Data Scientists’ Knowledge and Skills

Although data science is applicable in nearly every sector, it especially makes a difference when used within healthcare, finance, and manufacturing.

Healthcare: Using Predictive Analytics to Get Better Data

One of the Most Common Application Areas of Data Science Hospitals are the biggest data source, and there is much information targeting patient health, medical history, and treatment results. Through predictive models, health care workers can use this information to proactively target patients who are at high risk of particular diseases—cardiac episodes or diabetes, for example.

An example would be data scientists developing a model to assure that Mount Sinai Hospital in New York could forecast the patients most likely need of receiving ventilators due to COVID-19. With patient data from simple vital signs like oxygen levels, blood pressure, and a list of comorbidities, the hospital could direct resources to high risk patients with far better outcomes, saving lives.

Fraud Detection and Risk Management in Finance

Data science detects frauds and risks in finance. Intelligent algorithms enable financial institutions to immediately look through billions of transactions simultaneously, searching for anything that might seem out-of-place as a potential sign of fraud. Moreover, predictive models assist banks in evaluating the credit profile of potential borrowers and reducing risk exposures.

For instance, JPMorgan Chase is, for example, implementing a system based on data science named Contract Intelligence (COiN) to analyse legal documents. The system can process thousands of commercial agreements in seconds, extracting the right information and spotting discrepancies or dangers that would have taken bank employees hours to sift through.