Nowadays, absolutely everything is based on data. It doesn’t really matter if you sell shoes, run a marketing agency or produce bicycle tires. Data is essential for you. You use it all the time. Data helps you in almost everything you do. From searching on Google, through hiring new workers up to creating financial reports. It really is all about data. Check our examples of data science projects!
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How does data science usage help your business?
This topic is very wide, but let’s shorten it just to the essence.
Make better decisions
Firstly, with data science, you can make better decisions. Why? Because they are made not on someone’s opinion but on a much more reliable source. Only data science and machine learning systems can analyze millions of bytes of the given data within seconds.
It is a massive simplification, but more or less it works like that: you have a problem to solve -> you input that into the data science examples-> the application analyzes all the data available -> you receive the best solution. Do you see the difference? You may have your instinct, but it can be unreliable. Data science and machine learning systems do not have this problem. They work without emotions and rush.
Secondly, the usage of data science helps in rising sales. Machine learning systems can explore historic data, make comparisons and analysis of the market and, on that basis, make recommendations of how, when, and where your product or service will sell best. What’s more, data science can help you in improving accuracy in reaching your target audience.
Google Analytics – one of the data science examples
Data analytical systems, such as Google Analytics, deliver you accurate data about who visited your website or e-commerce, when, from where what was he or she interested in, and many more. If you have been using Google Analytics already, you know how powerful a tool it is. It helps you to suit your target audience’s needs, and that is done by modifying your advertisements, your website’s layout, or even offers too!
Using data science may cause your company to implement some changes, because with the data-based solution probably you will see some new and unexpected possibilities. But the results of implementing the data-based strategy can also be unexpectedly good!
8 Data Science Examples
Let’s see right now data science real-life examples in several areas. Let’s focus on 6 data science examples of such applications. We will see how data science helps in manufacturing, sales, retail, logistics, marketing, banking and more. For more information take a look at the data science consulting page.
1. Demand prediction for the manufacturing industry
The first data science real-life example is the manufacturing industry. Many manufacturers depend on data science to create forecasts of product demand. It helps them in optimizing supply chains and delivering orders without risk of over/under-ordering.
Data science can make a lot of savings for your manufacturing company especially in supply chain optimization. Here are some benefits of data science implementation into your company:
- It minimizes the risk that parts won’t be delivered and stocked on time.
- Data science in supply chain optimization takes into consideration many factors that can have an influence on the entire process, for example, shipping costs, weather, material availability, market scarcity, and many more.
- Your company will be able to analyze the needs and behavior of customers using data analysis. The results of this analysis are crucial in understanding what products enjoy the highest demand on the market.
- With the help of forecasts and appropriately learned conclusions, the company is able to optimally allocate resources and have better control over expenditure.
2. Supply chain optimization in the logistics industry
While we talk about optimizing the supply chain, we go straight to the second example of data science projects: it is also of huge importance in the logistics industry.
- Optimization algorithms are able to shorten the delivery time and select the optimal route for the vehicles – thus reducing operating costs and speeding up the work!
- Transport service providers are also able to predict the demand for services with high accuracy by combining historical data with information on consumer profiles and macroeconomic indicators.
- Data science can also optimize the warehouse sector. Also, it saves time, space, and resources while reducing errors in managing the warehouse.
It might be interesting for you – Data Science in the mining industry
3. Customer analytics in the retail industry
Another data science example is customer analytics in the retail industry. Let’s take a closer look at the advantages of this data science project example.
- Data science apps can manage promotions and discounts actually in real-time. In addition, it could help in selling out old products or creating interest in the new products.
- Data science can scan the whole social media network in order to forecast what products will be in-demand in the near future and promote exactly the same products to the market.
- Data science can analyze the online cart for every single customer and display recommendations based on that exact customer’s preferences!
- Such techniques like upselling and cross-selling would be simply impossible without data science. That’s one of the most common examples of using data science in the e-commerce world.
4. Recommendation systems in marketing & advertising
For marketers, it is very valuable to analyze user behavior on their websites. Therefore, using data science in marketing, companies can determine:
- what are the tastes and preferences of the customers
- what kind of knowledge or help they seek
- what are they interested in
- what do they want to buy
- how much do they want to pay for it.
