Data science trends influence every industry in an increasingly information driven world. Information is quickly becoming every company’s most valuable asset, so it is important we stay up to date on the changes in the data science and AI sector.
If you hold a strong interest in IT and the ever-growing industry surrounding it, then you’ve likely heard the words ‘data science, ‘data analytics’ and ‘Big Data’ before. You may have a good idea of what these terms mean, but have you ever thought about how the ideas these terms represent are changing the industries we work in? If not, you may not be as up-to-date with current trends as you thought.
In the past two decades, nearly every industry across the globe has been optimised or improved by the emergence and increasing prevalence of data science, data analytics and the innovative ways we use the data they provide. The skills data scientists offer are becoming increasingly relevant and desirable, creating a booming demand across multiple industries. Our informed and connected world where everything is just one click away can be strongly attributed to Big Data and the way data scientists are utilising it.
Here are 5 ways Big Data, data science trends and data analytics has impacted global business practises:
1. Data Science has improved national and international logistics
The extensive analysis of Big Data and the leading-edge intelligence it produces has provided the logistics sector with the tools and materials needed to develop new and more efficient operations. If you’re an avid online shopper, you’ve probably noticed the increased efficiency of the online shopping process. This can be accredited to the newly accessible intelligence Big Data offers.
With the evolution of e-commerce, companies have been able to use Big Data to improve operational efficiency in three fundamental ways:
- Inventory management and forecasting
This allows for consideration of variables such as weather patterns, which may or may not correlate with the periods of national and international holidays shifting potential demand. Through the analysis of Big Data, data analysts are able to anticipate changes in demand, helping to reduce unnecessary inventory and reduce costs.
- Route optimisation
Thanks to the power of machine learning, we are now able to accurately forecast the travel time between two locations and determine the most efficient route using an algorithm. This saves companies millions of dollars in fuel and the optimised routes save countless hours of company time.
- Labour management
The new straightforward methods of data analysis provide companies with a mechanism for predicting periods of high demand for products making staff management painless and simple. The age of working overtime and exhausting hours are coming to an end as companies can now identify rush hours using revolutionary algorithms, and plan staff hours accordingly.
DHL, the international courier company specialising in logistics, is a prime example of a global company capitalising on data analytics and the availability of Big Data, using route optimisation to outcompete rival companies and become the leader in their industry.
2. Evolving data science trends and the utilisation of Big Data has allowed for increased security around the world
Law enforcement represents another domain taking advantage of the benefits Big Data provides. Recently, law enforcement agencies have been relying more and more on Big Data to help catch and prosecute criminals, subsequently making society a safer place. The primary reason these agencies are having such success in decreasing crime rates is because they now have access to extensive amounts of information which can be used to predict felons’ behaviour and allow for faster law interventions.
Another place where data analytics and Big Data are being used is in the cybersecurity sector. Through the use of present and historical data, machine learning algorithms can be established to meticulously detect potential risks or problems. As more information is acquired, the algorithm becomes more precise and effective in helping to avoid future cyber-attacks.
3. Data science and data analytics trends have revolutionised the way companies market and advertise
E-commerce and the ease of access it offers has created a massive financial boom in the retail industry, with targeted marketing and advertising at the forefront of Big Data utilisation aimed to improve customer acquisition.
Advertising strategies such as recommendation engines have enhanced sales for companies like Amazon and Netflix by providing purchase suggestions based on prior interests and purchases. The more information these companies can gather, the more specific the recommendations become, which creates highly effective targeted advertising.
A Digital Agency Survey conducted by Marketing Land evaluated the top technical skills which worldwide digital agencies believe will be the most relevant in the next two years. It’s no surprise that data science and data analysis topped the chart, with 72% of respondents identifying it as the top technical skill.
The data science industry and the analytical advertising it supports is still only in its infancy, however the prevalence of data analytics and Big Data used in advertising will continue to grow in coming years as data scientists find more ways to use and implement it.
4. Data analytics is contributing to developments in sport performance around the world
In sports, winning and exemplary sporting performances tend to correlate to an increase in fans attending matches, more TV contracts, powerful sponsorships, increased merchandise sales and greater revenue. Given the trickle down effect winning has on a sporting club, it is essential that teams use every available resource to get ahead of the competition. This is where data science and data analytics comes into play.
In order to gain a competitive advantage, elite sporting clubs and teams are employing data scientists and analysts to create predictive machine learning models to inform coaches and administrators of ideal patterns that can lead to success.
In some sports, clubs now embed GPS trackers within players’ jerseys to evaluate movement patterns and monitor performance in real time. Information gained from these trackers aids the coaching staff in predicting long-term performance, areas of weakness and even likelihood of injury.
Moreover, Big Data analytics can be used to increase fan engagement. This is done through the identification of patterns and the formation of ‘clustering algorithms’, using machine learning to run campaigns to potential customers or fans. By knowing the factors which attract fans and retain existing ones, a stronger fan base can be established.
5. High demand for qualified data scientists has created opportunities to learn data science at higher education facilities
A plethora of opportunities to study and learn data science has arisen, sparked by the increasing demand for skilled data science professionals. College courses delivering the knowledge to become skilled in the data science industry are trending and becoming commonplace as high school graduates are starting to look toward data science when considering further education.
For those already in the workforce and looking to become data science qualified, short courses are available to get you up to scratch in as little as 12 weeks. The Institute of Data offers full time or part-time study options for those looking to gain industry certification and practical data science skills. The 12-week full-time intensive in-class training from The Institute of Data is the most intensive and rewarding data science training program that allows you to develop your practical skills in the industry.
In addition to your data science certification, you will also gain access to a host of other benefits such as access to the IOD hiring network, mentors, access to the hidden job market, access to consulting and contract work, as well as networking opportunities with industry leading companies and experts.
If you’re curious about making an impact in one of these industries with a rewarding career in Data Science, then book your consultation with The Institute of Data and become industry qualified today.