How Data Science Helps Business

 

Data Science is becoming more prevalent as a key tool for businesses to use in order to unlock incremental value for cost savings, revenue growth, etc.
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Many organizations collect and analyze information and realize that data is at the core of their businesses. To further business development and growth, we need to run constant hypotheses through various methods, leading us to leverage the power of Data Science.

Data Science

Data science employs a variety of big data technologies and machine learning (ML), as well as artificial intelligence techniques and approaches (AI). The goal of machine learning is to “train” a program to perform appropriate actions based on massive amounts of data.

The process of gathering, storing, processing, and analyzing data is known as big data. A dataset is a collection of data, and a data scientist is someone who works with it.

Data science solutions, such as recommendation and score services or intelligent apartment selection systems, are now widely used in a wide range of industries, including banking, retail, tourism, insurance, and many more.

Some well-known online neural network projects use a large number of genuine photographs to create nonexistent human faces. Some neural networks can also produce writing that is both coherent and meaningful. For the Singapore Esquire journal, Al Squire bot, for example, produced an editor’s letter and a few pieces.

Desa Analytics also incorporates approachable AI into their Data Science to add additional value for clients. This is the value proposition of the company and how we take AI to the next level. 

How Does Data Science Assist Businesses?

As a business, the value of applying data science is critical. For example, a business would want to assess their product performance and make judgments on a regular basis. “Shadow work” is the term for this method. Algorithms can aid in this decision-making process.

“Smart” recommendation algorithms are already in use by Netflix, YouTube, Amazon, and other sites. Netflix monitors user behaviour and recommends specific material based on their previous tastes. YouTube provides users with individualized suggestions based on their viewing habits, likes, dislikes, and other factors. Google displays adverts that are tailored to the user’s interests depending on the websites they’ve visited and the searches they’ve made.

How it Works

A data scientist (machine learning expert) is responsible for creating an algorithm that can model and forecast user behaviour as well as find patterns and trends in big data automatically. However, the optimal technique to use cannot be predicted in advance and is determined by big data and the business problem to be solved. For example, an algorithm may be used to segment customers into distinct groups to aid businesses in designing tailored marketing and promotional offers to specific types of customers.

Data Also Includes Facts

The following example demonstrates key points in data processing. Consider the situation where we need to create a schedule for technical support operators. A call centre is open seven days a week, 24 hours a day.

During the day, the call centre receives more calls than at night. As a result, the night shift should have fewer people. However, this isn’t enough to create a precise model. It is critical to consider the following details:

  • Average number of incoming calls every day over the course of a week, month, or season. For instance, during the summer vacations, the number will drop;
  • Information on call distribution within 24 hours; number of employees, days off, public holidays, and leave schedule;
  • Caller’s geolocation. It is critical to be aware of time zone differences. Other information, such as call centre specialists’ salaries, lunch breaks, five-minute breaks, and so on must be considered.

Not only will an artificial intelligence system create the best work schedule for operators but it will also take into account all data changes and will continually optimize them.

Science is Data Analysis and Processing

Big Data specialists can use machine learning, statistics, optimization, and other fields of mathematics to examine the data they’ve collected. These approaches are used to evaluate data, specifically to uncover essential project patterns. As a result, they make up the most important part of data science: data analysis. For future projections of new research objects, pattern detection is required.

Data Science is at the intersection between mathematics, computer science, and domain expertise in the respective field/discipline in which you are applying your Data Science techniques to.

Data Science and Myths

In all areas of business, new technologies are increasingly being implemented. Not all business owners, however, have faith in them. Consider a few common misconceptions about machine learning.

Myth #1. Computer Algorithms are Uncontrollable

“Artificial intelligence takeover” is a pervasive stereotype that is difficult to shake. Businesses are concerned that automating activities will result in a loss of control.

Human-made programmes can only operate inside a certain framework, and they are trained by analytics experts. As a result, their actions are predictable, and the ultimate decision is always made in the presence of a person.

Desa Analytics uses AI in a way where tools created will augment the decision-making for the organization. When an Artificial Intelligence solution is built and a predictive outcome is optimized, we want to empower our clients with the tool without replacing any human intelligence. The human-in-the-loop is needed in order to bring more complex and creative elements to the decision-making process. Ideally, Desa Analytics helps their clients create an AI pairing where business leaders can use AI in combination with their own decision-making.

Myth #2. Algorithms Ability to Do Work is not Suitable for Business Tasks

Anything new is usually accepted after some time and effort. Often, business does not believe in a machine’s capacity approach. After all, how can one algorithm evaluate the same amount of data in two hours if an entire analysts’ department takes two weeks to do so? And, without a doubt, it can, which is why, for the time being, large retail organizations have been utilizing such technologies.

Enterprise automation has undoubtedly resulted in a 90 percent reduction in technical support, accounting, and human resources departments. Artificial intelligence, on the other hand, had no effect. Coachman and telephone operator positions were eliminated, and this was the only time it happened.

Myth #3. Big Data and Machine Approaches are Expensive

Being cost-effective is critical for businesses. The expenditures associated with artificial intelligence, procuring servers, and other critical technical requirements can sometimes be worrisome for them. However, capabilities needed for things like reporting and dashboards, predictive models, and data collection are more cost-effective than most businesses think.

Working intelligently with data will also cut costs in other areas, such as business analytics. Additionally, depending on the project’s characteristics, the payback period can be as short as a few months.

Highlighting the incremental value that AI will bring for businesses in the future. AI will be a key part of corporate strategies for organizations.

Myth #4. No Data for Processing

Data is required by specialists in order to create algorithms. If a company does not collect any information about its clients, then analytical capabilities will be limited. It can, however, be remedied by integrating a CRM system, particularly if the company’s system has been operational for at least two to three years.

Small and medium-sized businesses may not have enough data or the database infrastructure to support data science models. However, data collection is part of the core services that Desa Analytics can offer. We can work with publicly available data to help businesses conduct high-powered data analytics to help them analyze the marketplace, the competitive environment, and even macro-economic factors.

Big Data and Business

For the decision-making support of large projects with complicated structures, business analytics is required. Personalized suggestions, on the other hand, are the most common and easiest approach to use data science. This modest measure has already resulted in an increase in revenue because:

  • The consumer receives useful information rather than a meaningless advertisement. It leads to high motivation and increased brand loyalty.
  • Businesses may cut expenses and boost profits by improving warehouse management, balance monitoring, and procurement planning accuracy.

Conclusion

Big data is ubiquitous these days, and it’s only a matter of time before data science is used across all sectors. Large organizations are already working on data processing and algorithm development. Predicting events, assessing risks, and — most commonly in machine learning — creating automatic suggestions and increasing client involvement are all vital.

References

https://www.simplilearn.com/why-and-how-data-science-matters-to-business-article
https://online.hbs.edu/blog/post/what-is-data-science
https://data-flair.training/blogs/data-science-for-business/#:~:text=Data%20Scientists%20help%20to%20analyze,the%20health%20of%20the%20product
https://insidebigdata.com/2018/08/25/data-science-adds-value-business/