Techopedia defines data science as:

“[…] a broad field that refers to the collective processes, theories, concepts, tools, and technologies that enable the review, analysis, and extraction of valuable knowledge and information from raw data.

It is geared toward helping individuals and organizations make better decisions from stored, consumed, and managed data.”

The term was once commonly known as datalogy, but since the idea of studying massive amounts of data for use by marketing entities became a much more practical reality due to AI and machine learning, a more accessible term, “data science” has become the norm.

While the definition of data science covers analysis, we would do well to consider data analysis as defined by Techopedia.

Data is extracted and categorized to identify and analyze behavioral data and patterns, and techniques vary according to organizational requirements.”

It can be used to modify existing systems within a business or create new and transformative ones.

It helps a business provide value efficiently to their customers.

It helps businesses to create an environment that allows employees to focus more on results driven functions while the artificial intelligence learns the customer and captures data.

It takes businesses from posting billboards to advertising on social media.

Businesses must maintain their social media content and keep it current, which may require hiring.

Most people look at the phones or computers multiple times throughout the day.

Big data services help resolve data issues that insurers face on a daily basis.

Fraudulent claims impact premium costs and waste resources meant for legitimate claimants.

Big data analytics applications identify the risk each applicant represents before a policy is issued.

This case goes through risk assessment checks that include the make of the car, the customer’s age and existing records.

This includes the following areas:

Checking how a policy is selling