So What Is Data Science?
Data Science is Management Science discipline combining Statistics, AI, Mathematics and Computer Science.
It emerged in the late 1980’s as the research into AI, Data Visualization and Database technology passed from the laboratory to the wider world of business and organizations.
Today, the majority of Enterprises, including For Profit, Not For Profit and Public Sector, use Data Science to inform decisions, maximize cost effectiveness and ensure value for money.
For some organisations, for example Alphabet (Google), Meta Platforms (Facebook) and Amazon, the application of Data Science is critical to their success.
For others, often mid-size and small organisations, the opportunity to benefit from Data Science is often greater, though daunting, because the return from tackling “low hanging fruit” can be amazing.
What Does Data Science Cover
Data Science is a multidisciplinary approach to the extraction actionable insights from the large and ever-increasing volumes of data. Whether the data collected from within your organization or readily from third party data suppliers: data sources both free and chargeable.
It encompasses preparing data for analysis and processing, then performing advanced data analysis to reveal patterns and actionable insights.
Data Science involves 4 broad phases:
Preparation: The cleansing, aggregating, and manipulating of the data into a structure ready for specific types of processing.
Analysis: The use of statistics, predictive analytics, visualization tools and AI models to derive insights from the data.Analysis is driven by software tools that comb through data to find patterns which are then transformed into predictions that support decision-making.
Validation: Checking of predictions through scientifically designed tests and experiments.
Sharing: Share the results as widely as practicable. Make it easy for non-specialists to understand the patterns and trend, to maximize their value to your organization.
Data Science looks tricky and you may be itching to put it in the “too difficult” box.
Don’t, and here’s why.
Firstly, it works – None of today’s leading businesses like Amazon, Microsoft, Google, Caterpillar, Tesco, Ryan Air, etc, etc would be as successful as they are without applying Data Science to their business. In fact they’ve been using these analytic techniques for years, if not decades. We ourselves have been working in this area since 1986.
Secondly, you don’t need to learn it yourself, only use it – If you’ve flown on an aircraft, driven a vehicle or had medical treatment you didn’t need to learn that either. You just trusted the pilot, the engineers and the doctors so why not do the same with the data scientist?
Finally, it’s not expensive – Data Science technology used to cost a fortune to deploy but today, like mobile phones, Data Science is accessible to pretty much anyone and everyone.
Reap The Rewards
You’re probably thinking to yourself “What’s the real bottom line effect in hard cash”.
The honest answer is that you should get a 100 to 1,000 to 1 return from the first project.
There will certainly be quite some “low hanging fruit” you can easily reach.
So, now reach out and and make that difference. Go explore, looking for a quick win.
Now Go Explore
You need to Go Explore where Data Science can make a positive difference to your business or organization.
Luckily, like all explorers before you, from Leif Eriksson to David Livingstone, you just need a trustworthy guide.
That’s where we can help, so why not give us a call right now.
Nothing ventured, nothing gained!