What does domain knowledge mean?
The term “Domain Knowledge” has been in play even before data science became popular. In software engineering, it means the knowledge about the environment in which the target (i.e. software agent) operates.
We can use the same definition in data science to say — “Domain knowledge is the knowledge about the environment in which the data is processed to reveal secrets of the data”. In other words, the knowledge of the field that the data belongs to is known as Domain Knowledge.
How does domain knowledge influence data science?
You may have studied data science and machine learning and used some machine learning algorithms like regression, classification to predict on some test data. But the true power of an algorithm and data can be harnessed only when we have some form of domain knowledge. Needless to say, the accuracy of the model also increases with the use of such knowledge of data.