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. Some businesses consider hiring data science consultants such as District Data Labs, to develop products with machine-centered functionality. 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.
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. These are products that people use for their everyday routines or to accomplish their goals more quickly and easily.
Examples include, among others, apps for document classification, image recognition and real-time visual/audio translators.
Business and Statistical Analytics
Business analytics (BA) is defined as the process of exploring data by analyzing operations and relevant statistics. There are two ways a company benefits from BA: by staying current with its business processes and by getting insights from data for the purpose of making sound decisions. Data analytics consulting companies often use BA techniques as either business intelligence or 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 it is possible to deal with these problems using many 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.
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 that which lets you rewind to what occurred in the past, identify some facts and then analyze them before coming up with 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.