Data Science Applications

2021-07-09

When it comes to inclusion, Data Science is a clear example of it. Data Science applications are many and are not limited to specific areas. As a consequence, Data Science projects require multidisciplinary teams to help in understanding the problem and building the solution.  However, to successfully achieve the purpose of a project, the business objective to be solved must be clearly defined. 

Data Science in Health industry

In the area of health , one objective to be achieved could be to increase the number of early detections of heart disease. To this end, health professionals could have a model with artificial intelligence capable of predicting a medical outcome, or its severity, collaborating in the diagnosis to be made by the physician. This could be built based on data extracted from a set of past medical studies.

Applications in Insurance industry (InsurTech)

In the insurance industry, the goal can be to reduce the number of customers who cancel their subscriptions after a certain period of time. Using Data Science it is possible to build a model in order to better understand which customers are more likely to stop using your services. This would allow you to take actions to avoid such cancellations. Learn more about churn prediction here.

Data Science in Education industry

Very similar to the previous case, an educational institute may seek to reduce the dropout rate in its schools. The latter could be achieved by relying on the historical grades and recorded behaviors of students who have previously experienced such a situation.

Applications in Retail

Retail companies, may be interested in segmenting their customers into different groups according to their characteristics, tastes, preferences and similarities. This is extremely useful when it comes to targeting differentiated marketing actions to their portfolio of customers and prospects. Continue reading about these solutions in the following link.

Data Science in Sports

In sports,we can cite the famous movie Moneyball, based on the true story of Billy Beane, general manager of the Oakland Athletics. In this situation, he used advanced statistics to sign players, evaluating data about them and developing metrics of interest, obtaining a record number of wins in the baseball league with a low-budget roster.

Other applications

To conclude, we can see that the applications of Data Science are many and those mentioned are just a few examples. Another of these could even be to build a model and perform a sentiment analysis of our readers from their comments, likes and other actions obtained in the publication in order to understand the tone and intention of the author.

We invite you to continue discovering the different fields of application where Data Science is used Data Science on our website by clicking on the following link

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Wais

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