Importance of Machine Learning and Data Science in Modern Business

Abstract

The article explores the vital role of machine learning (ML) and data science in advancing business efficiency, especially under crisis conditions like the ongoing conflict in Ukraine. It discusses how digital transformation through these technologies is crucial for maintaining competitiveness and operational resilience. As part of the research, it was conducted deep analysis of existing works. It was identified gap of comprehensive studies on the strategic application of cloud-based ML and data science solutions during crises. This study Highlights the increasing accessibility of ML and data science tools due to technological advancements, fostering a competitive business landscape. The study emphasizes the democratization of advanced technologies facilitated by cloud platforms like Microsoft Azure, Google Cloud Platform (GCP), and Amazon Web Services (AWS), making sophisticated tools accessible to smaller companies. Article concludes that strategic use of ML and data science significantly bolsters business resilience and efficiency, especially in challenging environments like Ukraine. Article examines ML tools and services provided by AWS, Azure, and GCP. As an assessment criterion it was chosen features, integration capabilities, innovation, pricing structures, computing capabilities, and security measures. In scope of this research it was defined that each platform offers robust ML solutions with unique strengths tailored to different business needs. For example, AWS excels in specialized tools, Azure in integration within its ecosystem, and GCP in sustainability and advanced technologies. Article provides recommendations for selecting cloud-based ML and data science solutions that align with operational strategies and crisis management needs. It encourages ongoing research to explore the long-term impacts of these technologies on business innovation and market dynamics. Highlights the need for further studies into the socio-economic impacts of ML and data science, including addressing privacy, security, and ethical concerns. Article provides tailored advice on choosing appropriate ML and data science tools to support their specific needs during the ongoing crisis. Also, it suggests broader adoption of cloud-based ML and data science technologies for enhanced decision-making and operational efficiency. У статті досліджується важлива роль машинного навчання (ML) та науки про дані у підвищенні ефективності бізнесу, особливо в умовах кризи, такої як поточний конфлікт в Україні. Розглядається, як цифрова трансформація за допомогою цих технологій є ключовою для підтримки конкурентоспроможності та операційної стійкості. У рамках дослідження був проведений глибокий аналіз існуючих робіт. Виявлено прогалину у всебічних дослідженнях стратегічного застосування рішень на основі хмарного ML та науки про дані під час криз. У цьому дослідженні підкреслюється зростаюча доступність інструментів ML та науки про дані завдяки технологічним досягненням, що сприяє формуванню конкурентного бізнес-середовища. Дослідження наголошує...