7 Ways to Leverage Data Science and ML-Backed Solutions for Your Business
Data Science: The success formula
This is undoubtedly true that data science has burst into IT markets during the recent years. It is predicted to become one of the most widely-used methodologies the aim of which is to cope with the exponentially growing amount of information in the world.
Have you ever thought how much data is being produced this very moment? The 2018 numbers are thrilling: 2800 smartphones are sold, almost 50 thousand photos are posted on Instagram, around 4 million searches are conducted by Google, more than 18 million people request for weather forecast every minute. But what is more essential is what companies do with this information.
Data-driven companies are now learning to benefit from data science in more effective ways. This system comprises complex mathematical strategies, a variety of statistical techniques, and numerous branches of predictive analytics — from data mining to machine learning (ML). In other words, data science enables to gather, study, cleanse, sort out and analyze both structured and unstructured data in order to extract business value and recommend far-reaching moves. Competent data-based decisions are pivotal to any enterprise, especially in the era of likes, tweets, clicks and shares.
Meanwhile, machine learning gains general recognition as a part of artificial intelligence (AI) technique. ML, alongside with data science, results in business intelligence — the ability to predict the future in the world of marketplace. According to recent results of HFS Research, 86 % of leading enterprises agree that ML is influencing their industries in general and companies in particular. It is also stated in the report that more than 75 % of decision-makers positively appraise the business value of Machine Learning. On top of this, this study indicates the forthcoming mass ML acceptance (52 % of companies) within the next two years.
7 Data Science and Machine Learning benefits
“Think of big data as an epic wave gathering now, starting to crest. If you want to catch it, you need people who can surf.” — Harvard Business Review
Here are some reasons that make data science and ML decisions such a powerful leverage for the business industry.
Multiple data sources processing
Real-time demand and supply
Meeting customers’ needs
Improved decision making
Fraud detection and risk diminishing
Talented dream team
Technology and people cooperation
All in all, the ability to deploy data science methods and ML solutions in business can result in prosperous outcomes for everyone who dares to invest in it right away.
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