Data science for business success

Data science is a term that's becoming increasingly used throughout businesses and boardrooms, but is often misinterpreted or misunderstood. Here, we look at why data science is important, what it actually is, and why it is the centre of attention in business tech right now.

• 01 April 2022

What is data science?

Data science is constantly evolving, making it difficult to pin down a definitive definition. Currently, in basic terms, it is the process of extracting clean information from raw data for the purpose of creating actionable insights.

In order to create valuable intelligence, data scientists manage the full spectrum of the data life cycle. The skills they employ will likely be derived from a background in statistics and linear algebra, and include programming knowledge with focuses on data warehousing, mining, and modelling to build algorithms.

Data scientists build complex quantitative algorithms to organise and synthesise large amounts of data. They create virtual machines to extrapolate all available data and transform it into figures and statements to guide business decision makers. Their expertise enables them to identify the right questions to ask before answers are sought. In addition to a broad range of technical skills and understanding, data scientists will have a high level of knowledge specific to the industry they are working within.

Who uses data science?

If your business could benefit from honing focus on important issues; better identification of opportunities; defining goals based on observable trends; or access to quantifiable evidence to guide decision making, then you should be using data science. Large VOD providers already use data science to suggest movies and shows to users; ecommerce platforms use data science to suggest products or services users might be interested in; airlines now use data science to plot the best flight paths, and predict any delays; logistics firms calculate the best transport methods and drop-off times for deliveries using data science; and of course the majority of digital advertising users are presented with will have been tailored to their specific tastes and budgets using data science. There are very few industries that would not benefit from the advantages data science brings.

How data science helps businesses

Beyond showing you what your customers are looking at, what they are engaged with, and what they are buying; data science also provides evidence that will either confirm or refute your gut instincts about your business, enabling you to make decisions with confidence. Marketing becomes more accurate, sales can reach targets faster, and your company saves time and money in every area, with a greater understanding of what works, where it works best, and why. Moreover, it improves security by discovering unexpected data and identifying fraud. Quite simply, data science is the future of information analysis.

To talk to us about what data science can do for your business, please call +44 307 222 4842 or email, sales@dotfive.co.uk today.

Data science provides evidence that will either confirm or refute your gut instincts about your business, enabling you to make decisions with confidence.