Top 5 Data Science Trends For Businesses Today

Aug 29, 2022 3:45:00 PM

Top 5 Data Science Trends For Businesses Today_1

Businesses can save plenty of time and millions of dollars when they use data science to better understand and improve their processes. With the age of the democratization of data, there have been several emerging trends defining enterprise data manipulation and data engineering.  

Data science was formerly a niche subject and was taught at a handful of elite universities. However, today, the science underlying data manipulation is becoming more understandable as its significance increases. 

In this article, you will understand how data science trends are shaping the way we interact with e-commerce platforms, making user experience (UX) more customer-centric and other applications of valuable data insights.

Why Do Businesses Need Data Science?

The efficiency of a business' data science strategies drives the degree of personalization of its products and services that it provides. The current focus of data science research is on new approaches and tactics for utilizing this customer data to create innovative customer experiences and better customer service.

 

Companies may now unleash the value of their data in new ways thanks to the development of more open source technologies and a variety of other possibilities. Every facet of our relationship with companies is often measurable and studied for insights into how procedures might be streamlined or made more delightful as our interactions with them become more digital - from AI chatbots to Amazon's cashier-less convenience stores. 

This has also motivated firms to personalize their offerings of goods and services to us even more. Businesses can monitor, manage, and gather performance metrics with the aid of data science to enhance decision-making throughout the firm. Trend research can help businesses decide how best to engage customers, perform better overall, and increase sales.

Customer Success Story: How Daffodil helped India’s largest online merchandiser reduce 30% of manual analysis with automated reporting.

Data Science Tech Trends That Are At The Core Of Businesses Today

Data science helps businesses improve various facets of their workflow including gaining better customer insights, understanding market trends on a granular level, increasing their security, and streamlining processes efficiently. The following are some other emerging trends taking the data science field by storm:

1)Data-Driven UX

Data about your clients can provide information on their routines, demographics, tastes, aspirations, and more. Fundamental knowledge of data science can help make sense of the numerous potential sources of customer data. When a consumer visits your website or physical store, adds an item to their cart, makes a purchase, opens an email, or interacts with a social media post, for instance, you might collect data about them each time.

Data analytics can help you detect at-risk users before they actually decide to leave your service. Then, UX may return to the scene and investigate these people to give them a sense of belonging, lower the risk of churn, and obtain more insightful data free from the tensions and biases that follow churn.

2)Generative AI To Combat Data Scarcity

Generative AI is a set of innovations that consume existing content in the form of text, images, or video to then create new content that can take the place of the original content in a highly plausible way. This is a new technology that can even help bridge the gaps caused by data scarcity.

There are several AI and ML models as well as algorithms designed around data engineering methodologies that enable this. 

The most well-liked unsupervised learning approach is generative adversarial networks (GAN), which pits two neural networks against one another. The "generator" attempts to produce fictional data that is as realistically comparable to the supplied data as feasible. The "discriminator" then makes an effort to tell real data apart from the original data. Depending on the results of each test, the generator modifies its settings to produce more convincing data until the discriminator, which likewise gets better with each iteration, is no longer able to tell the difference between true and false.

3)Consumer Data Protection

For corporations handling customer data, the stakes are very high. Even customers who were not immediately impacted by these breaches were interested in how businesses handled them. The way businesses handle customer data and privacy can distinguish them from their competitors and possibly give them a competitive edge.

Businesses that act in a way that earns our trust for access to these valuable new data streams and is clear about how that data is acquired and used will have a huge competitive advantage. They will be able to benefit consumers more and perform an ethical business at the same time.

Companies can provide value in exchange for customer personal information if they are aware of how much value consumers place on it. Making the trade clear will also assist to foster trust, which will enable businesses to create more intriguing products and services.

4)End-to-end AI Solutions For Cleaner Data Practices

Several emerging AI startups today assist corporate clients in cleaning up their massive data sets and developing machine learning models. This enables businesses like General Electric and Unilever to get insightful deep learning insights from their enormous data sets. Additionally, automate crucial data management chores. 

In the past, firms had to scope out specialists in each component of the process and put it all together by hand. But innovative companies are providing means to manage the entire data engineering lifecycle from the initiation to the deployment stage for every individual product that they release. Such an end-to-end solution can be observed in Daffodil's AI Center Of Excellence which helped implement seamless image segmentation.

5)Training Potential Data Complexities

Most enterprise data is gathered, analyzed, and retained primarily for compliance-related purposes. Additionally, since 80–90% of the data that firms produce today is unstructured, analysis of it is made more challenging. 

You need a ton of training data to create reliable machine learning models. Unfortunately, that is one of the key factors that hinder the use of supervised or unsupervised learning applications. There are several places where a sizable data source is unavailable, and this can significantly impede data science activity. 

This problem is resolved by transfer learning, generative adversarial networks (GAN), and reinforcement learning, which either require less training data or produce more than enough data to teach models with.

ALSO READ: How Data Science Improves Customer Communication Efficiency

Data Science Is The Fastest Growing Tech Sector

Data science utilizes technologies like big data, predictive analytics, and artificial intelligence and involves both theoretical and practical applications of concepts. Pioneering companies that are developing data manipulation strategies with security considerations in product development from the start have a tremendous competitive advantage today. So, if you are looking for enterprise success that leverages data right away, you will find Daffodil's Data Enrichment Services quite useful.

Allen Victor

Written by Allen Victor

Writes content around viral technologies and strives to make them accessible for the layman. Follow his simplistic thought pieces that focus on software solutions for industry-specific pressure points.