Big data is raw and will remain raw unless cutting edge technology with expert minds turns it into actionable insights. More and more organizations want to tap the potential of Big data with the declining cost of collecting and storing enterprise data and scientific data sets. However, enterprises are left with a major challenge of how to understand and gain business value from this data. To address this challenge, it is imperative to know that Data Science is required to filter value from the huge junk of data and a Data science expert, Data Scientist is required to drive the Data science processes, methods turning mountains of data into understandable and actionable reports of business value.
According to McKinsey report published in 2013 predicted that there will be an acute shortage of Data science professionals in the global business community, specifically a shortage of “1.5 million analysts” skilled at deriving competitive intelligence from the vast amounts of static and dynamic (real-time) data.
Its apparent that opportunities for data scientists are wide and the scope of development for organizations that make an early move is faster. The report projects major impact coming through three major sources —market share surge, cost efficiency & productivity, consumer satisfaction & retention. Investment in Big data is key for the companies to remain competitive and maximize efficiencies, at the same time it’s also imperative to invest in data scientists who are proficient in advanced statistics and machine learning to turn big data and identify value that can power businesses with timely decisions.
How Data Science Can Power Business Value?
Understanding how Data Science is critical for business success, as collecting data alone cannot bring value. Like raw materials should be processed to finished goods, collected data must undergo processing and should be analysed by experts to create value. The following are few pre-conditions that need to be understood about Data Science:
- Data Science is capable to provide accurate solutions to business problems when and where required.
- When top businesses rely on data-enabled decisions they found to 6% more profitable than their competitors, according to Harvard Business Review study, as Data Science empowers better decisions and accurate study of impact of such decisions.
- Future predictions are exact where human insight and experience cannot forecast, while using Data Science businesses need not depend on speculations.
- Using Data Science customer tracking has become a reality with state-of-the analytics platforms. Delivering accurate answers is possible by real-time customer data acquisition.
Given the above information, it is clear why Data Science is going through a global revolution at this juncture in time. Any business objective is to serve customers. Some of them succeed in serving more customers, as they improve their capabilities to server better in more efficient way. Their revenues and costs give a measure of how well they serve. Using Data Science enables to power business value by increasing the number of customers, serving the customers better and serving the customers more efficiently. In order to efficiently manage Data Science it is required to have a good understanding of what and how Data Science can do.