01 Nov 2022
The Role Of Data Science In Everyday Life
Ekeeda Moderator
Works at Ekeeda
In our daily lives, we use a lot of apps and software - from ordering pizza to equity stocks, booking air tickets to watching a live cricket match, everything is done at the click of a button on the smartphone. It has knowingly or unknowingly become an integral part of our lives; but this is just one side of the coin, on the other hand, it involves a lot of permutations and combinations of data involved in it - the field known as data science.
Data is floating around in the market and people are worried about privacy issues, data leaks, and profit maximization techniques. Terms like data science and data analytics are being wholeheartedly embraced in the professional world. People experience the role of data science in every walk of life and situation. From friend suggestions on Facebook to lightning deals on Myntra, and television shows predicted by Hotstar as per your preference, and much more – data science does it all for them.
We often praise the high-end devices, their UI, and technology; but often fail to acknowledge the critical role of data science behind all those preferences and shopping flexibilities.
In this blog, we will jot down some of the evident situations where everyone experiences some element of data science:
Thanks to data science technologies, platforms like Saavn and Amazon Prime have taken entertainment to the next level. From the music you love to listen to shows you wait to watch, everything is influenced by data. Amazon Prime curates highly targeted shows by measuring customer preference, behaviour patterns, time preference, etc. in their databases. It will customize your watch list as per the preferred actors, genres, etc. by leveraging customer data & view patterns. Similarly, music libraries like Saavn tap into customer data to create a weekly playlist as per the preferences of individual users.
Ever wondered how Amazon or Myntra predict accurately what are you looking for? They not only come up with relevant products but also give great deals on them. Do you think someone is spying on you? Relax! It’s data science involved in it. Those notifications popping up every time you browse through an e-commerce platform are possible due to the role of data science at the backend. Skilled data scientists dive into massive pools of customer data to learn shopping patterns, preferences, prices, and tastes and then develop customized shopping recommendations for every category of customer.
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The logistics industry is yet another area where data science plays a critical role. Delivery companies like FedEx, DHL, Bluedart, Shadowfax, etc, use data science tools and techniques to improve their logistics, tracking, and management to improve operational efficiency. Today, we expect our deliveries to be on time, one-day delivery, specified-date delivery, etc. all this is possible by processing amounts of data, and coming up with valuable insights to deliver the best and most happy customer solutions. Yes! These are modern-day ‘Data Santa Claus’, who deliver happiness to your doorstep.
The biggest way of leveraging the role of data science could be seen in digital marketing. Yes! Digital marketing is huge and highly rely on data, and statistics to gather reach & frequency. From digital hoarding placed at highways or airports to displaying advertisements on prominent positions on websites – nearly, all of it requires data science algorithms that will attract customers and thus, increase business. Data scientists will help companies target ads based on user’s past behaviour, spending patterns, likes and preferences, searches, and more – this is probably the biggest reason why digital ads are higher Click Through Rates (CTR) – Click Per Thousand Impressions(CPR) and Cost Per Click (CPC) compared to conventional or TV advertisement.
HealthCare
Healthcare industry is transforming a lot and big thanks to data science techniques. Data backed by innovative techniques are now the backbone of the industry. EMRs powered by data science technologies have enabled healthcare providers to capture patient data in real-time and provide better health solutions. In addition, gadgets and fitness sensors have enabled millions of individuals to track their health. Data scientists make efficient use of data, to come up with potential health tips and remedies for diseases. The success of monitoring devices and wearables highly depends on the role of data science.
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The airline industry is facing several obstacles worldwide. Most providers struggle to maintain operating profits & customer occupancy ratio. Constant discounts and offers are used to attract customers. But many service providers now efficiently use data science to gain profits. In this industry, the role of data science has become more and more important for efficient planning. On the operation front, data scientists help predict flight delays, optimize flight routes, climate conditions, untoward events, loyalty programs for frequent flyers, etc.
Centralized Customer View, Optimize Flight Route, Fuel efficiency, Demand Forecast, Customer Segregation, Discounts & Offers, Smart Maintenance, and Performance Measuring, the airline service providers can capture and work on data to develop valuable insights to help make better decisions for profitable.
Banks and finance companies offer you loans and credit cards. You feel privileged, right? For a moment you think why is it so? Why are they offering me such fantastic financial deals? Well! It’s because of your clean credit record. How does a bank or finance institute know about it? Data science helps them. The massive amount of data helps them access customer credibility and design solutions for them. With the help of data science technologies, banking and financial institutes can conquer data through past expenditures, customer profiling, and other variables to analyze the probabilities of default & risk. They’re also leveraging the role of data science to prevent financial fraud and accordingly come up with financial solutions for you.
All the major game developers like Sony, Zynga, Sega, EA Sports, and Nintendo, make use of data science to take the gaming experience to a whole new level. Games are designed using Machine Learning and AI algorithms that are capable to upgrade themselves when the player moves to a different level.
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You’re travelling to Jaipur and suddenly, you see the weather is predicted to be cloudy on your smartphone by 4 PM. Wonder how did you get this prediction? Well! Data science is behind this accurate prediction. There are satellites and weather sensors deployed all across the globe. A massive amount of data gets captured and this data is then utilized to monitor the environment and weather conditions. Various agencies make efficient use of data science technologies to determine weather forecasts, natural disasters, cyclones, tornados, and study global warming, etc.
Smartphones are now offering individuals the option of face unlock. Did you ever think about how is it even possible? Thanks to the role of data science playing behind. Machine learning and AI algorithms are able to learn massive amounts of data such as what’s a face, what’s a crack on something, what is a smile, etc. It’s quite similar to the human brain and involves deep learning concepts for it. For us face recognition may not be a big deal but to the law enforcement division, it is a powerful tool.
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On A Concluding Note –
The role of data science is evident in almost every aspect of life. Data science has limitless potential and everything that generates data will come under its radar. Along with the growing data when need to grow our ability to turn knowledge into opportunities. Thus, data science is surely creating a wave of positive change around us. It will become even more widespread and integrated into everyday life in the coming future.
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