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. An example would be a speech-to-text conversion tool. For others, this may be a tailored analytical and visualization platform that will be in charge of their day-to-day operations and offer insights that help with key 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-Facing Apps and Fraud Tracking
Customer-side applications are those that rely on machine learning algorithms address issues that your customers are facing. These are concrete products used by people on a daily basis or those which allow them to become more efficient in what they do.
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. In most cases, data analytics consulting companies will segregate BA techniques, with one group dedicated to business intelligence and another to statistical analysis.
Examples of business analytics applications are data management, client analysis and social media sentiment 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. For instance, if you are looking for ways to increase your sales, prescriptive analytics should be most effective. This type of analytics calls for a set of actions that include an examination of insights about previous events, the reasons they came about, and various forecasts on upcoming events. Using prescriptive analytics, businesses receive recommendations on steps that are necessary to remove potential issues or ways to make upcoming trends more beneficial.
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 that’s not all that you can do. With BA, you can get you a deeper understanding of the reasons leading to events, predict what could happen in the future, and create a good plan that ensures a positive ending.
All that and more are reasons to partner with a highly reputed data analytics consulting company. If you need more info, visit this website.