When a 55-year-old individual from Hubei province in China contracted COVID-19 in November 2019, little did the global populace know the world around them will change irrevocably. The virus broke loose across the globe and the business across sectors came to a grinding halt.
While some companies tried to stay afloat, some sank within a few months. Businesses froze as the world declared an infinite shutdown. The World Bank’s forecast envisions a 5.2% contraction in global GDP in 2020—the deepest global recession in decades, despite the extraordinary efforts of governments to counter the downturn with fiscal and monetary policy support.
Amid these grim circumstances, the world turned towards ‘Data Science’ for survival. Applying data science during such unprecedented times to save businesses became a necessity.
Earlier this year, with global lockdown, almost every business went into a frenzy and their predictions fell flat. Whether it was retail, manufacturing, aviation, finance, every sector came to a standstill. But one thing that didn’t change was the ‘Power of Data’.
When the Spanish Flu broke in 1918, the damage was catastrophic. However, today, this can be mitigated with science making exponential progress in biology, genomics, and disease dynamics. When this gets clubbed with technology, algorithms, to be specific, insights far beyond humans’ cognitive capacity, can get traced.
Data has already been significant in the healthcare industry. In the times of COVID, it became consequential. Providers leverage data to forecast the need for hospital beds and other amenities.
Retailers are using Point-of-Sale (POS) data to identify the most-used items and are stocking the items accordingly. Data Science also helps in navigating the rocky waters of recession, help companies to overview various possibilities, and manage uncertain demand and supply well in time.
To address the challenge, Amazon Web Services released in late April Cord-19 Search, a new website powered by machine learning that can help researchers easily use natural language questions to search tens of thousands of research papers and documents. In fact, the World Health Organization is tracking and containing the virus with data analytics technologies from Amazon Web Services.
Cognizant too has built an analytics stack post-COVID calamity to comprehend the situation better and help businesses across the globe to take faster and better data-driven decisions.
Mastercard has been working closely with governments to mitigate the risks and is providing data analytics and insights to help rebuild tourism and small business resilience. “In total, Mastercard has identified 340 potential initiatives to support governments across the world and already has 103 initiatives live in 74 markets as of August 2020,” the brand reports.
To ensure business continuity and growth during these uncertain times, the relevance of data science applications made headlines across the globe. Achieving a constant flow of revenue during these economically challenging times requires a constant finger on the pulse and data science made that happen.
SRM University AP, Andhra Pradesh has been considered as one of the premier names in the education space. Following the legacy of creating quality education brands, SRM Group has now unveiled LearNxt, a digital learning brand to empower people to achieve their dreams through education.
Keeping in mind the current fierce job market, SRM University AP, Andhra Pradesh, in collaboration with LearNxt offers various in-demand courses such as MBA (Data Science) - Specialisations in Business Analytics & Machine Learning and Artificial Intelligence, - MSc (Applied Data Science), - PG Diploma (Applied Data Science), and – PG Diploma (Machine Learning and Artificial Intelligence).
While each programme is uniquely different from the other, the one aspect that stays consistent is the Cutting-edge Data Science Curriculum. The primary focus of all these programmes is to equip you with principle concepts of data science and application of the same in a real-time business scenario. The case studies, presentations, assignments, and assessments will give you hands-on experience and insights into the practical and theoretical aspects of data science. The internships help students gain valuable work experience, explore a career path, and give them an edge in the job market.
While the world is swamped with professionals with the ‘Data Science’ course, locating a quality data scientist is still a rarity. At SRM University AP, Andhra Pradesh, students get trained to not just become a ‘degree’ holder but a professional with thorough and in-depth knowledge of the subject, in this case, a professional who can handle large data sets comfortably and who has sound domain knowledge.
At a time when the world is at a point where it needs saving, data scientists are considered to be superheroes. Can we expect Marvel to sign a few Data Scientists for their upcoming movie soon? Stay tuned for that.
To know more, please click on, https://learnxt.com/