Data science: what is it and how can it help your business?

What is Data Science?

Data Science can be used for:

  • Detection of anomalies (fraud, disease, crime);
  • Automation and decision-making (background checks, credit worthiness);
  • Classifications (like classifying emails as “important” or “junk”);
  • Forecasting (sales, revenue and customer retention);
  • Pattern detection (weather patterns, financial market patterns);
  • Recognition (facial, object, voice, text, fingerprint);
  • Recommendations (products, services, books).

How is Data Science changing the world?

What is a Data Scientist?

How can Data Science leverage your business?

How Data Science can help improving business efficiency:

  • Data Creation: improving business efficiency requires more than analyzing the existing data. Creating new and useful data through some tests will help to measure what needs to be improved. Finding actionable insights within this data can result in a significant productivity increase.
  • Real-Time Reporting: it can improve business efficiency immediately by generating and leveraging micro-scale interaction that makes customer interactions more effective. Companies that prioritize better response times will have their sales processes optimized.
  • Historical Data Interpretation: historical data allows to analyze customers’ past behavior and build predictive models to learn how they will likely behave in the future. More than learning from the mistakes on a person-to-person level, it’s essential to predicting the occurrence of future events to avoid those problems altogether.
  • Data-Driven Culture: Focusing on data and making the best use of it can’t just be the data science team’s scope. It must be part of leadership’s mentality in encouraging data-driven decision-making at every level, with every employee understanding data’s inherent importance in their job role.

Conclusion

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