To remain competitive and ahead of the pack, companies need a data science capability grounded in strategy and business needs to drive revenue, decrease costs, and minimize risk.
Data Science has the ability to find the patterns in the data. Unlike the statistical approach, data science often uses selective information to prove a point. In addition, it uses large data sets in order to find patterns and then utilizes said patterns to its advantages. Further, through this process, you will be able to find not just different trends but even associations as well.
Ultimately it unlocks the next level of performance for your organization.
It’s the blend of technical expertise from computer scientists and mathematicians/statisticians with the often overlooked element – domain knowledge – that can produce an entirely new level of vision and direction across the enterprise. In fact, these domain specialists play a central role in interpreting the results that link newly gathered insight back to an organization’s mission.
The engagement of an “interactive bridge” – that is, domain specialists who were once on the data science team return to other parts of the organization with the new information – helps to build awareness of how these news insights can contribute to the core mission.