Over the last decade, data has become a business’s most valuable asset. Data driven businesses are using machine learning and analytics to understand buyer trends and behaviours and are leveraging this to reach their goals and increase revenues – but how are businesses interpreting their data and using it for financial gain? Through the power of data science!
WHAT IS DATA SCIENCE?
In a nutshell, data science uses a combination of scientific methods, processes, systems and algorithms in order to extract knowledge and patterns from raw data. These patterns reveal the ‘why’ behind your data and can be used to influence future decision making, predict behaviours and infer meaning from correlating data in a meaningful way.
If your business isn’t data driven yet, you may be wondering why this process is so important. It’s simple – organisations that are harnessing the greatest insights from their data are shaping the industries they operate in.
However, this is often easier said than done, as most businesses don’t have the capacity or specialist skills to use their own data to create opportunities for competitive advantage.
HOW CAN DATA SCIENCE HELP YOUR BUSINESS?
HOW CAN DAISY HELP?
At Daisy, we help businesses explore and implement data science and analytics platforms to get real value out of their data. We use techniques including machine learning models to identify trends, highlight anomalies and predict future outcomes.
Daisy’s Data Science Assessment is a great way to plan your journey to implementing data science within your business.
Daisy’s Data Science Assessment is a four-step process that includes:
- Initial preparation
- Assessment workshop
- Analysis and findings
- Presentation of findings and recommendations with a prioritised list of potential proof of concept projects and high-level data science strategy
The data science assessment will provide you with a clear strategic roadmap of what is achievable with your data and platforms. It will detail easy to deploy, proof of concept projects and highlight the cost and resource involved alongside the tangible business benefits that the recommended solutions will deliver.
- Identify key platforms and data assets
- Define your overarching data science strategy
- Discover and evaluate candidate projects
- Join the dots by enabling cross-function collaboration
- Develop a strategic roadmap to maximise the value of your data to include location and storage, accessibility and utilisation, quality and governance and value and trust
- Improve profits and increase revenue while enhancing productivity
DISCOVER WHAT DATA SCIENCE CAN DO FOR YOUR BUSINESS
The manufacturing industry is undergoing a huge transformation to Industry 4.0. To help with this, leading manufacturers can use data science to ingest and integrate vast volumes of data to improve production output, reduce costs, improve safety and optimise your supply chain operations.
The retail industry has long recognised the value of data to understand their customer base, and the use of business intelligence tools to report on activity is common to most retail companies.
Data science helps take this business intelligence approach one step further. It provides retailers with actionable insights that not only help drive sales but also help reduce waste, improve buying accuracy and enhance the customer experience both in-store and online.
Healthcare organisations can utilise their enormous volumes of data to gain a deeper understanding of the human body and ultimately improve the care they can provide.
Without a doubt, data mining and analytical platforms and the explosion of big data have the power to revolutionise the healthcare sector.
Data science provides a huge opportunity for financial institutions to stand out from the competition and reinvent their businesses. The vast amounts of continuously changing financial data creates an ideal platform for engaging machine learning and AI tools into all areas of their respective business.