Business Data Science in 2020
Future is now and it’s time to embrace all technological ramifications, especially if you’re running a business and want to stay on top of the game. This text focuses on key take aways from Data Science you can use.
Real world problems and Data Science in 2020
Data Science together with AI is still often mistaken for a theoretical field. This is entirely wrong as data science is extremely practical, working with real world data and trying to uncover hidden interactions. So no matter what your business does, you’ll find something for you. Everything is digital, data is everywhere, and it’s up to you to use it.
Real Estate Data Science
Say you have a real estate business and you want to understand pricing: how much you should ask for a house, what to expect from the market. Those are very natural questions and machine learning, especially supervised learning, allows you to answer them.
Marketing Data Science
Marketing is another natural domain of application of Data Science. Unsupervised learning is about finding groups in unstructured data. Say you just have customers’ purchase history and you’d like to infer from that which customers are similar and what ‘similar’ actually means in this case.
Recommendation systems using Data Science
If you’re running an ecommerce shop then another natural question is how to recommend to your existing clients what they should buy as well. Think about Amazon and how they manage to show you various products you might be interested in. This is what you can do using Python.
Anomaly Detection to detect frauds
If you’re working in a bank or for an insurer, then the common problem is how to implement anti-fraud processes and how to detect frauds while they happen. On the other hand if you’re running a jeans factory, you might be interested in detecting anomalies to ensure the highest quality of products. All that is done using AI, machine learning algorithms.
Visualization of Data
Finally you can’t run business without understanding of data related to your business. And there’s no better way to do it, than to visualize it using various tools available to you in Python.
Summary of Business Data Science Applications
Summing up, the moment to get into data science is now. 2020 is definitely the year of Artificial Intelligence and it’s never been this practical before. It’s all about using your data to:
- understand your clients
- understand your competitors
- create successful marketing campaigns
- boost your visibility
Good luck in 2020!