By Subhash Jaini, Managing Director
Most companies have mastered collecting data but now the big question for many of these companies is, “What do we do with all of this data?” And that is where Data Science comes in.
Leveraging Data Science to Improve Business Processes and Solve Challenges
What is Data Science?
Essentially, data science uses data-driven methods to solve practical problems. It is the intersection of computer science, statistics, and business.
Leverage Data to Solve Business Challenges
Consider an ineffective process or challenge your business is experiencing.
For example, perhaps your business would like to improve financial management. Data Science can help. One option is to leverage your company’s general ledger data to analyze and predict anomalies.
Or maybe your business would like to be able to anticipate inventory needs more effectively for the products you’re selling. Data Science can help here too. By creating a forecasting model, your business would be able to anticipate inventory levels using your existing data.
Once you’ve identified the challenge or opportunity. A data scientist can help identify an approach to best use your collected data for a positive business outcome.
Typical Data Science Project Process
Data Scientists typically follow a process that includes the following:
- Getting an understanding of your business and challenges as well the type of data you collect
- Talking with you to determine a clear reason and goal for the project
- Data Modeling
- Preparing the data for modeling
- Produce a model that can take unseen data and produce predictions on outcomes
- Put model to the test and evaluate success
- Initiate a plan to roll out model to business-side
- Deploy model with the expectations set in Evaluating phase
- Business-side will begin utilizing model
- Discussion to provide ongoing support and improvements
Your business holds secrets to success within the data collected in every piece of the business – from inventory to sales to the core product/service . Data Science can unlock those secrets and permanently position your business for improvement and growth.
Keiter is now proud to offer Data Science and Analytics Services with our latest practice department, Innovative Data Solutions.
Please contact us if you have any questions regarding this content or how data science can serve your unique business needs. Contact Us | 804.747.0000
About the Author
The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.