Data Science is an ubiquitous term one comes across in every possible domain.
Be it Medical Science,Retail , Supply Chain Management , Banking , Insurance ....and the list goes on ...each of this area has seen a tremendous improvement in terms of 'Speed' & 'Accuracy' of the delivery of the Services.
But what is the Goal / Purpose of the Data Science -
The key objective of Data Science is to improve the Decision making by basing the decisions on insights extracted from large Datasets. As a field of activity , data science encompasses a set of Principles , Algorithmic Models and Mathematical Processes for extracting non-obvious and useful patterns from large Data sets.
Today Data Science is all pervasive and drives decision making in nearly all aspects of Modern life , below is list of some of the ways Data Science affects our daily life ( and most of the time we donot realize that the Data Science is in the play ) -
a) Automatic 'Spam Filtering' of your e-mails : using Data Science / Machine Learning Models , algorithm can identify spam mails and route them to separate folder.
b) Amazon's Recommender System - It makes automatic predictions for the user on 'Other Recommended related Products ' at Amazon by collecting the preferences of several other users.
c) Targeted online Advertisement - based on your browsing history , data science algorithms can identify and show targeted advertisements aligned to your areas of interest.
d) Packaging of 'Offers' at Retail stores - using 'Market Basket Analysis' retailers can identify and package an offer which has the highest probability of customer acceptance .
and many more use cases ....
Origin / Trigger of the emergence of Data Science
The growth of Data Science across our societies is driven by the emergence of -
i) Big Data : emergence of massive volume of both structured and unstructured data
ii) Social Media : Wide use of Social Media
iii) Increased speed in computing power : enabling processing of big data
iv) Decrease in cost of computing power
v) Development of powerful methods for Data Analysis & Modelling - like Deep Learning
Next article we will explore various roles associated with Data Science discipline.