What is data science?
Data science uses computer programming or computer software to perform statistical modeling on large datasets. Data scientists conduct analyses of these models to gain insight and help business leaders make informed decisions.
Importance of data science in business
In tandem with business intelligence (BI), data science is part of an effective decision-support system for businesses that handles high-speed, complex data from widely-distributed sources.
Making data science effective involves the key practice of good data governance. For data to be meaningful, it has to be pre-processed and modeled properly.
Benefits of data science for businesses
Data science can uncover trends and patterns to predict future business outcomes. In a competitive business landscape, data science can deliver insights to help enterprises become more efficient, strategic, and resourceful.
Improve outcomes by increasing efficiency
When businesses improve operations, costs are lowered, making it easier to serve customers. Data science can help predict demand to effectively inform hiring and inventory control. It can also deliver more efficiency to the business by automating workflows that streamline repeatable tasks, tighten up business processes, and eliminate redundancies.
Provides forecasting that drives strategy
Every business needs to make future-based decisions about product or service development, investments, and capacity. Using historical and current company data alongside advanced modeling, data scientists can estimate future events to inform business strategy and optimize business outcomes.
Find opportunities before the competition
Data science can effectively analyze market movement, customer intent, products, and services to identify opportunities — before competitors — in emerging markets and product development.