Hiring a Data Science Consultant: Finding the Right Solutions to the Right Issues
The general principle behind data science and AI solutions is collecting important insights from data at hand. Certain businesses come up to data science experts, such as District Data Labs, to design products whose major function revolves around machine learning. For instance, this could be speech-to-text conversion software. 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-Side Apps and Fraud Monitoring
Customer-side applications are those that rely on machine learning algorithms address issues that your customers are facing. Such are products that are actually part of people’s day to day lives or those that they use to complete their tasks more efficiently.
Among several others, examples of such products are recommendation engines for eCommerce providers, sound recognition and analysis apps, and voice translators.
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. In most cases, data analytics consulting companies will segregate BA techniques, with one group dedicated to business intelligence and another to statistical analysis.
Examples of business analytics applications are data management, client analysis and social media sentiment analysis.
Business analytics can come in handy for a range of problems, from easy reporting to operations improvement advice. And fixing these sore points is possible through various types of analytics. For instance, if you are looking for ways to increase your sales, prescriptive analytics should be most effective. This type of analytics requires assessment of insights gleaned from past events and the reasons behind them, and predicting possibilities. 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 that’s not all that you can do. With BA, you can get you a deeper understanding of the reasons leading to events, predict what could happen in the future, and create a good plan that ensures a positive ending.
All that and more are reasons to partner with a highly reputed data analytics consulting company. For more info, view here!