Top 10 Latest Data Science Techniques You Should be Using in 2024

With the passage of time, the concept of data science has changed. It was first used in the late  1990s to describe the process of collecting and cleaning datasets before applying statistical methods to them. Data analysis, predictive analysis, data mining, machine learning, and much more are now included. To put it another way, it might look like this: 

You have the information. This data must be important, well-organised, and ideally digital in order to be useful in your decision-making. Once your data is in order, you can begin analysing it and creating dashboards and reports to  understand your  company’s performance better.  Then you turn your attention to the future and begin producing predictive analytics. Predictive  analytics allows you to evaluate possible future scenarios and forecast consumer behaviour in novel ways.  

Now  that we’ve mastered data science fundamentals, we can move on to the latest methods  available. Here are a few to keep an eye out for: 

Top 10 Data Science Techniques

1. Regression

Assume you’re a sales manager attempting to forecast next month’s sales. You know that dozens, if not hundreds, of variables, can influence the number, from the weather to a competitor’s promotion to rumours of a new and improved model. Maybe someone in your company has a hypothesis about what will have the greatest impact on sales. “Believe in me. We sell more the more rain we get.”

“Sales increase six weeks after the competitor’s promotion.” Regression analysis is a mathematical method of determining which of those has an effect.  It provides answers to the  following questions: Which factors are most important? Which of these can we ignore? What is  the relationship between those variables? And, perhaps most importantly, how confident are we in each of these variables? 

2. Classification

The process of identifying a function that divides a dataset into classes based on different parameters is known as classification. A computer programme is trained on the training dataset and then uses that training to categorise  the data into different classes. The  classification algorithm’s goal is to discover a mapping function that converts a discrete input  into a  discrete  output. They may,  for example, assist in  predicting whether  or  not an  online  customer would make a purchase.  It’s either a yes or a no: buyer or not buyer. Classification  processes, on  the other hand, aren’t limited  to only  two groups. For example, a classification  method might help determine whether a picture contains a car or a truck.

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3. Linear regression

One of the predictive modelling methods is linear regression. It’s the relation between the dependent and independent variables. Regression assists in the discovery of  associations between two variables.  

For example, if we are going to buy a house and only use the area as the key factor in calculating the price, we are using simple linear regression, which is based on the area as a function  and attempts to decide the target price.  

Simple linear regression is named after the fact that only one attribute is taken into account.  When we consider the number of rooms and floors, there are many variables to consider, and  the price is determined based on all of them.  

We call it linear regression since the relationship graph is linear and has a straight-line equation. 

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4. Jackknife regression

The jackknife method, also known as the “leave one out” procedure, is  a cross-validation technique invented by Quenouille to measure an estimator’s bias. A parameter’s jackknife estimation is an iterative method. The parameter is first calculated from the entire sample. Then, one by one, each factor is extracted from the sample, and the parameter of  interest is determined using this smaller sample.

This type of calculation is known as a partial  estimate (or also a jackknife replication). The discrepancy between the entire sample estimate  and the partial estimate is then used to compute a pseudo-value. The pseudo-values are then  used  to estimate  the parameter of interest in place of  the original values, and  their standard  deviation is used  to estimate  the parameter standard error, which can  then be used  for null  hypothesis testing and calculating confidence intervals. 

5. Anomaly  detection

In  certain  words,  suspicious  behavior in  the  data  can  be  observed.  It  might  not  always  be  apparent  as  an  outlier.  Anomaly  identification  necessitates  a  more  in depth understanding of the Data’s original behavior over time, as well as a comparison of the  new behavior to see whether it fits.  

When  I compare Anomaly  to Outlier, it’s  the same as finding  the odd one out in  the data, or  data  that doesn’t fit in with  the rest of  the data. For example, identifying customer behavior  that differs from that of the majority of the customers. Every outlier is an Anomaly, but every  Anomaly isn’t necessarily an Anomaly. Anomaly Detection System is a technology that utilizes  ensemble models and proprietary algorithms to provide high-level accuracy and efficiency in  any business scenario.

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6. Personalisation

Remember when seeing your name in the subject line of an email seemed  like a  huge  step  forward in  digital marketing? Personalisation —  supplying  consumers with  customised interactions  that keep  them engaged — now necessitates a much more rigorous  and  strategic  strategy,  and  it’s  crucial  to  staying  competitive  in  a  crowded  and  increasingly  savvy sector.  

