The world is transforming digitally with the onset of global pandemic COVID-19. Due to physical restrictions, the businesses were facing a tough time during the lockdown period. Almost all the organizations or industries were coerced to do their work from home in compliance with government regulations. To simplify the lives of the individuals even amid COVID-19, emerging technologies were developed and created.
Technologies like Artificial Intelligence are data-driven. The word ‘data’ is just a four-letter word but it has great importance in the digital economy. Big data contains a huge chunk of data or information that is structured or unstructured data, audio files, web pages, business documents, and social media messages are analyzed to generate intelligent information. AI-backed machine learning models draw insights based on core data.
Business enterprises must learn how to handle and manage data that are widely dispersed. Data science, big data, and data analytics will help the enterprises to target its potential customers and offer products and services as per their taste and preferences. Data aggregation is the primary step in the processing of data. Data science, big data, and data analytics will mitigate the problems encountered by the business enterprise.
Data science
Data science assists the business in solving the problems or issues faced by the business in multidimensional processes by exploiting prototypes, algorithms, predictive models, and custom analysis. Data scientists who work with data apply predictive analysis, machine learning and sentiment analysis to gain essential insights. The application of data science is prevalent in banking, financial services, and insurance, healthcare, transportation.
Big data
An American writer, Chris Lynch states that big data is the core foundation for all the megatrends that are happening in the world. There are 3 V’s which are the differentiating characteristics; volume, variety & velocity. But why is big data important? Big data holds the answers to the problems of the business. By applying big data, it helps the enterprises to accomplish the related tasks that include
- Analyzing the root causes of failures
- Customized offering based on customers consumption patterns
- Recalculating the risks
- Detecting frauds.
Data Analytics
It is the fundamental level of data science. The major functions of data analytics involve describing historical data trends, make predictions, discover trends. There are four pillars of data analytics that serve the objective of the decision-making process; descriptive, predictive, diagnostic, and prescriptive.
Important decisions can be achieved by the business by effectively utilizing the data. Data is the science and Big data holds the answers.
