How Does Data Science Work?
Data science involves a plethora of disciplines and expertise areas to produce a holistic, thorough and refined look into raw data. Data scientists must be skilled in everything from data engineering, math, statistics, advanced computing and visualizations to be able to effectively sift through muddled masses of information and communicate .
Machine learning and data science have saved the financial industry millions of dollars, and unquantifiable amounts of time. For example, JP Morgan’s Contract Intelligence (COiN) platform uses Natural Language Processing (NLP) to process and extract vital data from about 12,000 commercial credit agreements a year. Thanks to data science, what would take around 360,000 manual labor hours to complete is now finished in a few hours. Additionally, fintech companies like Stripe and Paypal
UPS turns to data science to maximize efficiency, both internally and along its delivery routes. The company’s On-road Integrated Optimization and Navigation (ORION) tool uses data science-backed statistical modeling and algorithms that create optimal routes for delivery drivers based on weather, traffic, construction
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