Data Science: What It Is and How It Can Help Your Company
Data Analysis Services
Data Science: What It Is and How It Can Help Your Company: Data storage and collection is as ancient as the civilization is and is stored on daily basis in almost every department, designation, industry/ sector, profession (Engineer, Architect, Analyst, Manager, Director, VP, CEO, COO, CTO, Project Manager, Consultant, Student, Others), organizations (large and small) and will be stored. There have been changes in storage/ collection of data from time to time the latest form is Electronic/ machines and computing devices.
2018 will be a new era as many of us will be introduced to Data Science, Data Analytics Services, Data Mining, Data Analysis Services and Business Analytics Trends. As the concept is new, the inclination is a bit slow/ un-attended / un-warranted but equally important and vital for any “organization’s continuous success”.
We have seen businesses grow and fail at the same time, a company is doing fine in first few years and many of them collapse in the first year of operations leaving so many questions as food for after-thoughts.
Those companies who survive for a few years start to fade by the passage of time dripping down the sales and profits day by day, year by year making it hard to even survive.
We at Business Services Consortium believe that we should be prepared and welcome problem/ challenges/ difficulties in all levels to keep the organization afloat both as an employer (Owner, CEO, Shareholder, Stakeholder, Sole-proprietor) and as an employee. Addressing the problem is one side of the picture and being ready for such issues is entirely different.
So the question is how can we be ready for problems or how can we drive the organisation to the right direction, achieve the desire results, driving strategic goals, maximizing profits, controlling costs, launching products with correct information of the market, mitigating risks, making informed decisions, taking calculated risks and so much more. All this is possible with Data Analytics for every department towards one common goal that should be “Success”.
What skills do I need to be a Data Scientist?
- Statistical/Machine Learning techniques
- Data manipulation
- Information visualization
- Intermediate programming
- Quick learning attitude
- Can do approach
- Analytics skills
- Able to think of questions
Data Analytics can be applied on almost all section of industry and sector. Data Science can be used for businesses and process optimization, anomalies detection, improvement for automated techniques, detection and prevention of frauds (most relevant example is Credit Card Fraud, where millions of transactions are involved in a single bank), threat detection, marketing strategy, new product launch study and many more.
How Business Analyst is different from Data Scientist?
The difference between Business Analyst and Data Scientist is “Business Value” speaks about on how value can be increased by using most adoptable techniques.
Business Analyst/ Technical Analyst
Business Analyst / Technical Analyst gathers information summarizes it and finally present it. A business analyst has minimal to moderate expertise on the subject and presentation skills.
A Data Scientist extracts insights from existing data then analyzes the possibilities (queries), applies machine leaning and statistical expertise and finally assists with solution implementation.
Why Data Science is good for your business?
Making Data Driven Business Decisions is possible with data analytics as knowing about your business is necessary on how data analysts describe, Analyse, predict, and inform business decisions in the areas of sales and marketing, HR, finance, and operations, and develop an analytic mindset that will help you make strategic decisions based on data.