Data Science: 7 Reasons Why it is the Most Revolutionary Sector of the Century
Data Science has been likened to a new industrial revolution that fundamentally changes how we understand our world and helping create an intelligent planet with a unified global intelligence system. In that light, it wouldn’t be an exaggeration to say that data science changes the way we make decisions — from medical diagnoses to grocery purchases.
The fact that it exhibits a “distributed” nature and allows people to hop on to the “data making” train at any point in time further makes this a revolutionary and disruptive field. It’s noteworthy that the data science platform industry is projected to massively expand in the next five years with a compound annual growth rate of more than 25%.
The market size stood at USD 37.9 billion in 2019 — a number that is expected to triple itself by 2024. This is reflective of the fact that organizations of all sizes, from SMEs to MNCs, are waking up to data science’s tremendous and disruptive potential.
Businesses across diverse sectors are slowly but surely realizing that they are missing out on a whole world of valuable information without harnessing data science. The sooner they wake up to this, the better for them.
In the same vein, this article aims to provide a holistic view of “how” and “why” data science is transforming the world. As such, the emphasis is on the reasons that make it the most revolutionary sector of the century.
1. It Fuels Effective Decision-Making
Data science is being termed as the “golden compass” by many in the industry, and for a good reason. Merely harnessing data isn’t sufficient; it has to be processed into information that can be put to use by making the right decisions. For instance, this is possible through a data-driven approach to marketing and financial analysis.
For instance, online businesses are increasingly employing AI tools powered by data science to make their email marketing campaigns more personalized and targeted. Big firms like IBM and SAP are also offering data analytics tools to SMEs that would otherwise struggle to get their large data sets integrated into a cohesive platform.
This, in turn, ensures a better return-on-investment (ROI) for both large and small organizations. It also ensures an effective allocation of resources so that organizations aren’t wasting time on projects that are deemed non-viable.
2. It Accelerates Globalization
In the past, understanding the world was driven by humans who traveled around to collect information. Today, data science has given rise to a new breed of humans known as “data scientists” who are adept at analyzing massive datasets and processing them into useful and actionable information. This aligns with the new global mindset where people don’t want to be separated from their loved ones by borders or language barriers.
This is also reflective of the fact that organizations are digitizing themselves as they prepare to go global. They want to tap into a local talent pool and use existing data sets and analysis to make informed decisions.
3. It Is Revolutionizing Healthcare
Healthcare is arguably one of the most scrutinized industries globally, largely because many people get their health care experience via insurance or a government-funded system.
Data science has helped healthcare become more efficient and affordable. For example, IBM’s “Watson“ — a powerful cognitive computing tool — can process millions of medical records in a matter of seconds. This is helping healthcare organizations improve their patient care through faster and more accurate diagnoses.
Besides, it is advancing patients’ quality of life and longevity by cutting down on medical expenses. In fact, the data science platform industry is expected to play a major role in upgrading the healthcare sector infrastructure in developing countries in the forthcoming years.
4. It Is Revolutionizing Transportation, Logistics and Supply Chains
Data science has enabled transportation to become more effective and efficient. For example, an e-commerce firm can use data science to improve its inventory planning and forecasting capabilities for its entire supply chain network.
This can be achieved by integrating the company’s data with that of its third-party vendors and service providers. In fact, it is possible to integrate the data with a manufacturer’s or supplier’s inventory management system. This would help the firm make better decisions about its stock and inventory at every point in time.
In essence, it empowers businesses to maintain high customer satisfaction rates by shipping products on time. In addition, the firms can reduce their operational costs considerably by ensuring timely product shipments — all while without sacrificing quality.
5. It Is Revolutionizing the Banking Sector
Banking is characterized by vast amounts of data that help banks make informed decisions about their clientele. But managing this data isn’t easy, as it has to be analyzed and integrated into a cohesive system in order to be useful.
The application of data science helps banks maximize their ability to serve and protect their existing customer base while also reaching out to non-customers. It also helps them identify opportunities for growth that may exist in all industries, including agriculture, manufacturing, and retail.
In fact, data science has transformed the banking sector to such an extent that tech firms like Apple and Amazon are all vying for a slice of the pie.
6. It Is Revolutionizing Education
Data science is also revolutionizing education by providing students and teachers with “teachable moments”, so to speak. Data science platforms have made education more interactive by allowing users to collect real-time feedback on their lessons.
Teachers can also analyze students’ performance and help them improve by drawing actionable insights. In this way, the teachers have more time to mentor their students and focus on their subject areas of expertise.
7. It Empowers Organizations to Innovate with Ease
Data science has several benefits for organizations that want to be innovative in a highly competitive industry landscape — regardless of their size and exposure. For instance, it helps businesses adapt to a new digital economy by providing them with a reliable platform where they can create new products and services that are intuitive and easy to use.
This is possible through the use of innovative software, interactive platforms, data-driven marketing, and machine learning tools. It is also quite powerful for companies that want to remain data-driven in their operations — be it other companies or themselves.
This is particularly useful in industries like insurance, where many companies could benefit from big data analytics.
In a Nutshell
The above-mentioned industries are only a few examples of what data science can do for organizations today. The world is changing rapidly, and it will continue to change post-haste as we move toward the future. Businesses that don’t keep up with the times will face a grim fate.
But those who understand and utilize the power of data science will be able to embrace change and grow with it. Data science applications extend far into other industries and sectors like real estate, marketing, education, etc. The possibilities are endless — and that’s why data science is becoming the next big thing.
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