Where is data science used?
Data science applications in business verticals include BFSI, IT, retail, hospitality, entertainment, healthcare, logistics, and security. Typical examples are:
- Prediction. Predicting unseen values, such as missing data.
- Forecast. Forecasting possible future values and trends, such as revenue, demands, sales, or customer retention.
- Recognition. Recognizing from unstructured data such as images, text, audio, or videos.
- Classification. Detecting patterns or behaviors to match known groups, such as detecting spam emails, or labeling important emails.
- Recommendations. Recommendations based on consumption and learned preferences, such as clothes, books, movies, or restaurants.
- Pattern detection. Identifying possible patterns and behaviors without known classification groups, such as weather patterns or financial market patterns.
- Anomaly detection. identifying values that do not fit known patterns and behaviors, such as fraud or disease detection.
- Process automation and decision-making. Examples include rule or score-based processes such as background checks, credit rating, loan approval.