One of the questions that people commonly ask me is:
Is it Big Data / Data Science really a rumor or a once in a lifetime opportunity?
Different people have different answers and points of view to the previous question. I don't want to get into this debate here. I'd rather take a safer approach here. I would tell you some applications that are already impacting the life of a lay person. You can read them yourself and decide if this is a rumor or an opportunity.
What to learn from this article?
In this article, I have listed some of the most common data science applications that we use in our daily lives. What's more, you will also find some advanced apps that are not coming yet in the near future. The idea behind sharing them is not to tell you the tools and techniques used in these cases., is even more fundamental by nature. I want to show the impact of data science and excite you with what awaits you in the future.
If you know of any other application that I have missed, feel free to add it via the comments below.
Applications / Uses of data science
By using data science, companies have become smart enough to promote and sell products based on purchasing power and customer interest. This is how our hearts and minds rule:
When we talk about search, we think of ‘Google’. Right? But there are many other search engines like Yahoo!, Bing, Ask, AOL, Duckduckgo, etc. All these search engines (including Google) use data science algorithms to deliver the best result for our search query in a fraction of seconds. Taking into account the fact that Google processes more than 20 petabytes of data every day. If there had been no data science, Google would not have been the “Google” what do we know today.
Digital ads (targeted advertising and retargeting)
If you thought search would have been the biggest application of data science and machine learning, here's a challenge: the entire spectrum of digital marketing. From billboards on various websites to digital billboards at airports, almost all are decided by using data science algorithms.
This is why digital ads have been able to get a much higher CTR than traditional ads. They can be targeted based on past user behavior. This is the reason why I see ads for analytical workouts while my friend sees ads for clothes in the same place at the same time.
Who can forget the suggestions for similar products on Amazon? Not only do they help you find relevant products from the billions of products available with them, they also add a lot to the user experience.
Many companies have fervently used this engine / system to promote your products / suggestions according to the user's interest and the relevance of the information. Internet giants like Amazon, Twitter, Google Play, Netflix, Linkedin, imdb and many more use this system to improve user experience. Recommendations are based on a user's previous search results.
Upload your image with friends on Facebook and start receiving suggestions to tag your friends. This automatic tag suggestion feature uses a facial recognition algorithm. Similarly, while using whatsapp web, scan a barcode in your web browser using your mobile phone. What's more, Google offers you the option to search for images by uploading them. Uses image recognition and provides related search results. To know more about image recognition, watch this amazing video (1:31) minutes:
Some of the best examples of speech recognition products are Google Voice, Siri, Cortana, etc. Using the voice recognition function, even if you are not in a position to write a message, his life won't stop. Just say the message and it will be converted to text. But nevertheless, sometimes, you will notice that speech recognition does not work accurately. Just to laugh, watch this funny video (1:30 minutes) and the conversation between Cortana and Satya Nadela (CEO, Microsoft)
EA Sports, Zynga, Sony, Nintendo, Activision-Blizzard have taken the gaming experience to the next level using data science. Games are now designed using machine learning algorithms that are improved / they upgrade themselves as the player moves up to a higher level. In motion games too, your opponent (computer) analyze your previous movements and, Consequently, shape your game.
Price comparison websites
On a basic level, These websites are powered by a large amount of data obtained through APIs and RSS feeds.. If you have ever used these websites, you will know the convenience of comparing the price of a product from several suppliers in one place. PriceGrabber, PriceRunner, Junglee, Shopzilla, DealTime are some examples of price comparison websites. Today, the price comparison website can be found on almost all domains, as technology, hospitality, automobiles, durable goods, dress, etc.
Airline route planning
The aviation industry around the world is known to suffer heavy losses. Except for a few airline service providers, companies are struggling to maintain their occupancy rate and operating profit. The high increase in air fuel prices and the need to offer deep discounts to customers has made the situation even worse.. It wasn't long before airlines began using data science to identify strategic areas for improvement.. Now, using data science, airlines can:
- Predict flight delay
- Decide what kind of planes to buy
- Either to land directly at the destination or make a stop in the middle (for instance: a flight may have a direct route from New Delhi to New York. Alternatively, you can also choose to stop in any country).
- Effectively boost customer loyalty programs
Southwest Airlines and Alaska Airlines are among the top companies that have embraced data science to change the way they work.
Fraud and risk detection
One of the first applications of data science originated in the financial discipline. Businesses were fed up with bad debts and losses every year. But nevertheless, they had a lot of data that used to be collected during the initial paperwork when sanctioning loans. They decided to incorporate data science practices to rescue them from losses. Over the years, banking companies learned to divide and conquer data through customer profiles, past expenses and other essential variables to analyze the probabilities of risk and default. What's more, it also helped them boost their banking products based on customer purchasing power.
Who Says Data Science Has Limited Applications? Logistics companies like DHL, FedEx, UPS, Kuhne + Nagel have used data science to improve their operational efficiency. By using data science, these companies have discovered the best routes to ship, the best time to deliver, the best mode of transport to choose, which leads to profitability, and many more to mention. What's more, the data that these companies generate using the installed GPS, provides them with many possibilities to explore using data science.
In addition to the applications mentioned above, data science is also used in marketing, finance, human Resources, medical care, government policies and all possible industries where data is generated. By using data science, company marketing departments decide which products are best for up-selling and cross-selling, based on customer behavior data. What's more, data science can easily answer the prediction of participation in a customer's wallet, which customer is likely to abandon, which customer should be proposed for a high value product and many other questions. The finances (credit risk, fraud), human resources (which employees are most likely to leave, employee performance, decide on employee bonus) and many other tasks are easily accomplished using data science in these disciplines.
Coming soon in the future
But nevertheless, not much has been revealed about them, except prototypes, and I also don't know when they would be available for the disposition of a common man. Therefore, I've kept this amazing data science app in the 'Coming Soon' section. We have to wait and see to what extent Google can be successful in its autonomous vehicle project.. The robots, as we know, have lived for a while, but they are not yet used as a commodity due to associated safety issues. Let's see what the future holds!
Check out this video of ~ 3 minutes to know more:
Check out this video of ~ 3 minutes of robots that look like humans
Imagine a world where we are surrounded by robots like these. Will they be of any use to us? Or these would lead to repercussions that humanity will have to endure.. Let's have a discussion about this!!
I'm sure you had fun watching the videos. The intention was not just fun, but learn simultaneously. At this stage, understand the unlimited potential data science has in this world. Almost everything on this planet, that generates data, falls under the radar of data science, that can improve and optimize your existing process.
But nevertheless, I wasn't sure where to add the 'Coming in the future' section, since not much has been revealed about his future trailer. But nevertheless, I thought about leaving something controversial for you (robots) just to start a discussion about the future of robotics.
If you liked this article, share your comments / suggestions in the comments section below.