3 Industries Making the Most of Data Science Technology
In a world that is becoming increasingly reliant on technology, data science plays an extremely important role in various sectors. Data science is the umbrella term that captures several fields, such as statistics, scientific methods, and data analysis. The goal of all these practices is to extract value from data. This data could be collected from the Internet, smartphones, sensors, consumers and many other sources. In short, data science is all around us; that’s part of what makes it such an exciting field.
Even now that we know that data science can be found all around us, you may still be wondering what industries are making the most of this fascinating technology? Let’s take a look at three industries that are putting data science to use in amazing ways.
- Environmental Public Health Industry
According to the January 2021 Global Climate Report, January 2021 ranked as the seventh warmest January in the world’s 142-year records. It also marked the 45th consecutive January with temperatures over the 20th-century average. This indicates that climate change remains a prevalent issue.
It’s a particularly concerning issue for environmental public health professionals, who are designated to protect people from health and safety threats posed by their environments. This includes epidemiologists, environmental specialists, bioengineers, and air pollution analysts to name a few.
Public health experts use data science in a number of ways to facilitate their work. For instance, an environmental specialist would collect data such as air and water pollution levels, tree ring data, and more. They would then analyze that data to inform themselves and the public of environmental health concerns. Bioengineers, on the other hand, use big data on the environment to influence the engineering of various medical devices, including prosthetics and artificial organs.
- Lending Industry
Have you ever taken out a loan or used a credit card? For most of us, the answer is yes, meaning that we’ve inherently benefited from the data science technologies leveraged by this industry.
Data science in the lending industry is incredibly important. In order to grant you (or any applicant) a loan, the lending agency must conduct a risk analysis to assess how likely it is that you’ll pay back the loan on time. They do this by collecting your data and analyzing it to assess your financial standing and level of desirability as a candidate. Some of this data could include your name, your past borrowing history, your loan repayment history, and your credit score.
- Marketing Industry
In order to market to your target demographic, data is key. You need to know who you’re marketing to, what they like, what they do, how old they are, and more. This is why data science is so crucial and highly utilized in various forms of marketing.
Consider affiliate marketing as an example. Affiliate marketing is a process in which an affiliate gets a commission in exchange for marketing another person’s or brand’s products. Data science is vital in this process. Data analytics are needed to increase return on investment (ROI), find new opportunities in foreign regions, and discover new resources to optimize campaigns.
Clearly, data science is a multifaceted field with uses across many industries. Environmental public health, credit lending, and marketing are just a few examples of sectors that leverage these incredible technologies.