what is data science and what are its benefits?

Hello Muskan!

Data Science is the study of data . It is about extracting, analyzing, visualizing, managing and storing data to create insights. These insights help the companies to make powerful data-driven decisions. Data Science requires the usage of both unstructured and structured data. It is a multidisciplinary field that has its roots in statistics, math and computer science. It is one of the most highly sought after jobs due to the abundance of data science position and a lucrative pay-scale. So, this was a brief to data science, now let’s explore the pros and cons of data science.

Benefits:

• Mitigating risk and fraud. Data scientists are trained to identify data that stands out in some way. They create statistical, network, path, and Big data methodologies  for predictive fraud propensity models and use those to create alerts that help ensure timely responses when unusual data is recognized.
• Delivering relevant products. One of the advantages of data science is that organizations can find when and where their products sell best. This can help deliver the right products at the right time—and can help companies develop new products to meet their customers’ needs.
• Personalized customer experiences. One of the most buzzworthy benefits of data science is the ability for sales and marketing teams to understand their audience on a very granular level. With this knowledge, an organization can create the best possible customer experiences.

Hope this was helpful!

Best Wishes

Hello dear student !

Data science is basically all about solving the problem of business. There are so many advantages of data science. One is that organizations can find when and where their products sell best. This ultimately can help deliver the right products at the right time and also can help companies develop new products to meet their costumers' needs. So it is important because it solves business problems.

Hope this helps !