Data science. It’s a term that is increasingly becoming part of everyday business dialogue. But what exactly does it mean? And more importantly what can it do for you and your organisation?
What is data science?
Modern businesses are awash with data. Why? Because cost effective and flexible cloud storage solutions have made it possible for them to store vast amounts of data from every conceivable channel – from disparate databases, files and web services, to mobile devices, sensors and transactions, and many more.
The problem is, most organisations are accumulating data at a rate that far exceeds their capacity to extract meaningful value from it. That’s where data science comes in.
Data science is a multidisciplinary blend of statistics, algorithm development and technology that enables organisation’s to mine its internal, external, structured and unstructured data in order to gain meaningful insights into complex behaviours and trends. Put simply, its purpose is to help decision makers make smarter decisions.
Where traditional Business Intelligence solutions involve the manual analysis of historical business data, and are only useful for reviewing the current state of play, data science enables the analysis of real-time data. This puts organisations in the powerful position where they are forecasting the future, predicting trends, and implementing sophisticated, proactive solutions and processes.
Now, more than ever, data science is in the spotlight. And rightly so. To understand just what value it can deliver, download our data science booklet, Ten Practical Data Science Benefits for Business. It includes ten powerful uses cases to demonstrate how our clients are using data science to drive business performance.