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Why do we use Data Science widely?
- The healthcare industries have benefited from Data Science as it creates a down-to-earth treatment issues, diagnostic, patient monitoring such as clinic administrative expenses, and a general cost for health care. It has been a powerful weapon for fighting diabetes, various heart disease, and cancer.
- The data science provides a huge opportunity for the financial firm to reinvent the business. In finance, the application of data science is Automating Risk Management, Predictive Analytics, Managing customer data, Fraud detection, Real-time Analytics, Algorithmic trading, Consumer Analytics.
- In the manufacturing sector, it can be used in a lot of ways since the companies are in need to find the latest solutions and use cases for this data. It has also been beneficial to the manufacturing companies as it speeds up execution and generates large scale processes.
- The domain of retail has developed rapidly. It helps the retailer to manage data and create a psychological picture of the customer to learn their sore points. Therefore, this trick used by the retailer tends to influence the customer easily.