Data Science is quite simply (ahem…), the science of data study using statistics, algorithms, machine learning and artificial intelligence techniques. It is the step beyond business analytics which exposes and extracts powerful insight and business value from the masses of data that flows through a business every day, hour and millisecond.
Why is it important to leverage now?
Brands are now, more than ever looking for ways to keep one step ahead, to be ready for anything, to be made aware of risks before they happen or to have back-up plans scoped out to reduce the impact of market, customer or global change.
How does Data Science feed into Business Intelligence?
The integration of data science advanced analytics with traditional business intelligence enables the discovery of hidden relationships and provides insights in a unique way. This enables evidence-based business decisions to be made confidently. Data science enables the exploration of hypotheses and challenges assumptions for a full understanding of the business. It allows the questioning of data in powerful new ways, above and beyond traditional methods. Data should be available from business intelligence data sources and the results be available for inclusion directly within BI output such as dashboards and reports.
What is the challenge of tapping into Data Science?
Not all brands have a data scientist to hand, as they are a scarce and expensive resource. However, example science programs are available for most useful analysis requirements, such as basket analysis (the analysis of items commonly bought together). The challenge is how to implement and integrate these capabilities, such as data cleaning and transformation, numerical simulation, statistical modelling, data visualization and machine learning, into existing Business Intelligence software.
How can you leverage Data Science practices?
We would suggest that your Business Intelligence software has scientific analysis capability integrated within it. Having this built-in functionality, enables you or your BI Analyst/team to work within one application, with the same interface. Reducing the need for the analyst to learn, manage and maintain multiple applications, or having to rely on other teams or external parties to implement the science programs for you.
Want to explore more?
It can get a bit futuristic and often feel like, “it’s what other companies do”, but HAYNE are here to de-bunk, demystify and show you how the tech can support you on your journey towards Business Intelligence bliss.
In our recent webinar, TEN things to maximise your Business Intelligence investment, we will touch ten key areas, including ‘Data Science’, that should be leveraged in your existing Business Intelligence software, or should be key considerations when looking to purchase new software.
