Before moving ahead in this Data Science vs Machine Learning blog, we will have a glance at the agenda:
How is Data Science used in the real world?
Data Science is simply a proper study of raw data through analyzing and visualizing it. It helps extract necessary business information from the data. Now, instead of talking too much about the theoretical aspects of Data Science vs Machine Learning, let us understand how Data Science is used in the real world. Also, in this blog on Data Science vs Machine Learning, we will discuss the use case of Zomato that uses Data Science to boost its revenues.
Today, every transaction made by us is recorded and tracked by banks.
But, the question is, what is the benefit of doing so? How are banks and
merchants able to generate business with the help of the recorded data?
Merchants such as Zomato use software, employing Data Science, to create a data product from the recorded data. The software includes functionalities such as data filtration, customer segmentation, transaction tracking, and many more. It tracks every transaction made by a customer and filters it according to certain parameters. Also, it creates segments for payments made to other merchants as well, such as Swiggy, Dominos, and more. With the help of Data Science, the software can efficiently analyze the data. The visualizations of the customer’s data help understand the patterns of transactions through various modes of payment. By using the methodology of Data Science, merchants segregate customers according to partner banks. Then, this data is provided to banks. This enables banks to provide offers to customers on paying through debit\credit cards. By this strategy, both the banks and the merchants generate mutual profits.
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How is Machine Learning used in the real word?
In the previous section of this blog on Data Science vs Machine Learning, we saw how merchants and banks make mutual profits by using the transaction data. Now, in this section of the blog on Data Science vs Machine Learning, we will understand how merchants and banks use Machine Learning for giving a personalized experience to customers and increase their profits.
As Data Science helps analyze and visualize data efficiently, Machine
Learning helps in the prediction of events. Various merchants such as Paytm,
Swiggy, Zomato, Flipkart, Amazon, and more use ML-based software that helps
them generate huge profits. You must have observed how your preferred food-ordering
application sends you notifications to buy food at the time you are likely to
have your lunch or dinner. The application notifies you to buy dishes from your
favorite restaurants. When you click on the notification, it takes you to the
app and shows you the following:
1. List of your favorite restaurants
2. Previous orders
3. Time of orders
4. Frequent orders
5. Payment gateway used
6. Ratings you have given for food items and restaurants
7. Amount spent on various orders
8. Restaurants and dishes you may like
9. Best selling delicious dishes with their pictures
10. The best possible time required to deliver the food
In such scenarios, people clicking on these notifications may turn into potential
customers if the food item is available at a reasonable price. For providing
the food item at a reasonable price, merchants give multiple options, such as a
‘Promo Code’ consisting of offers that the customers can apply and get
discounts. These promo codes are given by various payment merchants for their
promotion. This is a type of marketing that uses Machine Learning to allow
businesses to generate huge profits.
Therefore, the topic ‘Data Science vs Machine Learning’ has increased relevance in the market.
Relation Between Data Science and Machine Learning
Now, in this section, let us understand what is the relation between Data Science and Machine Learning. We use a combination of both Data Science and Machine Learning for building smart applications that provide techniques for business enhancement. To understand the relationship between Data Science and Machine Learning, let us first look at the mechanism of Data Science for mobile applications and websites with the help of the below diagram:
1. Collecting business requirements
2. Data retrieval: User ratings, comments, and cart history
3. Data processing: Missing values, fake reviews, and unnecessary data
4. Data exploration: Understanding patterns and retrieving useful
insights
Now, the next part that comes is Machine Learning.
After the data is prepared using the techniques of Data Science, we
create Machine Learning models for using the prepared data. Let us look at the
below diagram to understand the mechanism of Machine Learning:
1. Gather the prepared data
2. Create a Machine Learning model using various algorithms that best
suit the condition
3. Provide data to the Machine Learning model
4. Train the Machine Learning model with the help of a variety of data
5. Test the Machine Learning model with new data and improve its efficiency
Data Science and Machine Learning are separate fields that coordinate
with each other to build systems that add value to a business. They improve and
automate the internal working of business processes and their software.
Moving further in this ‘Data Science vs Machine Learning’ blog, let us look at the difference between Data Science and Machine Learning.
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Difference Between Data Science and Machine Learning: Data Science vs Machine Learning
There are certain differences between Data Science and Machine Learning that we can see in the below table:
|
Data Science
|
Machine Learning
|
| It is the field that handles big data by data cleansing, analysis, and visualization | It deals with the creation of algorithms to understand data, learn from it, and make future predictions |
| It requires knowledge of data modeling and analyzing | It requires problem-solving skills and a strong ability to understand analytics |
| It uses Python, R, Statistics, and Probability for data analysis and visualization | For creating algorithms, it requires data structures, calculus, linear and vector algebra, and differential equations, and it uses Python or R for programming |
| It helps prepare data and provides it to Machine Learning algorithms | Machine Learning algorithms use data and extract useful insights from it to make predictions |
| It also helps organizations understand the business and market trends | Machine Learning algorithms help improve businesses with automation |
Learn about Machine Learning Engineer vs Data Scientist for in-depth knowledge and career growth.
Scope of Job and Salary: Data Science vs Machine Learning
As we already know the demand and value of Data Science and Machine Learning, we must now check out the scope of job and salary in both of these fields. Let us first discuss the scope of job and salary in Data Science.
Scope of Job and Salary in Data Science
According to McKinsey, there are 1 million vacant jobs for a Data Scientist. In India, where startups are growing fast, there is a requirement of 15,000+ Data Scientists. Also, a report from Forbes says that the Data Science platform market size is expected to grow from US$37.9 billion in 2019 to US$140.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 30.0 percent during the forecast period.’
Salary: The average
salary of a professional in Data Science in the United States is US$135,500,
and in India, it is ₹1,015,385. Let us look at the
salary of a Data Scientist as per the estimation of Glassdoor.
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Scope of Job and Salary in Machine Learning
As per the reports of Forbes, the number of job posting for Machine
Learning Engineers in March 2020 was more than 8,000.
On the other hand, the overall job postings across the world for a Machine Learning Engineer in 2020 is around 1 million, similar to the job postings for a Data Scientist.
Salary: Salaries companies offer to Machine Learning Engineers lie between US$752,000 and US$1,534,000 per year. In India, the salary of a professional in Machine Learning lies between ₹825,000 and ₹2,450,000 per year. Let us have a glance at the salary of an ML Engineer by Glassdoor.
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Future Scope of Data Science and Machine Learning
The number of jobs available for a Data Science professional and a Machine Learning Engineer is very high as both profiles have to collaborate with each other to provide automation and improve businesses. Both Data Science and Machine Learning apply techniques using various tools to prepare data, feed it to Machine Learning model, and integrate the model with other software or application. Today, every company uses applications and software that implement Data Science and Machine Learning. Thus, the future scope and demand of Data Science and Machine Learning will always remain high. By this, we can conclude that the fields of Data Science and Machine Learning both are offering ample jobs and lucrative packages to aspirants to help them make a bright future. These technologies work together to develop much advanced automation that is in the process of changing the whole world!
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