What Is Data Science & What Are The Benefits Of Data Science

Data science is the science that transforms big data into knowledge useful for a context. Often confused with AI and machine learning, in what areas is it used? And with what advantages?

What is data science?

Data science is the science that extracts value from data. Therefore, it is based on scientific methods, mainly statistical and analysis techniques, to transform data into useful information for specific contexts and objectives. You can learn more about Data Science by checking out ProjectPro Data Science Projects.

More precisely, the object of data science is big data: data with a volume so large that it requires specific techniques and methods to be analyzed in a reasonable time.

Big data is generated and exchanged through the Internet by connected devices and related software (Internet of Things): the analytics market, despite the slowdown due to the pandemic, in 2020 only grew by 6% in Italy, reaching a value of 1815 million Euros.

What are the benefits of data science?

Data science enables you to generate value from the data produced by devices inside and outside the company.

The first advantage is better management of assets, that is, of company resources, not only in economic terms: data science and its analysis and processing software help monitor processes in real-time, reduce waste, outline scenarios that collaborate to define and effectively implement the business strategy. 

Analyzing data means evaluating risks, studying the life cycle of goods and tools, calculating maintenance interventions in advance, tracking deadlines.

Precisely more effective maintenance is the second advantage derived from data science: the real-time monitoring of equipment and systems makes it possible to intervene before the failure occurs, the so-called predictive maintenance or condition-based maintenance. 

All maintenance actions are tracked and archived automatically by the processing software and accessible on a single platform: from work orders to intervention requests up to cost reporting and machine downtime tracking.

Data science also allows you to optimize production control: from the entry of raw materials to the finished product, all processes can be tracked, monitored, and verified thanks to the data produced by the inventory, from the management of the components, from the personnel, from the warehouse and storage activity to the actual production cycle, therefore, methods and times of machine downtime, the number of pieces produced, production interruptions, maintenance, delivery and shipment preparation times. 

The data processing software controls the quantity and consumption of raw materials in real time, reducing unused stocks; analyze workload data, eliminating overloads; they help manage the unexpected in real time, without stopping production; make the production process completely traceable; improve quality control by decreasing manufacturing errors and rework costs; reduce energy consumption.

Data science also serves to increase safety in plants: examples are environmental detection systems that monitor air quality and any gas leaks; industrial video surveillance systems that monitor accesses; anti-collision safety systems that reduce the risk of accidents in work areas; the “man down” devices that signal to the operator and the safety manager the possible “fall” in isolated working conditions. 

All systems are based on software that process data from sensors in real-time to help make the best possible decision about the context. Based on data is cybersecurity and the related Cybersecurity Management System, the integrated management systems of information security.

Finally, data science can improve the shopping experience by monitoring customer behavior that allows you to implement the personalization of the offer. Cameras in stores, POS reporting, review analysis provide useful data to understand better sales trends, the perception of the offer, expected and realized profit margins.