Blog written/edited by: Sagar Kumar, Ibrahim Malik, Lalit Singh, Raghav Natarajan.
With the rapid advancements in technology, the amount of Big Data that is being accumulated has grown dramatically. All large companies are constantly relying on this data to improve their services, while in the case for governments, Big Data is the driver for E-Governance, a main contemporary method employed by governments to serve their citizens.
A major player in the story is data science. Data science uses more than just the conventional methods to extract extremely valuable information for the company/organization to make use of. It employs more complex algorithms and powerful systems to process information and is doing so quicker than ever before. There are several advantages of this: enhancements in security, law enforcement, different analyses, health care and disaster preparedness being a few of them. “The New York City Fire Department, for example, was one of the earlier success stories of using data science to proactively identify buildings most at risk from fire.” (finextra.com)
In banking, big data is a great arsenal that any proactive firm can use to take the lead over its competitors. “By using data science to collect and analyze Big Data, banks can improve, or reinvent, nearly every aspect of banking.” (finextra.com). By using the credit history of its customers, a bank can enhance various of its risk-management systems, including fraud detection and cyber analytics. Banks can track the cellular record of mobile phone users that are not even registered in the formal financial system.
There is, however, a challenge that exists. Reading, understanding and then analyzing the vast amounts of data that is produced every day is not an easy task, and requires extremely skilled and possibly experienced workers. Without data science, it is too difficult to identify patterns and come to concrete conclusions in research. Data science is an immense tool to help develop patterns and identify the trends that the vast data available represent. “‘Advanced data visualization’, an offshoot of the Big Data revolution, is the newest approach to business analytics and intelligence.” (finextra.com). However, it must never be ignored that skilled labor will always be the most valuable asset that any firm possesses, even when it comes to analyzing stuff as complex as Big Data.