Finding the Right Data Science Consultant: Choosing Solutions for Suitable Problems
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 instance, this could be speech-to-text conversion software. 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-End Applications and Fraud Detection
Customer-side applications are those that rely on machine learning algorithms address issues that your customers are facing. These are products that people use for their everyday routines or to accomplish their goals more quickly and easily.
Examples of these solutions are virtual text and voice assistants, price prediction tools and image editing apps, among many others.
Business analytics (BA) is simply the analysis of an organization’s data through statistics. 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 fixing these sore points is possible through various 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. With the use of prescriptive analytics, an organization can get advice on what has to be done to rule out possible future issues or how to take advantage of emergent trends.
Picture each event in your business being filmed and composing a part of an episode in a lengthy series. Business analytics what enables you to take a long hard look back, looking for the lessons somewhere, breaking them down, and then making valuable conclusions. But there’s a lot more that you can do. BA can be considered a tool for understanding how events came to be, predicting what could come to be, and then creating a foolproof plan to make sure that the results align with that plan.
All that and more are reasons to partner with a highly reputed data analytics consulting company. Click here for more information about data analytics consulting services.