Abstract
The objective of this chapter is to introduce data science and discuss its applications in the world of business. Data science is about solving business problems; it is important that businesses recognize this. It examines which questions need answers and where to find the relevant data to support decision making. This chapter defines and introduces data science and the areas that are relevant to data science, its possible types of data available in the business today, techniques, and methods followed by businesses and covers a few use cases of its application. This chapter briefly talks about data analytics process, its implementation, and measurement. Though data science is used in all walks of life, this chapter restricts only its text to the scope of business or a commercial activity. Going a little deeper, this chapter aims to discuss data science’s application in three industry segments and three business functions covering specific dynamics, data types that industry segment or business function generates, specific use cases and the future and challenges for data science within that industry or function. This chapter may only represent a tip of the iceberg of all data science and its practical applications within the business.
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