How Data Science Consulting Can Maximize Your Business’s Productivity
With ever-evolving methodologies and technological breakthroughs, Data Science remains an unexplored and challenging field, raising countless dilemmas for business owners. No matter the size, big or small, data consulting companies are the ones who can help businesses solve these dilemmas by bringing their skills and expertise to the table.
In this article, we will learn what Data Science consultancy firms actually do for businesses and how they can help them maximize their productivity.
About business efficiency and data science
With Big Data comes big demand for experts.
Nowadays, companies of any size – from small firms to giant corporations – see the evident benefits of Data Scientists. This impressive analytical superpower can manage these companies’ data and turn it into profit.
AI, Machine Learning boost companies’ efficiency by automating their operations, from building customized customer journeys and churn predictions to cost modeling.
And with their ability to combine the best of the business and tech worlds, Data Science consultants have become the reason why more and more firms nowadays are prone to outsource their data-driven initiatives instead of finding in-house solutions.
What is Data Science?
To put it short, Data Science is the study of processing Big Data. Big Data is an enormous volume of disorganized data. Examples of Big Data are meteodata for a specific time period, search engine query data, big contests’ results, biomedical data, etc. Enormous and disorganized – these are the keywords here and why the Data Science tools and capabilities may come in handy.
How data science consulting solves business problems
The key goal of data consultants is to assist companies in finding the best Data Science tools for their mission to maximize an organization’s efficiency. To do this, they:
- help companies set strategic business goals
- formulate data-driven problems
- research the most efficient solutions based on a company’s priorities
- create data pipelines
- perform exploratory data analysis
Generally, Data Science consulting firms’ collaboration with companies can be broken down into two essential functions:
Technical – actual Data Science services delivery.
Usually, this includes collaboration with development, data and business analytics’ services teams and implies building data conveyors and informational panels, creating and deploying predictive models in corporate software, as well as providing exploratory data analysis consulting services – all based on the company’s needs.
Business-specific – contributing to the company’s business development and sales efficiency.
This function requires solving higher-level issues, i.e. defining potential use cases, working on business-specific suggestions and business offers, as well as technical demos for customers.
Below is a list of industries and common use cases where data-driven tools can be sufficiently applied.
- Marketing analysis
Whether you are a big logistics company or a small family business, the specific data-related algorithms can help you evaluate your company’s market demand or the financial basis of a new branch opening and satisfy some other business-related needs.
- Banking and financial services
Data science is often used in banks when data scientists build unique algorithms to determine a client’s creditworthiness based on their transaction history or some other financial criteria.
- Logistics companies
A good command of Data Science in logistics companies contributes to the best routing options.
- IT services
In IT, data analysis helps develop bots, search engine algorithms, and AI systems, all for the sake of accelerating and maximizing the productivity of IT teams.
Data Science may come in handy in forecasting potential equipment outages or errors.
You can predict the probability of an insurance case through Data Science algorithms.
More and more medical devices use data processing to diagnose or indicate health issues. For instance, a Data Science algorithm can indicate an injury in a body organ while analyzing x-rays.
Obviously, this is only a partial list of all the industries where Data Science can be effectively applied.
Solutions and benefits
Data Science consultants perform 3 common types of services for their clients.
Data Science strategy consulting: development and validation
By analyzing data, consultants can predict potential business scenarios. These predictions help businesses set relevant objectives within their holistic business strategy approach.
And apart from helping businesses build their strategies, consultants can assist in adjusting and improving the current strategies applied in business operations. By analyzing data related to such strategies, they can predict their efficiency in the long term.
Modeling and development
Based on business needs, Data Science consultants can design and develop customized modeling tools to meet the tailored customers’ demands.
Comprehensive Data Science training
The consultants use their expertise to educate the customers’ teams and managers on Big Data, allowing them to dive deeper into Data Science and improve the business systems leveraging it.
And here are at least 4 benefits of Data Science consulting that can help your business stand out the crowd.
- Enhanced business predictivity
By using machine learning and AI, you can streamline and upskill your data analysis, thus improving the predictivity of your business and decision-making process.
- Enhanced risk management
Data Science can help assess and prevent risks, especially in such sensitive fields as banking and financial institutions, where banking transactions and consumer analytics are sources of Big Data.
- Enhanced security of your Data
Besides the obvious productivity benefits, Data Science brings enormous opportunities for maintaining data security. Anti-fraud algorithms, intrusion detection systems, and network attack simulation modeling – are just several ways Data Science specialists can help your company deal with cybersecurity threats.
- Enhanced customer experience
Thanks to Data Science tools, companies can now apply hyper-personalization to their products and services, i.e. provide better customer journeys and unique experiences based on the enormous amount of data available to data scientists.
How to choose the data science consulting company
Some experts call Data Science a secret weapon in gaining leadership and power in competitive markets. Moreover, legal firms, insurance companies, healthcare organizations and financial institutions have been pioneers in using natural language and computer vision to process a massive scope of text or image-based data.
However, very few companies can hire a whole Data Scientists team. And even if they are, there is no guarantee that these teams will have the required business expertise along with their outstanding tech skills.
Here is when a reliable and trustworthy team of Data Science consultants may come in handy. Though we should admit that the superpower of Data Science is not exaggerated, for Kanda, it is one of the numerous high-end tools we use on our mission to contribute to the business efficiency of our clientele.
From consulting and development to optimization and maintenance, Kanda’s Data Science consultants offer best-in-class solutions to address specific business needs.
Want to make the most out of your data? Take the first step by talking to our experts.