Data Science and Artificial Intelligence

Data Science and Artificial Intelligence -magoosh

Data science and artificial intelligence are creating buzz in today’s world. You must be hearing about many innovations that are capable of predicting the human behaviour and machines that are able to simulate the human behaviour and intelligence. Many companies, including non-technology companies, are opening a separate department for data science and artificial intelligence because it can help the organization to achieve a competitive advantage over others.

Data Science

Data is being generated in every organization, whether it is privately owned or publicly owned. And we are developing faster ways to generate and clean data. This leads us to a data abundant society, where most of the decisions are made and based on the data. Such data can measure, for example, how a consumer is behaving in certain geography or season, the threshold price that user wants to pay, how many voters are willing to vote, potential voters for one party, and so on.

In data science, we use various techniques, algorithms, methods, and computer tools to get information from the data. It involves collecting the data, cleaning it, changing the format of the data based on our requirements, and finally extracting knowledge out of it. In broad terms, we can say that the data science includes the cleaning, preparation, and analysis of the data. The well-known tools which are being used in data science are Python, R, and various visualization tools.

Artificial Intelligence

As the name suggests, artificial intelligence is the process of building human-like intelligence, artificially. The best part of artificial intelligence is that AI can learn over time by itself based on the past data. It involves following three processes:

  1. Learning
  2. Reasoning
  3. Correcting

It starts with learning from the past data that is fed into the system. Based on the past data and the various pre-built rules, AI starts reasoning and making conclusions. And it starts self-correcting when it finds a new pattern.

Famous examples of artificial intelligence are Google Assistant and Apple’s Siri.

Importance of Data Science and Artificial Intelligence

Data gives you a competitive advantage if you are using it systematically. If you have a business that has been running for a few years, you must have enough data about what consumers are buying, why a consumer is complaining, which markets are contributing towards maximum revenue, etc. With the help of data science and artificial intelligence, you can build a model which can provide better insights into the customer and you will be able to cater to a greater percentage of markets.

Data science and artificial intelligence can help you to reduce costs significantly by developing an intelligence system. Chatbots are a very famous examples of this. If a company has a fixed number of customer queries, it can build a chatbot to answer all those queries to the customer. In this way, they can reduce the cost of customer care executives.

As you can see, data science and artificial intelligence are extremely important. It is now imperative for every executive and business person to start thinking about these. With the help of data science and artificial intelligence, you will get crucial insights into the organization, which you would not have known otherwise.

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