Data Science is becoming rapidly more interesting to businesses, and for good reason, the impacts are visible. With that said, there seems to be a lack of understanding as to the steps needed to bring business benefit through data science solutions.
It is the gap between a business’s aspirations and where they are now that we see great value in demonstrating.
We have previously talked about how ‘Data is the new bacon’, and we hope that this article will demonstrate what that means from a business perspective, and why it should be really high up your list.
Why are we discussing data science solutions?
It’s a fair question, the hot bed of topics around data, analytics, insights & AI seem to be at the forefront of Twitter and boardrooms but why has all of this come about?
We’ve been collecting a lot of data.
Simon Bullers, President of RedPixie noted that 60% of the current generation of children will use data science in some form of their job. These changes are undeniable.
Pure and simple, organisations have been quantifying everything, putting numbers against everything, without really thinking about what that means. It’s like opening your blind on an aeroplane, we are told to do so, without much knowledge of why (here is the real reason).
But we have now entered a new era, where we have the tools to not only collate that information, but to interpret it, and act on it. It means that companies like Boeing can completely revaluate how they view themselves, and how companies like Telereal Trillium can save millions of pounds in running calculations.
It’s no longer a matter of the edge, but staying in the game:
That is what makes data science solutions so important, not which they do, but the impacts they have.
As Daniel Shakhani noted:
“Getting an insight into what does data science mean today, what nuggets of information can we take back into those businesses and help them propel further.”
How can we utilise these solutions?
This is the white space, the very tangible part of business transformations that is frequently missed.
We were delighted to discuss this at Lord’s Cricket Ground with our recent ‘Art of Data Science’ event. Through bringing together thought leaders from Microsoft, Insight, Automated Intelligence, CORETX & KPMG we were able to articulate and visualise how this is done.
We kicked off with what we see as an important base to any discussion on data science: how do you wish to challenge the way people are using technology to empower the business?
This thought from our CDO, Mitchell Feldman, provides some context as to what is the targeted outcome.
See the event highlights below:
The topic of data science solutions is equally met with that of the cloud.
The guiding force that everyone must put their data in.
However, Simon Pearson, Cloud Partner Technology Specialist at Microsoft makes the point that ‘it’s not just about moving into the cloud’. The real wonder is improving the way people can produce and work with data that is directly in the cloud.
“The cloud: it lets you forget about the infrastructure, servers, and focus on what you do well, and the data.” – as noted by Gary Barter.
This new reach is what allows products like an Azure Calculation Engine to be conceived.
Through taking mechanisms that impact the operating and capability of a business, and re-engineering the data, you can use data science in a way that matches your desire for speed.
What are people doing with data science solutions?
Every industry, every department. But yes, that is a tad vague, so here are some real-life examples of the transformative effects of data science solutions.
The first place to note really is how companies are paying for these developments, and this area of IT is really interesting. Lee Nolan, Insight, notes how people are moving beyond the IT budgets, these type of efforts now sit under digital transformation.
Where to start? We hear this a lot. This best place is really with a bit of a clean-up. It is difficult to assess what you have before you do a full audit. It will put you in a much better place going forwards. This thought is echoed by Mark Godfrey at Automated Intelligence.
From a practical perspective all of this can come together to create incredible outcomes. So much so that at RedPixie, we can boldly make claims that “data science can save lives”. You can see more about this incredible use of data science solutions here.
There is a lot to be done, and there is a lot to be learnt but this is something that businesses cannot miss out on.
The dynamic of data science has put every business on the line, we’ll have to see who comes out best.