What Data Science means for your Business
In the first blog post of our data science series, we defined and discussed what data science is, and showcased how our team of “whip-smart, critical-thinking” data experts, combined with our innovative agile approach, enables us to deliver positive business outcomes for our clients.
Data science is a broad topic area, encompassing a range of expertise, techniques, and technologies. As a result, organisations eager to embark on (or take the next step on) their data journey are often left bewildered about where to begin. In this blog post, we’ll present a number of use cases to demonstrate how organisations are already using data science to unlock the value contained within their data.
Optimising Business Processes
Data science can enable organisations to optimise business processes by enabling users to identify anomalous incidents and behaviours. Excessive spending by a particular department, missed deadlines, or increased energy usage are all examples of anomalous activity that cause a major headache for businesses if left unchecked. Anomaly detection and pattern recognition can be used to enable organisations to identify and address these issues before they become worse.
In addition, data science can also enable organisations to adopt processes and workflows that were not previously possible. For example, technologies such as Natural Language Processing and Text Analytics can enable organisations to extract meaningful insights from their documents at a scale and speed that was not previously possible.
Automating Repetitive Tasks
Repetitive, manual, resource-intensive processes can negatively impact an organisation’s bottom line – data science offers a solution. Techniques and technologies such as machine learning or rules-based algorithms can help organisations to automate many of these processes, helping to deliver greater value.
Forecast Business Performance
While no one can predict the future with absolute certainty, data science can help organisations to make informed decisions more effectively. By analysing past and current data, time series analysis and predictive analytics can help businesses forecast future outcomes and identify potential risks and opportunities.
Improving Customer Experience
“You might also be interested in…”, “What to watch next” and “Customers also bought…” are phrases we’re all familiar with. Behind the scenes, a wealth of data helps curate a series of suggestions that are relevant and timely to the consumer. In the case of Netflix, a combination of machine learning and probability analysis is used to not only suggest films and TV shows but to also determine the type of preview image that an individual is most likely to respond to.
An article from McKinsey outlines that as much as 35% of what consumers purchase on Amazon, and as much as 75% of what consumers choose to watch on Netflix come from product recommendations based on their recommendation engines.
Making Sense of Text and Documents
Organisations of all sizes are undoubtedly processing some form of unstructured data each day. Examples might include documents, customer proposals, or emails. Extracting meaningful insights from these data sources can prove difficult (if not impossible), especially at scale. Data-driven technologies such as Natural Language Processing and Semantic Text Analysis can help organisations to make sense of and extract meaningful insights from large volumes of documents. Additional technologies such as Knowledge Graphs and Citation Graphs can show users how their data is contextually related, offering even greater insight.
Extract Insights from Images and Video
Organisations can utilise computer vision technology to extract meaningful insights from rich media sources such as images, videos, or hand-written documents. In addition, computer vision can also help organisations to more effectively monitor physical resources such as machinery – enabling proactive maintenance.
Data science can help businesses to respond to their most pressing challenges, unlock new opportunities and ways of working, and mitigate risk and uncertainty. Understanding how data science can benefit your business specifically, however, can often prove overwhelming. At Analytics Engines, we’ve helped organisations in both the public and private sector respond to challenges like these, and many more.
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Analytics Engines are experts in data science, data matching, search, integration, and visualisation. Our unique accelerator IP allows us to build and deploy solutions much faster, reducing time to value for our clients. We work in close partnership with you and your organisation to unlock the value in your data. We offer end-to-end guidance and support to help your business along its data journey. We build solutions that: uncover decision-critical insights; address complex institutional problems; and solve your most pressing problems.
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