Choosing a Data Science Consultant: The Right Solution to the Right Problem
Data science and AI solutions usually entail gleaning invaluable precepts from available information. There are businesses that approach data science companies like District Data Labs, to create products whose key role is focused on machine learning. For instance, this could be speech-to-text conversion software. Others may be planning on a customized analytical and visualization platform that handles their everyday operations and provides insights for strategic decision-making.
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-End Applications and Fraud Detection
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 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. 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 issues of varying levels of difficulty, from basic reporting to risk mitigation advice and more. And addressing such problems can be done using different kinds of analytics. If your goal is to boost sales, for instance, prescriptive analytics will be the best to use. 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.
Imagine your business being captured on film, every single moment and transaction of it, as part of a long series of episodes. 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 you can do more than that. 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.
All that and more are reasons to partner with a highly reputed data analytics consulting company. For more info, view here!