Hiring a Data Science Consultant: Finding the Right Solutions to the Right Issues
Generally speaking, data science and AI solutions involve harvesting high-value insights from existing data. 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. For others, this may be a tailored analytical and visualization platform that will be in charge of their day-to-day operations and offer insights that help with key decisions.
From a general viewpoint, data science helps your business by highlighting lessons that improve your operational efficiency, or by helping you create AI applications for your customers with the help of your chosen data science consulting services.
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 Intelligence and Statistical Analytics
Business analytics (BA) is the practice of methodically exploring a business’ data, focusing on statistical analysis. There are two ways a company benefits from BA: by staying current with its business processes and by getting insights from data for the purpose of making sound 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 helps solve issues of varying levels of difficulty, from basic reporting to risk mitigation advice and more. And it is possible to deal with these problems using many types of analytics. If your goal is to boost sales, for instance, prescriptive analytics will be the best to use. 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.
Picture each event in your business being filmed and composing a part of an episode in a lengthy series. 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 you can do more than that. 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.