Section 005, Instructor: Shana Pote

Weekly Question #3: Complete by Sept. 21, 2017

Leave your response as a comment on this post by the beginning of class on September 21, 2017. Remember, it only needs to be three or four sentences. For these weekly questions, I’m mainly interested in your opinions, not so much particular “facts” from the class!

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In your opinion, what industries do you see as most affected by data science? Or better yet what industries do you see has most likely to be disrupted by big data/data science/analytics? How do you see data science affecting your career? Relate your observation to the class material if you can and what I outlined for media.

19 Responses to Weekly Question #3: Complete by Sept. 21, 2017

  • In my opinion, the Casino industry is affected a lot by data science. Using probability and creating programs, casinos are able to collect data of gamblers spending and traveling habits in order to make the highest amount of profit possible for the company. Casinos also use data science in slot machines and card games in order to make people spend more money.
    Since I am majoring in Journalism, I think that data science will affect my career by receiving correct and accurate data. In order to give information and breaking news to the public, the data collected should be accurate and up to date.

  • In my opinion financial services firms are greatly impacted by data science (ex: JP Morgan & Chase, Royal Bank of Scotland, Ernst & Young, TD Bank, CapitalOne, etc). These firms rely heavily on analytics for their internal data as well as the incoming data which they base a lot of business decisions on. Data science will most likely have a daily impact on my career as I plan to obtain a job in data analytics. I will most likely be processing data on a daily basis and analyzing it to find actionable insights for a firm like the above mentioned.

  • One industry that is greatly effected by data science is the sports industry. It is a new revelation in how teams analyze players and make financial decisions. An example would be the Moneyball team of the Oakland Athletics. They were struggling to find players that could perform up to their potential, and were also wasting money on players that didn’t perform, so Billy Beane the new GM put together data to find players that did one thing very well. He then took those players on and they formed a really formidable team that made it to the playoffs. The data was the key to finding performing players. As an MIS major I imagine that I will be dealing with data everyday. In whatever field that I go into data is becoming integral in how the world advances.

  • I think Insurance industry have lots of things to do with data science. Usually, the wealth of an insurance company is mostly depends on the ability of the Actuaries they employ. Actuaries do a bunch of works in order to maximize the profit to the company, and these works is highly related to data science, such as risk controlling or probability calculating.
    Since my major is music technology, collecting the data of which type of music is the market desired would benefit my career a lot. Also, its possible to create artificial intelligence to compose music by itself, and that would be dealing with lots of data.

  • In my opinion, Actuarial filed is most affected by data science. Actuary are expert in turning numbers and data into information to help company makes future decision that reduces undesirable events. Data Science will have daily impact on me because I am major in actuarial science and planning to become an actuary. By doing this job in the future, I’ll mostly likely be crunching numbers and turn those numbers into useful information to benefit my company.

  • I agree with others that the insurance, specifically risk management, industry is heavily impacted by data. Data can help predict the likelihood of events occurring, and so people in insurance use it to assess those risks. I am an advertising major, and we use a lot of data. One of the classes we have to take is research focused, and we learn how to look at data to predict people’s buying habits and what kind of advertising will work for them based on demographics and psychographics. The industry is able to specifically target people because of all the data and information we have access to.

  • I think that online retailers such as “Amazon, eBay, and Zappos” have benefited the most from data science. E-retailers use data analytics to understand customer buying habits, and based on that information they make suggestions and show you things that you might be interested in buying. Also, through data science, they are able to better forecast demand and stock their warehouses accordingly. As a Supply Chain major, I believe that data science is already revolutionizing my field of interest which is transportation. Companies such as Uber and Lyft thrive on using data to increase visibility to customers while lowering costs.

  • I think logistics industry is deeply affected by data science. Data science helps logistics industry to set up national wide logistics network and collects data form each branches in the network. And then with these data, it can help logistics industry to understand how much transport capacity they need in different places. With these information, logistics industry can allocate resources rationally. It greatly helps to facilitate the procedure of distribution, reduce the time of distribution, improve transport efficiency and reduce service costs.

