Finding the Right Data Science Consultant: Choosing Solutions for Suitable Problems
Data science and AI solutions usually entail gleaning invaluable precepts from available information. Certain businesses come up to data science experts, such as District Data Labs, to design products whose major function revolves around machine learning. An example would be a speech-to-text conversion tool. Others may be planning on a customized analytical and visualization platform that handles their everyday operations and provides insights for strategic decision-making.
In the widest sense, data science can be useful as a source of insights about your business and how to raise your overall efficiency, or as a basis for developing AI-centered applications that your customers or clients can benefit from.
Customer-Facing Apps and Fraud Tracking
Customer-end applications driven by machine learning codes are the solution to your customers’ problems. 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.
Examples include, among others, apps for document classification, image recognition and real-time visual/audio translators.
Business and Statistical Analytics
Business analytics (BA) is simply the analysis of an organization’s data through statistics. The role of BA in a business is two-fold: to monitor business processes and to use data-provided insights as basis for making informed decisions. Data analytics consulting companies usually divide BA techniques into two sets – business intelligence and statistical analysis.
There are varied situations where business analytics provide valuable help, such as market and customer segmentation, risk analysis and forecasting customer lifetime value.
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 calls for a set of actions that include an examination of insights about previous events, the reasons they came about, and various forecasts on upcoming events. 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 is the tool that allows you to go back to what happened, detect some truths, examine them, and finally draw logical conclusions. But you can do more than that. BA can be considered a tool for understanding how events came to be, predicting what could come to be, and then creating a foolproof plan to make sure that the results align with that plan.
All of these and more even more benefits are good reasons to hire a reputable data science consulting company. Click here for more information about data analytics consulting services.