Data science is considered one of the most rewarding fields that require both analytical and creative skills in order to be fully successful in this role. Moreover, companies are always on the lookout for great talent but often confront numerous challenges since the demand far exceeds supply. That said, we will evaluate industries where data scientists bring positive change and discuss how; from predicting failure rates in the manufacturing industry to analyzing product reviews in retail: we will show you how the work of a data scientist is indispensable in our competitive data-age.
The manufacturing industry oftentimes requires a multidisciplinary approach in analyzing data, and data scientists are there to support the process and generate value through performance measuring, defect tracking, product development, and preventive maintenance, among others. In practice, they can rely on real-time data and generate instant dashboard visualizations for required key performance indicators such as the production downtime. The real-time aspect gives them the opportunity to focus on machine optimization in order to avoid costly downtime but, at the same time, enables them to develop models for machine performance and future cost savings. Without data scientists, the manufacturing industry would certainly record losses, whether in costs or productivity levels of their machines.
Turning to predictive analytics hasn’t bypassed giants such as Starbucks who uses data science in order to increase their business performance, update menus, and perform targeted marketing campaigns. A practical example of a data scientist’s role in retail can be seen through the analysis of customer experience processes. Predictive analytics and sentiment analysis of reviews enable retailers to generate insights on customer feedback and market insights. Both structured and unstructured data are used in data science in order to support (retail’s) business goals and objectives.
The data on accounts, transactions, risk management, and analytics are key areas in the finance industry where a data scientist’s role is crucial. But not only, as they need to grasp security and compliance as well as fraud detection to preserve sensitive financial data and avoid potential disasters. Data forms are at the core of these processes. Let’s take risk analytics as one of the major areas where data scientists implement their skills. Measuring the frequency of loss and multiplying it with the gravity of damage is one of the segments where data scientists use their knowledge. A cross-disciplinary field, risk analytics and management, require strong mathematical skills as well as statistics and problem-solving.
Connected to a humanitarian aspect of data science, healthcare is an industry where data scientists literally affect people’s lives. One use case can be considered in analyzing data in wearable devices that track medical information such as the heart rate or temperature. A data scientist will analyze the collected data with the help of various tools and software and provide insights to doctors that are then able to monitor patient’s health. Medical and home devices’ data are managed through data science in order to preserve and improve the wellbeing of chronically ill patients.
Analyzing students’ performance has become much more effective since the introduction of data science in this field. Tracking students’ logs, overall progress, how much hours they spend on certain pages can be all monitored through a designated learning management system which was introduced at the University of Tasmania, for example. Additionally, teachers can track their own performance where they can include variables such as students’ attendance, demographics, aspirations or motivations while data science makes this possible, especially since traditional means of analysis such as spreadsheets cannot compete with the massive volumes of collected data.
Travel and hospitality
We have already mentioned personalized marketing and sentiment analysis, but data scientists in the travel industry are considered a modern ‘holy grail.’ The opportunity to increase customer satisfaction levels through data enables hoteliers to base their choices on real information collected and analyzed with the help of a data scientist instead of traditional rumors or feelings. By analyzing various touchpoints of a complete customer journey process, data scientists can maximize the performance of product positioning on the market and generate real business value that differentiates a hotel business from its competition.
There are a number of other industries where data scientists can apply their skills and knowledge and this list is just a tip of the data science iceberg. We cannot forget also continuous demand and salary attached to this role as companies realize how important is to properly manage data and derive valuable insights. Significant growth and demand for data science skills increased by 40%, according to a study conducted by IBM. Understanding machine learning, predictive analytics, structured and unstructured data are all becoming essential in modern businesses. The importance of data scientists in our data-driven world is definitely on the rise, and by learning data science, an individual can reap great career benefits and progress.