Choosing a Data Science Consultant: The Right Solution to the Right Problem
Generally speaking, data science and AI solutions involve harvesting high-value insights from existing data. Some businesses consider hiring data science consultants such as District Data Labs, to develop products with machine-centered functionality. An example would be a speech-to-text conversion tool. 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 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-facing applications that work around machine learning formulas provide answers to concerns that your customers might face. 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 of these solutions are virtual text and voice assistants, price prediction tools and image editing apps, among many others.
Business Intelligence and Statistical Analytics
Business analytics (BA) is the practice of methodically exploring a business’ data, focusing on statistical analysis. The purpose of BA is to keep track of business processes and apply data-supplied insights when making educated decisions. Data analytics consulting companies usually divide BA techniques into two sets – business intelligence and statistical analysis.
Examples of business analytics applications are data management, client analysis and social media sentiment analysis.
Business analytics helps solve issues of varying levels of difficulty, from basic reporting to risk mitigation advice and more. And addressing such problems can be done using different kinds 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 requires assessment of insights gleaned from past events and the reasons behind them, and predicting possibilities. 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.
Imagine your business being captured on film, every single moment and transaction of it, as part of a long series of episodes. 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. Through BA, you are able to understand the cause of events more deeply, allowing you to make event forecasts and make a plan that will make sure you only have success waiting for you.