Hello world of blogging
I recently read an article by Foster Provost and Tom Fawcett about data science and their fundamental concepts.
Data science is a set of fundamental principles that support and guide the principled extraction of information and knowledge from data. So let me give an example to make sense of this. Walmart is currently the largest retailer in the world and as such they have extensive shopper history data. They are able to use historic trends to be able to predict outcomes following a series of events. For instance if we look at the recent earthquake in America, Walmart can use their historic data to predict what trends are likely to happen following the disaster. This is particularly useful as Walmart can stock more of what is needed in particular stores, they can analyse the demographic trends to ensure the necessary items are stocked in relevant stores. So data science allows for Walmart to take advantage even following a disaster.
If we can now look at how other businesses can take advantage of data science. If a new youtube video maker wanted to increase his fanbase, he could use data science to identify what time of the day has the most youtube hits and shares, and start to upload his videos at that time of day to take advantage of the increased popularity surge.
I hope this helps you understand data science a little more, more blogs to follow soon.
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