Choosing a Data Science Consultant: The Right Solution to the Right Problem
The general principle behind data science and AI solutions is collecting important insights from data at hand. Certain businesses come up to data science experts, such as District Data Labs, to design products whose major function revolves around machine learning. For example, this could be an application that converts speech into text. Others may be looking for a bespoke analytical and visualization platform to control their daily operations and use gleaned insights to make crucial decisions.
From the widest perspective, you can use data science to gather insights about your business and increase your operational efficiency, or to create AI-based applications to be used by your end-customers.
Customer-Facing Apps and Fraud Tracking
Customer-side applications are those that rely on machine learning algorithms address issues that your customers are facing. These are concrete products used by people on a daily basis or those which allow them to become more efficient in what they do.
Examples include, among others, apps for document classification, image recognition and real-time visual/audio translators.
Business and Statistical Analytics
Business analytics (BA) is the practice of methodically exploring a business’ data, focusing on statistical analysis. The role of BA in a business is two-fold: to monitor business processes and to use data-provided insights as basis for making informed decisions. Data analytics consulting companies often use BA techniques as either business intelligence or statistical analysis.
There are varied situations where business analytics provide valuable help, such as market and customer segmentation, risk analysis and forecasting customer lifetime value.
Business analytics can come in handy for a range of problems, from easy reporting to operations improvement advice. And it is possible to deal with these problems using many types of analytics. For example, if you would like to know what steps you should take to boost sales, prescriptive analytics is best. This type of analytics calls for a set of actions that include an examination of insights about previous events, the reasons they came about, and various forecasts on upcoming events. Through prescriptive analytics, businesses get advice on specific actions that could be taken to avert potential problems in the future or to boost the benefits offered by rising trends.
Imagine your business being captured on film, every single moment and transaction of it, as part of a long series of episodes. Business analytics is that which lets you rewind to what occurred in the past, identify some facts and then analyze them before coming up with conclusions. But that’s not all that you can do. With BA, you can get you a deeper understanding of the reasons leading to events, predict what could happen in the future, and create a good plan that ensures a positive ending.
All of these and more even more benefits are good reasons to hire a reputable data science consulting company. For more info, view here!