Use of the term "data science" is increasingly common, as is "big data." But what does it mean? Is there something unique about it?
In our definition, it is a systematic process that builds and organizes knowledge either to solve problems, mitigate crisis, control risk, increase revenue or reduce cost.
Data science might therefore imply a focus involving data and, by extension, statistics, or the systematic study of the organization, properties, and analysis of data.
Data Science use cases
Identify customers likely to leave, take preventative action
Create meaningful customer groups for more relevant interactions.
Calculate how demand varies at different price levels, then combine that data with information on costs and inventory levels to recommend prices that will improve profits.
Predictive equipment failure, plan cost-effective maintenance.
Understand risk to manage it.
Convince customers to buy more.
Know what volumes to expect to improve planning.
Identify fraudulent activity quickly, and ent it.
Predict what your customers will buy, before even they know it.