Data science is a fascinating field that can benefit almost every industry. As a modern-day company manager, consultant, or analyst looking for an edge over your competition, leveraging this type of analytics is more important. For this reason, it is essential to know the different sectors where data science can be applied. The following outlines industries that use data science in their financial operations.

Finance Sector

According to financial experts, like Cane Bay Partners VI, LLLP, data science has made a significant breakthrough recently in the financial industry. Companies have implemented new strategies to make better lending decisions with algorithms and data processing improvements. Clients save a considerable amount of money per year due to these improvements alone. These savings are passed on to borrowers. This leads to lower borrowing costs for consumers.

Health Care

A successful application of data science in health care is that of IBM’s Watson supercomputer. The computer has been trained to recognize cancerous cells during their early stages. Healthcare facilities can use it instead of pathologists to detect tumors and determine if they are malignant or benign. In the future, IBM hopes to have Watson diagnose patients based on their medical history, genomic profiling, and even their social media presence.

Fraud Detection

With corporations looking for new sources of revenue, the insurance industry is booming with activity. Companies use data science algorithms to process insurance claims accurately and identify fraudulent claims. Data science is also used to determine premiums based on age, previous claims, and even location. A risk analyst will highly recommend that insurance firms use the analysis to avoid paying out false benefits.

E-Commerce Industry

Big data analytics improve search algorithms and price matching functionality for many industries in Cane Bay and worldwide. Firms achieve this by analyzing competitors’ prices. Another option is increasing the number of sales when an item goes on sale on another website. Some companies are even investing in package delivery drones that will deliver packages directly to a customers’ doorstep. This further enhances the customer experience. It also reduces overhead costs for the company.

Energy Sectors

With the recent boom in electric vehicles, energy companies are looking to apply data science to make their operations more efficient. By analyzing data in real-time, companies can identify trends and make adjustments to improve efficiency. This analysis has led some firms to use drones and other uncrewed aerial vehicles to increase supply reliability. Electric options without human intervention come in handy during extreme weather events.

Security Companies

Internet security experts recently created a safe browsing technology. The technology prevents users from being tracked by third-party websites when using web browsers. These professionals analyzed the most efficient ways to keep users safe online through data science. Another security application of data science is using machine learning algorithms. They identify students with high potential for terrorist activities. Some online platforms currently have a program that monitors social media sites and news sites. The program aims to identify individuals who might be prone to extremist actions due to their posts or comments on various social media sites.

Travel Sector

Using big data analytics and machine learning, companies can predict which flights will sell out first. They can make adjustments based on current ticket sales, supply and demand trends. In addition, travel services firms can monitor the availability of seats on a given flight. Travel companies can also predict which customer is likely to cancel a flight or return home early and adjust the itinerary, reducing cancellations.

Data science is especially crucial because of the types of questions people ask about products or services change. Using data science in financial services is not a new concept. Data science aims to analyze, process, and summarize large amounts of complex data beneficial to a particular organization. The analysis applies across all industries.