February 24, 2023
On a daily basis, the world is generating a staggering 2.5 quintillion bytes of data - yes, that's a real number with eighteen zeros. On one hand, having that much data (or a fraction of that) can be very challenging in terms of collection, storage, cleaning, preparation, and all other processes that go into analyzing data. But then again, when you think about the insights and trends that you can glean from making sense out of the available data, all the complex work is worth it.
What is Data Science?
Data science is a multidisciplinary field of study that deals with vast volumes of data, from structured and unstructured sources, using specialized tools, statistical methods, mathematical analysis, and machine learning algorithms.
The primary aim of data science is to discover unseen patterns, derive relevant information, and extract meaningful insights that can help in business decision making. Data science is closely associated with the handling of big data, processing structured data through the entire workflow that often includes data cleaning, preparation, exploration, modeling, analysis, and visualization.
What is Machine Learning?
Machine learning, a subfield of artificial intelligence (AI), is a technique or technology that allows machines and applications to learn accurate, human-like capability of predicting outcomes and future trends without explicitly being programmed to do so. The main goal of machine learning is to enable software applications to learn independently without human assistance or intervention.
Machine Learning-based computer programs are designed similar to how the human brain gains knowledge: by relying on input (such as training data), and looking for patterns in the data so that they can later make inferences based on the previous examples and learn for themselves. ML algorithms are among the tools used in the data science process.
Machine learning, a subfield of artificial intelligence (AI), is a technique or technology that allows machines and applications to learn accurate, human-like capability of predicting outcomes and future trends without explicitly being programmed to do so. The main goal of machine learning is to enable software applications to learn independently without human assistance or intervention.
Machine Learning-based computer programs are designed similar to how the human brain gains knowledge: by relying on input (such as training data), and looking for patterns in the data so that they can later make inferences based on the previous examples and learn for themselves. ML algorithms are among the tools used in the data science process.
Data Science Vs Machine Learning: Key Use Cases
Data science today is applied in many industries including finance, marketing, insurance, healthcare, manufacturing, consumer retail, etc., — basically any field where a lot of data is collected, stored, cleaned, and analyzed to produce insights that can lead to strategic decision making. In the finance sector for instance, data science has helped banks and financial institutions to perform risk modeling. They use customer profiling, transaction history, and other important variables to analyze the probabilities of risk and default, thereby significantly reducing losses and bad debts.
As with data science, Machine Learning is also fast becoming an essential part of many fields and business organizations. Among its most basic applications is image recognition, where an ML model is tasked to recognize objects, people, entities, and other variables in images. Other common machine learning uses include speech recognition, autonomous driving, predicting traffic patterns, malware and online fraud detection, and others.
Which is Better - Data Science or Machine Learning?
Data science and machine learning are two powerful technologies that have a wide range of applications in many different industries, from finance and marketing to healthcare and manufacturing. Data science is used to gain insights from data, while machine learning is used to identify patterns and trends in data. Ultimately, data science and machine learning are not competing technologies, but complementary ones. When used together, they are capable of leveraging the power of big data to gain valuable insights that can help businesses make better decisions.
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