Three Industries That Are Heavily Impacted by Data Science

AI implications

Data science is a somewhat broad term that describes the study of deriving knowledge, information, and insight from raw data through detailed analysis. Therefore, data scientists are tasked with the job of examining large amounts of diverse data and interpreting those results to produce a meaningful conclusion, solution, or suggestion. However, with programming and AI being a factor in recent years, the field has expanded into automated systems and robotics. In fact, this sector of science is currently utilized in the core development of most hardware and software manufactured today. With that said, here are three industries that have been heavily impacted by data science:

1. Competitive Sports

While some people may view a competitive sport as being “just a game,” the overall industry generates hundreds of billions in revenue annually, as well as a huge number of jobs and other economic benefits. As such, there’s an ongoing incentive for league/team owners, broadcasting network investors, players, and coaches to invest funds into the betterment of their sport and their team’s capabilities. Often, the best way for a team to get better is to analyze their past mistakes and faults and then work on improving those stats. Sports statisticians, analysts, consultants, and trainers use different forms of data science to refine training regimens, identify and work on weaknesses, and increase the team’s overall win percentage. Of course, these strategies have a major impact on the quality of professional sports, as discussed in this article http://onlinedsa.merrimack.edu/how-data-science-and-analytics-changing-sports/. Teams are now competing on a much higher level intellectually due to having access to greater data insight and coach-specified objectives.

2. Healthcare

It’s no surprise that healthcare and medicine rely heavily on data science for the development of new medications and medical procedures. The field has been instrumental in the production of almost every modern treatment, allowing scientists to give data-based input that affects the outcome of drug development, hospital construction, healthcare software design, and virtually every other data-related field in medicine. One could even go so far as to say that without data science, medicine would be what it was 50-80 years ago. Data science is also useful for analyzing the results of medical imaging and comparing patient info in analytic surveys or studies.

3. Computers and Technology

Since this is the most obvious industry that is essentially completely reliant on and based on data science, we’ve included it in this list. Still, it does deserve mention as it’s responsible for the creation of the field itself, which has given rise to so many new job positions and opportunities. Without computers, data science would only be a mathematical theory, applied to written or printed data, but never capable of being analyzed within a software interface.

Business Implications of AI-based Assistants and Training Systems

If we look forward to the next 5-10 years, it’s easy to assume that data science will be instrumental in the development of artificial intelligence systems, as machine learning basically involves teaching a computer how to analyze, interpret, and respond to data independently. By 2030, data science is sure to be one of the most exciting and advance scientific fields of study, so right now would be a good time to make entry into the sector with an associate’s or bachelor’s degree.

About Mohit Tater

Mohit is the co-founder and editor of Entrepreneurship Life, a place where entrepreneurs, start-ups, and business owners can find wide ranging information, advice, resources, and tools for starting, running, and growing their businesses.

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