Hiring a Data Science Consultant: Finding the Right Solutions to the Right Issues
Generally speaking, data science and AI solutions involve harvesting high-value insights from existing data. There are businesses that approach data science companies like District Data Labs, to create products whose key role is focused on machine learning. For example, this could be an application that converts speech into text. Others may be looking for a bespoke analytical and visualization platform to control their daily operations and use gleaned insights to make crucial decisions.
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-Side Apps and Fraud Monitoring
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 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.
Business analytics can be used for various needs, such as dashboards and scorecards development, price forecasting, and risk analysis.
Business analytics helps solve problems of varying complexity levels, from basic reporting to operations enhancement recommendations. And fixing these sore points is possible through various types of analytics. For example, if you would like to know what steps you should take to boost sales, prescriptive analytics is best. This type of analytics involves evaluating insights from past events and their cause or causes, and predicting what could happen in the future because of those. 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.
Envision every single event in your organization being recorded on camera as part of a long TV series. Business analytics what enables you to take a long hard look back, looking for the lessons somewhere, breaking them down, and then making valuable conclusions. But there’s a lot more that you can do. Through BA, you are able to understand the cause of events more deeply, allowing you to make event forecasts and make a plan that will make sure you only have success waiting for you.