2019 has proved to be an exceptional year for Data Science and Analytics. A number of advancements have taken place over time and will continue to take place in the future. Let us take a look at what the last week of 2019 and the first couple of days of 2020 had in store for business establishments, students, fashion industry and more!
Learning more about Data Science can improve the lives of students, hence, numerous institutions have already started to use this opportunity to their benefit. Monitoring student’s special requirements, introducing new innovation to the existing curriculum, measuring performances of the student’s instructors, and development of important social skills are some of the real-life applications of Data Science. The incorporation of Data Science plays a vital role in improving the education system. This article discusses how it is done.
The ‘Global Data Science in Fashion’ research report has been published recently. This report provides a forecast for the years 2019-2026. A basic overview of the industry is provided which includes Data Science in Fashion Analysis, development trends, key regions development status. The key players in this field include S2 Threat Detection Technologies, S.E. International and Implant Sciences. The importance of Data Science in the fashion industry is expected to grow and the report highlights a forward-looking perspective on different factors which may have limited the market growth. It also talks about the market opportunities that will be available in the future. Critical questions that the stakeholders are currently facing are answered here.
For us to embed Data Science into our business, we must start treating it just as any other business-critical technologies are treated. We should also be up-to-date with the latest Data Science news. Being able to successfully create and productionise Data Science in the real world calls for a comprehensive and collaborative environment. This environment allows data wranglers and business owners to work closely together, this enables them to incorporate feedback in an easy manner. In order to optimise this across the entire enterprise more than just the basic tools used for data wrangling and analyzing are required. Automation helps us learn how to integrate data and make data wrangling easier. Read further to find out how you can successfully create such an environment across your enterprise.
Nandkishore Purohit, head digital strategy and analytics at HDFC Securities says he has seen an overall revenue growth of 40% since the implementation of various analytics initiatives. The percentage of transactions taking place online or through digital mediums have risen to 83% from 60% in the past two years. He says that data analytics is being used in their day-to-day functioning and this helps keep up with the changing consumption patterns. They have a team of four-five Data Analysts. They draw inferences from various datasets and also have interns from various institutes. Various propensity models are run and the best investment mix is identified for the customer based on his/her investment philosophy.
54% of businesses want to use data and analytics to improve their process efficiency and enhance customer experience according to a research done by Gartner. Since we are in the age of data, it is imperative that we know what’s in store in terms of data science news for the future. Top performing companies will use Artificial Intelligence to generate further value across business lines and functions. Sentiment Analysis is used to gain a deep understanding of customer complaints. The role of CDOs is said to transform rapidly, leaving the proportion of CDOs in financial service institutions to surpass other industries. Data literacy is said to take on the buzz of agile methodology. These are just some of the predictions for the coming year, stay tuned to know more!1