Data science merges statistics, science, computing, machine learning, and other domain expertise to generate meaningful insights from data, driving better decision-making and operational efficiency. It can be technically challenging, time-consuming, and prone to data privacy issues. However, when managed properly, it can lead to increased efficiency, reduced risk, and improved decision-making.

Nicole Rennolds, writing for TechRepublic Premium, presents this explanation of data science, including its process, techniques, benefits, challenges, and key use cases.

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DATA SCIENCE USE CASES

There likely isn’t an industry that doesn’t use data science and analytics. For instance, in healthcare, data science is used to uncover trends in patient health to improve treatment. And in manufacturing, data science supports supply and demand predictions to ensure products are developed accordingly. Of course, these examples are just scratching the surface.

Business

Data plays a very crucial role in business development and planning. Data science adds value to businesses by providing insight to help make better-informed decisions and discover patterns and trends from the analysis of historical data. For example, in retail, data science can be used to analyze customer behavior and provide better recommendations. Netflix combined multiple deep-learning models to significantly improve its famous recommendation engine.

Manufacturing

The manufacturing industry uses data science to generate valuable insights about machinery, automated supervisory systems, production efficiency, and logistical processes. Data science platforms analyze monitoring and sensor data to predict when breakdowns might occur and recommend optimal maintenance schedules to minimize interruptions or productivity decline. For example, Siemens’ predictive maintenance platform used data science to reduce unplanned downtime by 20% for a major aluminum manufacturing client.

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TIME SAVED: Crafting this content required 20 hours of dedicated writing, editing, research, and design.