Customers today gravitate toward brands that make them feel like they are heard, understood,  and care about their unique wants and needs. This is where customisation comes into play. It  allows brands to personalise the messages, deals, and experiences they deliver to each guest  based  on  their  unique  profile.  Consider it a  progression  from marketing  communications  to  digital interactions, with data as the foundation. You can create strategies, content, and experiences that resonate with your target audience by gathering, analysing, and efficiently using  data about customer demographics, preferences, and behaviours. 

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7. Lift analysis

Assume your boss has sent you some data and asked you to match a model to it  and report back to him. You’d fitted a model and arrived at certain conclusions based on it.  Now you find that there is a community of people at your workplace who have all fitted different models and come to different conclusions. Your boss loses his mind and throws you all out;  now you need something to show that your findings are true. 

The  hypothesis  testing  for  your  rescue is  about  to  begin.  Here,  you  assume  an initial  belief  (null hypothesis) and, assuming that belief is right, you use the model to measure various test  statistics. You then go on to suggest that if your initial assumption is accurate, the test statistic  should also obey some of the same rules that you predict based on your initial assumption.  

If  the  test statistic deviates greatly  from  the predicted value, you can assume  that  the initial  assumption is wrong and reject the null hypothesis. 

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8. Decision tree

Having a structure resembling a flowchart, in a decision tree, each of the nodes represents a test on an  attribute (for example, if a coin flip would come up as tails or  heads or), every branch represents a class mark (verdict made after the computing of all the attributes). The classification rules are defined by the paths from the root  to leaf.  

A decision tree and its closely related impact diagram are used as an analytical, as well as visual decision support method in decision analysis to measure the expected values (or expected utility)  of challenging alternatives.

9. Game theory

Game Theory  (and mechanism design) are highly useful methods  for understanding and making algorithmic strategic decisions.  

For  example,  a  data  scientist  who  is  more  interested  in  making  business  sense  of  analytics  may be able to use game theory principles to extract strategic decisions from raw data. In other words, game theory (and, for that matter, system design) has the potential to replace  unmeasurable, subjective conceptions of strategy with a quantifiable, data-driven approach to  decision making. 

10. Segmentation

The term “segmentation” refers to the division of the market into sections, or  segments,  that  are  definable,  available,  actionable,  profitable,  and  have  the  potential  to  expand.  In  other  words,  a  company  would  be  unable  to  target  the  entire market  due  to  time,  cost, and effort constraints. It must have a ‘definable’ segment – a large group of people who  can be defined and targeted with a fair amount of effort, expense, and time.

If a mass has been established, it must be decided if it can be effectively targeted with the available resources, orif the market is open to the organization. Will the segment react to the company’s marketing  efforts  (ads,  costs,  schemes, and promotions), or is it actionable by the  company?  Is it profitable to sell  to them  after  this  check,  even  though  the  product  and  goal  are  clear? Are the segment’s size and value going to increase, resulting in increased revenue and profits for the  product? 

Experts in  data  science  are  required in  almost  every industry,  from  government  security  to dating apps. Big data is used by millions of companies and government agencies to thrive and  better serve their clients. Careers in data science are in high demand, and this trend is unlikely to change anytime soon, if ever.

If you want to break into the field of data science, there are a few things you can do to prepare yourself for these demanding yet exciting positions. Perhaps  most importantly, you’ll need to impress potential employers by showing your knowledge and  experience.  Pursuing an advanced  degree  programme in  your field  of interest is  one way  to  acquire those skills and experience. 

We have tried to cover the ten most important machine learning  techniques, starting with  the most  basic and working my way up to the cutting  edge.  Studying  these  methods  thoroughly and understanding each one’s fundamentals can provide a solid foundation for further  research into more advanced algorithms and methods.  

There is still a lot to cover, including  quality metrics,  cross-validation,  the  class  disparity in  classification processes, and overfitting a model, to name a few.

If you want to explore data science, you can check the Executive PG Programme in Data Science course offered by upGrad. If you are a working professional, then the course will suit you best. More information regarding the course can be explored on the course website. For any queries, our team of assistance is ready to help you.

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