Top 8 Data Science Use Cases: Big Data Applied the Most
The volume of data is growing and the pace of this growth is stimulating rigorously. Thanks to this digital transformation era, log files, sensor data etc. have dramatically evolved with giving ways to futuristic sources. Data science is capable of bringing in mammoth-sized data along with velocity which far transcends the stereotypical data warehousing accesses. Progressive enterprises like Athena are leveraging these advanced sources in innovative ways to obtain unprecedented value and competitive advantage. In this post, we are going to list the top 8 data science use cases that are disrupting various industries. Do have a read!
1. Big data predicting the best retail location
This is one of the most successful data science use cases. Data analytics has proved to be a powerful meddling force in the industry. Retail brands of all sizes, which represent assorted trade orbs, seek to leverage the potential value of data.
One of the major reasons behind the success of any business is its location. You can always compare two restaurants – one located in the center of a bustling marketplace and the other tucked away in a remote spot of the same location. For some reason, the one tucked inside can never surpass the one located at the heart of the market.
Data science effortlessly addresses those two vital questions –
- How to determine features that are important to a particular retail business?
- How to estimate retail sales performance given a new location?
The data sets include information about feature location, population count, property type, education status, and monthly sales from various branches and help retailers in determining which address will best work for their businesses.
2. Data science predicting prognosis and diagnostic accuracy and various other medical aspects
Just as augmented reality transforming the healthcare industry, data science has helped medical sector to make a quantum leap. Right from computerizing medical data, medical image analysis, research in genetics and genomics to the discovery of drugs and genetic disease exploration – big data has got them covered.
Data science use cases are the most successful among all other industry spectra. Big data techniques are used to determine the astute difference in modality, resolution, and dimension of the medical images. Many more approaches are being developed to enhance the image quality, extract data from images, and deliver the most detailed interpretation. The deep-learning-based algorithms add to the diagnostic accuracy by analyzing previous examples and then suggesting better treatment solutions.
3. Data analysis detecting fraud, price optimization, customer segmentation and many moreSince the insurance industry runs on predicting future events and estimating the risk/value of these events; the 4 Vs (volume, velocity, veracity, and variety) of huge datasets have become an integral tool for insurers. Click To Tweet
Data science service providers are consistently enhancing data sources such as log files, telematics, sensor data, customer interactions, and social media so as to disrupt the healthcare industry. Big data has now become more engaging across diverse areas of the medical industry.
Insurance fraud has been a major concern as it causes millions of losses to the insurance companies every year. One of the major aspects of data science use cases in insurance is detecting fraud. This helps pinpoint more claims that should be researched by human auditors. Machine learning doesn’t only reduce the costs of human hours; it also helps in reclaiming the robbed money from fraudulent claims.
4. Data analytics predicting product requirements and their costs live as customers enter the store
Brick and mortar stores are the best examples of data science use cases in retail. Machine learning can calibrate the best price to persuade a customer in buying the particular product whilst maximizing profits. Just as the old school way, salesman judges a customer from his dressing and offers him the price, in the same way, data analytics determines the factors and predicts.
5. Data science predicting fundraising
Big data is certainly a fundraiser’s secret weapon. While philanthropists are always eager to donate money, they are also equally concerned if at all their funding is being put to good use. Those questions haunt almost every fundraiser –
- How much do I really know about my donor’s relationship with my charity?
- Am I using the data I have to its fullest advantage?
- Should I be doing more?
The emergence of new technology alone has led to increases in donor expectations on several fronts—from mission transparency and program reporting to organization access and donor responsiveness.
4 major advantages of data science use cases in fundraising –
- Data quantifies and supervises the performance of the individual managing fundraising program
- Data creates connects and explains how the fundraising stacks up to peer programs
- Data determines and adjusts the donor experience to enhance loyalty and retention
- Data helps in predicting the mission—through outcomes and impact
6. Data science acts as virtual assistance for patients and customer support
The AI-powered mobile apps can provide basic healthcare support, usually as chatbots. These smart apps remind the users to take their medicine on time, and if required, they also assign an appointment with a doctor.
The machine learning algorithms use NLP (natural language processing) and generation to collect accurate information, create a complex report of the user’s condition, and provide a personalized experience.
7. Data science optimizing business processes
Another major aspect of data science use cases is in the enterprise sector. Big data is increasingly leveraged to optimize business processes. Based on the predictions from web search trends, social media data, and other forecasts, enterprises are now able to augment their stocks.
Supply chain is one of the particular verticals where data analytics is being rigorously integrated. Geographic locationing and radio frequency identification sensors are used to track the delivery vehicles and optimize routes by integrating live traffic data, etc.
8. Big data optimizing machine performance
Big data analytics help in transforming machines and making them smarter and more autonomous. For instance, Google use big data to operate their self-driving cars. Toyota Prius is fitted with cameras, GPS and powerful sensors to enable drivers to safely drive with no room for errors.
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For us, the 8 data science use cases we have listed here represent the areas in which big data is applied the most. There are indeed numerous other applications of big data. There will be also many new spheres as the data analytics tools become more widespread.
While data science has unprecedented potential, it’s imperative for enterprises to ask the right questions. Our data science team wants to help gear up your data scientists with the right kind of data science tools. If you are curious enough to disrupt your business growth, please feel free to contact us here!