The domination of technology makes it easier to enumerate the industries that do without cutting-edge tech rather than to make up a full list of those using it. Data science and artificial intelligence are the two cornerstones that change the world around us for the better, bringing technological advances into every segment of people’s lives. But what is the essence of those two? Here are the answers.
Data Science ≠ Artificial Intelligence
Quite often the notions we lack information about sound similar. Although data science and AI can sometimes be used as fungible terms, they represent somewhat different areas of study. Artificial intelligence is a system or program that tries to imitate human cognitive skills to solve problems by applying various algorithms. Data science is preoccupied primarily with data and its interpretations. It serves as a basis for AI since without proper data management and analysis no algorithm can be built. Both data science and artificial intelligence are widely used across industries benefitting each of them in its own way.
AI Application Areas
While artificial intelligence is sure to bring significant advantages to a variety of business segments in the course of time, there are some areas that make the most active use of AI today.
Ecommerce
The digitalization of shopping made it impossible for brands to go without technology. Each commercial process starting from product supply to advertising is now powered by AI. Machine learning algorithms identify the future trends that determine the optimal amount of product to be manufactured and stocked. Apart from that, artificial intelligence plays a key part in deploying smart recommendations that guide customers toward desired goods or services on the basis of user behavior analysis.
Medicine
The streamlining of healthcare and medicine everyone’s talking about in recent years is fully driven by artificial intelligence. With its help, medical devices are trained to spot disease signs at earlies stages, giving specialists the invaluable time to save lives or prevent an illness from developing. AI computer vision technology is capable of analyzing all types of health-related visual data to identify health state trends, invisible to a human eye. During the time of the pandemic, AI software installed in airports and train stations helped to monitor people’s temperature and scan their lungs to avoid the spread of the virus.
Security
Apart from security in offline space, there’s an urgent need to preserve cybersecurity in the digital environment. The number of fraudulent actions grows exponentially with each coming year, making InData Labs’ AI software solutions indispensable for saving companies’ private data and money. Smart security systems are trained to spot potentially harmful user actions and block them preventively. Conventional safety can also be amplified by artificial intelligence. Face and fingerprint recognition, as well as smart surveillance cameras, are the guardians of external business safety.
Data Science Industry Usecases
Since the dawn of time, business people relied on data to make informed decisions and understand the trends. Today data science shows that information is capable of much more than that.
Production
Data scientists have become the most valuable specialists in the manufacturing industry. The reason for such a change is that the interpretation of data “language” uncovers multiple ways of optimizing the production process, making it more efficient and cost-effective. Data insights contribute to continuous product improvement and give the resources for machine learning to build information-driven algorithms for automating major production processes.
Finance
It’s hard to think of an industry more relied on data science than finance. Financial services and operations have always been susceptible to a large number of risks, constantly threatening money-related institutions. With the incorporation of information science, banking and finance are now able to calculate risks using predictive analytics. By gathering customer data, the financial sector creates a positive client experience environment, enhancing the industry’s profitability.
Logistics
Data science plays its role in improving logistics. Data insights derived from multiple sources are brought together to optimize transportation services by economizing costs and paving new logistical routes. Apart from cargo transportation, information science improves driving and pedestrian spaces, as well as helps to manufacture safer vehicles.
Wrapping Up
Data science and artificial intelligence run the modern world penetrating each and every industry to improve the products and services it offers. Not to get lost in the variety of opportunities for a particular business sector, make use of AI consulting. It uncovers unlimited technology applicability and broadens horizons for companies of any background, streamlining processes, cutting costs, introducing new ways of doing things, and slowly but steadily revolutionizing the environment we live in.