Data science definitely plays a larger part in our everyday life today. In fact, it has deliberately made our lives easier than in the past. For example, when someone does not possess knowledge of a particular word or topic, the first thing they do is turn to a search engine. ‘Google’ being the most commonly used search engine of all times. This has become an everyday thing, and it couldn’t be made possible without the support of Data Science in the respective field. Not only Google, but also other search engines, namely – AOL, Ask, Yahoo and Bing implement the usage of the algorithms of data science for dishing out the best possible results in a matter of milliseconds. It is estimated that data of about 20 petabytes is processed by Google on a daily basis.
Detection of Fraudulent Activities
Debts as well as losses occur in large numbers in companies each year. However, with the implementation of Data science in the finance sector, the losses and debts have been reduced to some extent. The banking companies have come to learn over time to divide the data as well acquire it through the past expenditures, the customer’s profiling, etc. along with other variables necessary for analyzation of the chances of defaults and risks. It has also aided them in pushing their products of banking in accordance with the purchasing power of the customer(s).
Medicinal / Drug Discovery.
The process of discovery of drugs is full of complications and is inclusive of several disciplines. It takes long lengths, extending up to even decades of testing and then the discovery of a particular drug for a particular disease / ailment. However, since the arrival and use of data science this process has been reduced in length. Along with this, the expenditure has also gone down and a lot of time is also saved which would otherwise be wasted.
Through the implementation of learning algorithms and data science, one can introduce a perspective for each step starting from the beginning screening for drug compounds to predict the success rate based upon the biological factors.
The purpose of these algorithms is to predict what kinds of effect will the respective compound cause in the body, with the help of advanced level of mathematical simulation and modeling rather than the lengthy experiments carried out in the lab. Computer models and simulations of them are created in the role of a biologically network that makes the predictions of the future easier to make along with more accuracy in the outcomes.
With the implementation of data science, we can help promote healthier lifestyles for patients, encouraging them to make healthy decisions. Along with this, it enables the doctors to concentrate their focus to the cases that are more critical. By simply describing one’s symptoms, and asking questions they can receive the key information regarding their medical condition. With the help of apps, one can be reminded of taking medicines on time and these also provide healthcare support to patients.