. F. Jeff Wu used this term "data science" for the 1st time as an alternative name for statistics.

Data science is domain of study that deals with large data using modern techniques and tools to find derive meaningful information, unseen pattern and make business decisions.

Who are data scientist?

Data scientist work involves making sense of unstructured, messy data from sources (social media feeds, email and smart phones) that don’t fit into a database. They can be broadly described as a person who are analytical experts who invest their skills in both social science and technology to find trends and manage data accordingly. Data scientists also create technologies and AI tools for deployment in various applications

What are uses of data science?

Uses of data science in different industries:

1. Financial services: Credit card companies and banks analyze data to detect fraud transaction, detect financial risks and credit lines.
2. Manufacturing: predict maintenance to detect equipment failures in plants before they occur and optimization of supply chain management.
3. Healthcare: Healthcare uses machine learning models and additional data science components to automate X-ray analyses and diagnosing illnesses and planning treatments based on previous patient outcomes.
4. Entertainment: Data is used to create personalized recommendations based on a user's viewing history.
5. Retail: It analyze customer behavior and buying patterns to personalized recommendations and target marketing, advertisement and promotions. It also helps them too keep inventory update and never run out of stocks.

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