Customer Journey analysis allows you to create more and more perfect recommendation systems which on the basis of this information indicate time-specific products that customers are willing to buy. Furthermore, implementation of such systems helps stores to be closer to the customer and thus drive their business.
5. Credit scoring for financial institutions (one of the most popular Data Science examples Application)
The banking sector is the next data science project example.And one of the biggest problems of this sector is NPL – Non-Performing Loans. These are the loans that haven’t been settled for at least 90 days. After that period loans become NPL – “endangered”. And the problem is very serious. As EBF (The European Banking Federation) informs, on average, 3.74% of all worldwide loans are NPLs.  How data science can help to solve this problem?
- Based on an analysis of the given customer’s banking history, data science mechanisms can estimate loan debtor’s creditworthiness and predict which loans can in the future become NPLs. So one of the usages of data science in the banking industry is risk management.
- Data science, and especially machine learning applications can analyze the influence of the financial trends and situation on the market on the consumers’ behavior, by learning from their historical data.
- Data science allows financial institutions to identify the most suspicious operations and pass them for a deeper analysis. Moreover, it helps to detect illegal transactions that would be very difficult to detect for employees manually.
- Data science can predict how changes on the market will affect customer’s reactions and decisions. So, fraud detection is one of the most important data science real-life examples.
Read more about Data Science in Finance
6. Sales analytics
Sales – exactly what every company is about. Sales representatives have a very tough job. Hundreds of phone calls, meetings, follow-ups, offers, and presentations. Always in a rush. Every day. But data science usage can help them as well! Consider two data science examples.
- The data science algorithms can help sales representatives in deciding between products or services eligible to suggest to the potential client. Or they can indicate what discount would be reasonable. Data science in company is fast, accurate and irreplaceable support.
- Data science can indicate which prospects sales representatives should focus on, which prospects have the biggest chance to close the deal. There’s plenty of options.
7. Predictive analytics in healthcare
Another important data science example – predictive analytics in healthcare.The predictive model analyzes historical data, learns from it, identifies trends and then generates accurate predictions based on those tendencies. So, data science in healthcare helps hospitals to:
- finds various correlations and associations of symptoms
- improve patient care
- improve supply chain efficiency and pharmaceutical logistics
- predict deteriorating patient health, provide preventive measures, and initiate therapy at an early stage.
8. Weather predictions in agriculture sector
The last data science example is weather predictions in the agriculture sector. Nowadays, data science is changing the way farmers and agriculture professionals make decisions.
Weather has a significant impact on agricultural production, affecting crop growth, development, and productivity. Using data science in agriculture sector, farmers can get such elements of agriculture weather prediction as :
- The amount and type of sky coverage
- Snowfall and precipitation
- Maximum, minimum and dew point temperatures
- Humidity relative
- The direction and speed of the wind
- Low pressure areas
- Events like fog, frost, hail, thunderstorms and gales of wind.
Data Science Statistics
- 47 % of organizations believe that data analytics has fundamentally or significantly transformed how their industries compete.
- Retail companies, nearly 62%, have gained a competitive advantage from data analytics.
- Effectively managing unstructured data to extract meaningful business insights is a top priority for 40% of businesses.
- According to a survey conducted by CrowdFlower, 50% of surveyed data scientists said that they are “thrilled” with their jobs, and 90% said they feel happy with what they do.
- 8 data science examples of applications, which shows how data science is extremely important in every industry.
- Data analysis allows you to anticipate trends, profile your clients, make better decisions and keep up the pace with the dynamically changing market.
- Data science examples show that it is better to concentrate on the leads that have the biggest chance to become the company’s customers.
Haven’t you found particular Data Science examples you are looking for?
There’s so much more to data science! There are tons of examples of data science applications! With this article, we barely scratched the surface! Check our data science Case Studies and read our other articles to see how data science could be implemented. Remember – we are always here for you. Just drop us a line or give us a call! We will gladly talk with you about implementing data science into your business!
 Ebg.eu. Banking in Europe: EBF publishes 2018 Facts & Figures. URL: https://www.ebf.eu/ebf-media-centre/banking-in-europe-ebf-publishes-2018-facts-figures/. Accessed Aug 20, 2021.
 Data-flair.training. Data Science in Agriculture – Advancing Together & Benefiting Farmers. URL: https://data-flair.training/blogs/data-science-in-agriculture/. Accessed Aug 20, 2021.