The jury is in and the verdict is clear: Data science is absolutely essential for a business's continued success.
In 2017 it was estimated the big data industry alone, just one component of the data industry, was worth $203 billion.
While every company can benefit from a data scientist's skills some have more pressing needs.
Here are several industries that have an acute need for trained data scientists.
The most obvious retail application of data analytics is in consumer buying patterns. This helps retailers better predict what customers want and how they can attract them to their stores.
This is just the tip of the iceberg though. Think about all the different things that have to work for a retailer to be successful.
Companies can use big data analytics for decisions like:
- Supply Chain Optimization
- Purchasing Decisions
- Store Layouts
Applying complex algorithms to these topics allow data scientists to find patterns.
Manufacturing companies have spent billions of dollars to get as lean as possible. Big data analysis is the next logical step for increasing efficiency even more.
Many types of manufacturers have extreme and unexpected variability in their needs. Companies that use data science are better able to process decades of demand data and make accurate predictions.
It also allows them to identify bottlenecks in production and other trouble spots before they become critical.
The healthcare industry presents unique challenges and requires very specialized types of data scientists. They have to combine precision patient information into databases while still meeting HIPAA standards.
Major advances are being made in the handling and use of medical data. By aggregating, greater amounts of data doctors are getting closer to truly understanding disease.
They can use multivariable analysis to combine things like DNA, patient history, tissues, organisms, and other important factors.
This is helping revolutionize the way medical research is done. It's also beginning to make its way into the individual patient and diagnosis process.
4. Supply Chain
The supply chain encompasses every step in the movement and storage of goods. It includes transportation methods such as rail, truck, container ship, and air along with warehousing and goods management.
Predictive analytics is one of the best examples of data in supply chain activities. By analyzing a businesses needs you can more accurately predict when and where goods are needed.
This has huge implications for things like just in time deliveries.
5. The Data Industry Itself
This one is less intuitive but no less true. The data science and IT industry itself benefits tremendously from its own analytical abilities.
Just under half of all data scientists work at technology companies. They take the huge amount of information received through their platforms and make it usable.
Always Look Forward
There are many other businesses that benefit from the data industry. Make sure that whatever field you're in you don't let past successes blind you from the imperatives of the future.
If you're a highly trained data scientist looking for a career in one of these fields, check out our job postings for companies paying top dollar.