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CHALLENGES IN DATA SCIENCE APPLICATIONS IN INDUSTRY

Gautam Banerjee
President, Data Science Foundation

What does predictive analytics and machine learning systems offer?

There are so many IT systems in organizations that have been capturing tons of data from customers, suppliers & vendors, employees, processes etc. There are much improved IT storage systems available for storing this data too – through physical and cloud based infrastructure. Also, there are basic systems that allowed basic reporting of processes and assets. But the true power of data was not really harnessed! What predictive analytics and machine learning offers is to get the hidden insights from disparate sources of data, unearths hidden patterns and trends which was not available or found earlier and it throws up new business opportunities.

TESCO, the UK based giant retailer saves millions of pounds by applying analytics in preventive maintenance and First American – North America’s biggest title insurance company is trying to use data science to detect frauds

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