  • I see companies such as Fed Ex and UPS benefitting greatly from data science. Data analytics help these companies understand what routes are the fastest and most efficient. UPS is known to take routes that have the least amount of left turns to save time at traffic lights. It may not seem like a big deal, but over a period time, but sitting at a light can certainly add up costs. I believe that the advancement of data science will continue to help boost the speed of deliveries while also cutting yearly costs on needed resources. As a finance major and lover of economics, it is very important to understand how to reduce inefficiencies to increase profit for businesses, and data science is a huge helper in tackling many unproductive practices.

  • In my opinion, I personally believe that most financial companies that deal with stocks are heavily influenced by data science. The stock market is heavily influenced by data science, because investors are constantly searching for data and utilizing that data in order to make a decision on what to do with their respective stocks. Along with this, data science not only affects the investors, but also the companies that hold the stocks. Companies may use data science to determine when to execute a business decision, which in turn may affect the stock price as investors react to that decision. Data science may affect my career as an accountant, because I will most likely be analyzing a large amount of data as an accountant and I must know how to make decisions after analyzing the data.

  • Insurance and Advertising do I feel are the most affected by data science. As insurance companies use a lot of data to analyze risk, policies, marketing etc. But I also feel advertising has become such a big factor now in data with people being so connected to social medias and stuff, that it has become so easy to gather data of people and therefore making it more important to have an data science.

    I can definitely see some usage for it in my major, as a comp sci. As it seems like there is a lot of coding to in data science, to make the data easier to analyze, generate the data and manipulating it.

  • From what I’ve seen data science is having a large impact in the risk management and insurance industry. Insurance carriers continue to use more advanced data analysis and science to underwrite more effectively and also to optimize their reserves. This interest in data science and analytics has also lead to the growth of the “insurtech” segment of the industry. Younger companies are using better data science techniques in an effort to bring down the overall cost of insurance and to automate certain functions of the industry. Some people believe that in coming years brokers will be effectively driven out by automation and data science. This creates a need for insurance brokers to demonstrate either value beyond what computers can do, or demonstrate that they can do a better job than computers. Given that insurance is largely an slow to change industry, it’s very exciting to see the possibilities of instituting better data strategies.

  • In my opinion, the marketing and advertising industries are heavily affected by big data. Marketing and Advertising is constantly connecting data on consumers, how well advertisements are performing and how efficient marketing strategies are. Data from social media platforms alone bring in huge amounts of data that need to be processed and used to decide how and who to market what products to. The data collected can change marketing strategies and how to advertise different products.
    As an International Business major with a concentration to marketing, it is definitely important to have an understanding of data science. With the amount of data I will have to look through and collect to choose marketing strategies it is crucial to be able to understand what data is relevant and what data is not. It is also important to be able to use the data and create presentations to pitch marketing strategies to clients.

  • I would have to say that the health care industry has been changed by the Data science. Everyone will eventually have to go into a health care facility and turn over an abundant amount of personal information about yourself, all this info will need to be collected and categorized stored and protected.

  • In my opinion retail markets have been impacted hugely by data science. This is because they are able to target specifically the people that want to buy their product and exploit that with advertisements and catering their services to their desires. It is likely that where I will go to work I will be exposed to data collection, or have a hand in it myself.

  • I think that big tier databases, such as those owned and operated by Google, Yahoo, Bing, and Amazon. These databases have to draw a lot of information from their search engine. The reason this is most important to have effective data, they must tailor their service to fit the needs of the user. They do this by predicting what the user will like to to trends and patterns from the previous data from users.

  • I agree with Nicole, marketing and advertising industries are especially effected by big data, primarily due to the fact that they encompass all other industries. Not to mention the massive amounts of data they must collect on consumers and their trends. From social media analysis, to usage trends, to examining opposing companies. Everything involving this sector of business relates to big data.

  • I think websites like Amazon are largely effected by data. When you shop online for something, they collect your data and use it to suggest other products you may be interested in. I think my major would be very involved with data science, seeing as I am an actuarial science major and what we do involves lots of data and organization of data.

  • In my opinion, data science/analytics will greatly influence education policy by creating new insights between students and teachers, teachers and administrators, and administrators and policy makers. I major in political science and I believe the largest area of transformation in my field will be how research is conducted. The hope is that the streams of data that governments and organizations collect can yield positive policy outcomes; particularly as nation-states face ever-increasing global issues.

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Shana Pote

Alter Hall 232
Class time: 5:30-8pm, Thursdays
Office hours: Thursdays, 1 hour before class, or by appointment.