Different Industries that are Using Data Science and Analytics
Now, these are some general trends in Data Science and Analytics that will be observed in 2021 and the coming years. However, there are many ways in which Data Science is changing the shape of different industries like marketing, finance, etc. Given enough time, Data Science might be a part of all the industries in the world, not just tech! So let’s understand the role of this technology in different industries.
- Marketing and Retail
Data Science already plays a huge role in marketing and retail. The most basic thing that almost every company uses is marketing and retail dashboards that visualize the data to see the hidden patterns and trends. Data Science and Machine Learning are also very useful for customer analysis wherein customer data is collected to understand the demographic of customers, the products that are popular with different types of customers, their likes and dislikes, and how to market a particular product to a section of customers.
- Web and Social Media Analytics
The internet and social media are a treasure trove of data! Google alone processes around 20 petabytes of data every day (That’s approximately 1 followed by 15 zeros) Companies can use the web and social media analytics to obtain data about their customers and feedback on their performance which can be used to improve their bottom line. Sentiment analysis is a great example of this where companies can obtain their customer reviews from the internet or social media and to understanding the sentiment of the customers towards the company.
- Supply Chain and Logistics
Supply Chain and Logistics may sound boring but it is a critical aspect for companies. Can you imagine Amazon working if their system for transporting products from point A to point B crashed? No! Therefore, Data Science and Analytics is an extremely important part of the Supply Chain and Logistics that companies can use for Inventory Management, Procurement Analysis, Inventory Classification, etc. For example, data analytics algorithms can be used to understand the correlation between demand and supply for companies and create methods to increase sales by always ensuring in-demand items are available.
- Finance and Risk Analytics
FinTech is a technology trend that is becoming more and more popular with time. It involved finance companies using cutting edge technology like Data Science and Artificial Intelligence to improve in areas like risk analytics, fraud detection, algorithmic trading, etc. Many big banks and finance companies use Data Science to analyze their large store of data to optimize their risk scoring models and decrease their risks. This data can include financial transactions, lending schemes, interest rates, customer interactions, customer trustworthiness, etc.
How to Leverage these Data Science and Analytics trends in 2021?
As you have seen, there are various new Data Science and Analytics trends emerging in 2021. You can leverage them to learn more about Data Science and improve your career using the data science courses offered by Great Learning in collaboration with The University of Texas. These programs will teach you right from the basics of Data Science such as Python, Business Statistical, and Data Visualization to various techniques of Machine Learning such as Supervised and Unsupervised algorithms. You will also get direct domain exposure by doing projects relating to Data Science in different industries like Marketing and Retail, Web and Social Media Analytics, Supply Chain and Logistics, and Finance and Risk Analytics. Some of these projects include Facebook Comments Prediction, Retail Sales Prediction, Insurance Data Visualization, etc.