Data Science is an exclusive field of development that deals with managing data and making assumptions out of the same. Data Science involves churning data from unstructured data by using several coding languages and bringing other technologies to use such as Big Data, Artificial Intelligence and Machine Learning.
Witnessing the dependency on exquisite data, the popularity of an MBA in data science in India has seen a quick upsurge. And this high inquiry about data science courses has made life in an organization pretty stable, as these professional courses promise the skills required to manage the application of a particular field.
Let’s understand the applications and offerings data science has to deliver in real-time jobs.
#Example 1- Data Science in Retail Industry
MBA in Data Science in India is a well-known field for specialization, when it comes to managing the job of business analytics and capturing analytics from platform registering direct interaction with target audience i.e; customers.
Data science in the retail industry brings notable benefits to sort business operations. Data science experts are hired from multiple business schools to perform the following duties as a part of job role-
- The expert of data science analyzes the latest market trend and choices of customers in which they are currently involved.
- The technology of data science is responsible for managing the e-commerce platform and churning the required data from it to make further decisions about business and transferring required information to other departments.
- Data science is used to track the time/season when one is interested in making purchases.
- Data science also bolsters understanding the consumer behaviour pattern for introducing new offers and launches of products and services to them.
#Example 2- Data Science in Supply Chain Management
Supply chain management is the backbone for companies dealing in the manufacturing of an item and delivering them to the targeted customer. Hence, people having an MBA degree are most looked for in this field of job.
While managing the operations in supply chain management, data science serve the following purposes-
- Data science in supply chain management manages the risks associated with stock availability in inventory and updates the concerned person about the same.
- The individuals having expertise in data science optimizes the available data to monitor shipping cost, market scarcity, along logistics activities occurring in the business network.
- Professionals holding the degree of MBA uses the technology of data science to predict the demand of a product by the customers, in order to keep inventory in stock.
#Example 3- Data Science in Finance Institutions
Finance institutions are highly involved in managing the flow of information from one person to another. Stock exchanges, insurance firms, and finance companies in reference to the modern business world show high dependency on the application of data science. And to perform these operations, organizations actively look for people having MBA in data science in India and overseas.
Following are the given ways through which data science plays its role in designing the working structure of modern finance institutions-
- Data science uses algorithms to predict the trends in stock prices for a company, using which several institutions advise investing to their peers in stock.
- Data science bolsters the banking institutions to prepare the set of data having the details about their customer’s transaction, current debt, liabilities, etc.
- Using data science applications, finance institutions optimize and allocate resources for managing their expenditure.
#Example 4- Data Science in Marketing Industry
Marketing is one of the prominent departments in any organization, as it is a platform that is used to connect the product with customers. However, it requires the inputs of various other technologies to bring the consolidated output, and data science is one of them that assists the organizations to understand the customer in a better way and connect with them.
Applications of data science serve the marketing industry in the following ways-
- Using data science in marketing, let the organization get an idea about the preferences of the customer.
- Data science allows understanding the interest of customers based on collated data and demographics associated with the same.
- Data science lets the organization analyze the historical data of customers’ participation with business.
- Data science analyzes the trends and statistics to decide the pricing and marketing strategy for selling a product.
To Sum Up
If you are planning to pursue an MBA in data science in India, there are ample options to explore. The jobs in the field of data science are not limited to retail, finance, supply chain management, marketing but extend their applications to advertising, healthcare, sales and much more. Hence, all you need to do is follow your field of interest if looking for job options dealing in data and create the decisions out of the same in the favour of the business.