The industry is constantly evolving to meet the needs of consumers better. COVID-19 was a test of the ingenuity and durability of the United States’ economy. Due largely to companies employing data science to implement changes on the fly, we passed with flying red, white, and blue colors.
Even though data science isn’t new, some of the ways it’s revolutionizing the global economy are straight out of science fiction. Continue reading to see some of the many ways big data is transforming the way we do commerce.
Machines can speak for themselves.
Do you remember ever looking at a malfunctioning machine, whether it was your car, computer, or something else, and thinking, “I wish you could tell me what’s wrong with you?” Talking to machines has always been considered normal as long as you didn’t actually expect a reply.
Today, by applying data mining to your manufacturing processes and using predictive modeling, you can actually predict when your machines will need fixes outside of their routine maintenance. Through the Internet of Things, artificial intelligence, and machine learning, your operational equipment can alert you to potential problems before they ever arise. Imagine your CNC plasma cutting machinery telling you there’s an issue with the torch or another part of the cutter before a breakdown actually occurs. That’s data analysis and predictive analytics at work. You don’t want our plasma cutter or CNC machine breaking down in the middle of production, do you?
Customer service is more personal than ever.
One of the greatest things to arise from big data is that companies can get more insights into their customers’ psyche and habits than ever. Through rigorous data mining, a skilled data engineer or data analyst can find trends that have a tremendous impact on how customers behave.
Using analytics, they find actionable information in the data and use it to create algorithms capable of automating changes to customer acquisition strategies on the fly. Furthermore, deep learning gives you the ability to automate marketing and promotion campaigns for individuals based on their previous interactions with your company and your company’s website.
Executives can make quicker and better business decisions.
When you have to make a decision that could alter the course of your company forever, you want to know every probability and possibility. The possibilities have always been left to the human imagination to tabulate, but you can forecast probabilities with precision with a robust business intelligence infrastructure. Using data visualization, you can turn statistical analysis into easy-to-understand infographics that everyone on your team can interpret and utilize.
Data science has even revolutionized farming.
The agricultural industry has always been seen as resistant to change, but even the farming industry couldn’t say no to data science. Farmers are using the internet of things to procure critical data about soil, the weather, and even how much sunlight crops need and are getting. Armed with this information, farmers can adjust their crops to ensure they’re planted in the most nutrient-rich soil and receive optimum sunlight.
Recruit and hire the best talent.
It used to be that if you wanted to recruit a specific type of candidate, all you could do was place an ad in the classifieds or hold a career fair and hope for the best. Data science has completely revolutionized the way companies go about finding potential new hires.
Today, most people place their resumes, qualifications, and career highlights on job recruitment sites and social media. By mining raw data in the right places, you can find prospects with the skillsets that match your requirements.
Using a recruiting tool powered by artificial intelligence, you can send automated emails to thousands of qualified candidates every day without taking any time or focus away from other crucial tasks. As you can see, data science optimizes everything from manufacturing processes to the recruitment process.