TRUE BUSINESS IMPACT OF DATA SCIENCE: FROM HINDSIGHT TO FORESIGHT

In this blog we describe the importance of value of data for the business user through the course of time. In general the business user is interested in information that will help him to optimize his business.

Questions that arise are:

  1. What happened? : what to do with data from the past
  2. Why did it happen? : analyze relevant data and draw conclusions continuously
  3. What will happen? : how to predict the future based on solid data models
  4. How can we make it happen? : what is necessary in the business to change the direction

What are the pitfalls for the business user when he is confronted with future challenges and want to base his strategy on solid predictions from valuable information.

  1. Not having sufficient data knowledge in the company to diagnose the information hidden in the enormous amounts of data from various sources.
  2. Missing data scientists in the company to make data models for real predictive analysis
  3. Having to execute on the outcomes of the predictive analysis and fails to have workflows and software in place to change the business strategy in practice.

Therefore, it is advisable to take serious steps to use the right tools and expertise to really get business value out of big data.

Just think about the following simple steps to help the business user to enter and profit from the world of data-management.

  1. Use the power of Business Intelligence to easily get Insight out of Hindsight. You can think of the usage of available solutions like “Dashboard in a day” based on e.g. Power BI
  2. Your Insight in BI is the basis for data models that show the relevance between the various data elements to be able to make predictions e.g. by using data scientist expertise and innovative solutions from Quantforce Software. Your company will have Foresight and scorecards help you to argument future business change within your company.
  3. Optimize your ways of doing business differently than before with this Foresight. Consult how to alter your workflows, hire the appropriate external and internal data specialists with business knowledge who ensure the successful implementation of more efficient ways of working.

Interested to know more? We will regularly write blogs to further help you to decide on the steps to take. Avoid the pitfalls of wrong data-management in times of big data, machine learning and artificial intelligence.

 

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TRUE BUSINESS IMPACT OF DATA SCIENCE: FROM HINDSIGHT TO FORESIGHT
In this blog we describe the importance of value of data for the business user through the course of time. In general the business user is interested in information that will help him to optimize his business. Questions that arise are: What happened? : what to do with data from the past Why did it… Continue reading TRUE BUSINESS IMPACT OF DATA SCIENCE: FROM HINDSIGHT TO FORESIGHT
THE GROWING IMPORTANCE OF THE USE OF DATA SCIENCE [1-3]
It is no big secret that data, data science, AI and ML are continuously entering our daily lives. According to a number of leading research companies and institutions[1][3][4], data science is the key enabler of digital transformations, and further states that by 2022, as much as 90% of corporate strategies will explicitly mention information as… Continue reading TRUE BUSINESS IMPACT OF DATA SCIENCE: FROM HINDSIGHT TO FORESIGHT

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