Among the various trending digital transformation solutions today, Data Science is the most talked-about. Data Science is the science of using computational methods to discover and identify powerful patterns in data.
Predictive analytics, on the other hand, describes the data analysis methods that use mathematical theory and data to steadily estimate things that cannot be measured. Predictive analytics generates information to make informed business decisions. For instance, with predictive analytics, you can recommend products that a prospective customer might purchase, identify fraudulent transactions to investigate, forecast stock price, estimate values of real estate.
Organizations today are awash with data and they are all hiring data scientists in large numbers because they add value to businesses in the following ways:
- Empower top management to make better business decisions: The top management can measure, record and track performance metrics that in turn allow them to set new goals.
- Help the staff adopt best practices and focus on vital issues: Data science make employees well-organized at their jobs by making them aware of the benefits of using the company’s analytics product.
- Direct actions based on current trends, which in turn help in defining goals: To identify new and emerging market trends, it is important to determine patterns within large data sets. These trends are key to gaining a competitive advantage by launching new services and products.
- Help organizations identify opportunities: With data science, organizations can find irregularities in existing analytical systems and processes and introduce new ways of doing things to drive innovation and identify opportunities.
- Validates decisions: In addition to allowing your business to base decisions on data, analytics aids in testing such decisions through variable factors to check for flexibility and scalability.
- Identify and refine target audiences: A comprehensive analysis of customer data can help organizations identify the target audience with maximum precision.
Data science adds value to organizations who can use their data properly. From insights and statistics across workflows and recruiting new people, to helping staff make well-informed decisions, data science is precious to any organization in any industry.
3i Infotech combines rich technology expertise, extensive domain knowledge, global delivery capabilities, and digital transformation services with the latest in data science, predictive analytics, and big data to offer end-to-end data services. 3i Infotech’s data and insights marketplace offer a suite of pre-built data and analytics apps, supporting numerous business functions.