Have you ever been frustrated by a flight delay?
Has a medical professional ever told you that if they’d caught a problem earlier, your current condition wouldn’t be quite so severe?
Are you tired of receiving faulty products that always seem to break a few days after you purchase them?
If you’ve ever encountered any of these unpleasant issues, then you’ll be pleased to know that data science is working on a solution.
In this post, you’ll learn about some of the most popular — and most effective — applications of data science.
Some of the industries on this list might surprise you, but you’ll quickly see just how much both companies and consumers benefit from the incredible insights that data analytics applications have to offer.
Perhaps the most well-known applications of data science exist within the healthcare field.
Data science helps to automatically detect abnormalities in medical images (X-rays, MRIs, etc.) This means patients can get help earlier than ever before, potentially even preventing a specific disease or condition from becoming deadly.
Data science also speeds up the development process of newer, more effective prescription drugs.
Thanks to machine learning, in particular, scientists can understand the ways in which combinations of medications impact the gene structure and different systems within the body faster than ever before. This allows drug developers to understand whether or not the current combination is effective, or if they need to keep trying.
One of the most famous applications of data science in healthcare is that of predictive modeling. This allows medical professionals to not just diagnose the disease faster, but also predict the ways in which it will progress.
This means better treatment options and a higher chance of patient recovery.
Data analytics applications have also taken the banking world by storm.
Not only does it help banks to get a much deeper understanding of the resources they have available. It also allows banks to better manage customer accounts, especially when dealing with situations like fraud detection and investment/loan risk.
It allows banks to segment their customers.
This means you’ll get offers, advice, and other forms of communication from your bank based on your specific financial goals (business financing, retirement account updates, college funds, etc.)
Additionally, using predictive analytics based on past customer behavior, banks will be able to offer smarter investment advice, remind you to set money aside for upcoming expenses, and help you to save.
The world continues to be fascinated by the concept of self-driving cars, but that’s far from the only application of data science within the transportation sector.
Rideshare companies like Uber and Lyft use data science to help them determine the cost of rides according to upcoming weather conditions, the scarcity of vehicles, the length of individual trips, and traffic patterns.
Additionally, data science helps to improve delivery and truck driver routes. This keeps everyone safer on the road and ensures that packages and other deliveries arrive on schedule.
It even improves overall fuel economy for drivers and the companies they work for.
Additionally, data analytics is a huge part of managing successful air travel.
It allows pilots and airlines to plan the most efficient and safest routes. They can also decide whether it makes more sense to fly directly to a destination or make a stop along the way.
It also helps to better predict future flight delays, so that you can stop waiting at the airport for hours on end.
4. Price Comparison Tools
If you’re a smart shopper, then chances are high that you’ve already financially benefitted from one of the most well-loved applications of data science.
Data science is necessary to provide consumers with price comparison lists and tools that allow them to get the best possible deals on the products they need. Using RSS feeds and APIs, data analytics tools comb through countless websites that sell these items online.
Then, they find the lowest prices and present them to customers all in the same place.
So, the next time you score a great deal on groceries, make sure you thank data science for the savings.
Last but certainly not least, the manufacturing industry has benefitted from data analytics applications to an unbelievable degree.
The information collected can help manufacturers to lower production costs, maintain their equipment, and optimize production methods.
It even allows manufacturing companies to keep a closer watch on the amount of energy they consume, leading to greener production strategies. By analyzing customer reviews, data science applications allow manufacturers to make better products that respond directly to common customer complaints.
Thanks in large part to the combined power of the Internet of Things with data analytics, manufacturers are able to predict potential problems with inventory and raw materials. They are also able to avoid equipment malfunctions and can better understand customer buying patterns.
Were You Surprised by These Applications of Data Science?
These are just a few of the many recent applications of data science — and more are always in development. We hope you now realize that using data ethically can make things much better in countless industries.
Want to learn even more about the ways in which technology can improve your health, make your business more efficient, and even help you to keep more cash in your wallet?
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