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Data rules the world today, and data science services can be a true game-changer for any business. However, few business owners realize the potential and versatility of data science as a service. It’s regrettable, especially for SMBs and startups, which can benefit tremendously from the insight derived from big data.
Today we’ll try to remedy this situation and expand on the subject of why now is the time for data analytics. We’ll start by explaining how some basic data science consulting services can help businesses thrive in competitive and volatile markets.
Data Science Services Explained
Data Mining, Processing & Visualization
The first among data analytics consulting services is data mining. Simply put, the team will find a way to extract all the information you require from any source. This type of service is highly versatile because the type of data that businesses need to process might vary considerably. For example, in one of our cases, data scientists had to develop a method and solution to extract patient information from multiple sources, including healthcare system records and even doctors’ handwritten notes.
Then, the collected data will be translated into some universal format and processed. Depending on the volume, the team might require substantial resources to complete these tasks. Using the help of NLP (Natural Language Processing) tools is quite common when processing and analyzing data.
Data science visualization services allow the client to get the data presented in a manner they can easily use for business. For example, an eCommerce business can get detailed reports on sales dynamics during a specific period. Based on this report, the client will be able to understand exactly how people choose to spend money on their website. Therefore, they will be able to come up with more efficient offers to boost sales.
Predictive Analytics, Forecasting, Risk Management & Optimization
Big Data analytics is a type of service that can benefit any business because it’s your way to get information about the market. Therefore, it enables you to make well-informed decisions that will provide better results.
Data science services allow you to use the tremendous storage of valuable insights that is the Big Data to make accurate predictions to build your business strategy. Predictive analytics works by building NLP models that analyze specific types of situations on the market, identify patterns, and make forecasts based on them.
Data science services that involve forecasting can provide a highly accurate future development model. For a business, such prediction can help reduce risks and prepare for those that are unavailable. In addition, predictive data analytics models can be used as a strong argument for investors.
Another way to implement data science services is to have the team provide an optimization plan for your business. Then, they will use a combination of data mining, processing, analysis, and forecasting to develop a set of custom-tailored recommendations for your business.
The best thing is that such recommendations are based on actual data and existing patterns. Therefore, your company won’t waste money on changes that won’t have a positive impact in the long run. When you rely on data science services, all results are based on hard evidence, so risks are minimal.
NLP, Computer Vision, AI & Machine Learning
Are you wondering how exactly data scientists do the analytics and prediction part of their work? The answer is they use AI to assist them in these processes. The exact technology they use varies based on the task. For example, a data science team can build a very primitive NLP model to ‘mine’ information matching specific parameters from a particular database.
However, they can also use the same technology on a grander scale to build a more complicated model to analyze specific patterns, like market growth trends. Then, another model will process that data and make a forecast based on those patterns accounting for additional factors.
AI technologies are developing rapidly, and so are data science services. Therefore, the scope of insights you can derive from this service increases, giving you new business opportunities.
Another exciting type of AI-based service a data science team can offer is utilizing computer vision technology. Like NLP models derive information from textual data, computer vision extracts information from the visuals. The most common application for this tech now is the facial recognition feature used by multiple gadgets. However, on a larger scope, this technology can be used to prevent crime, analyze a stream of video footage, or monitor specific areas for emergencies.
What Businesses Need Data Science Services?
Applications of AI and data science services are endless. So, regardless of size, every business can benefit from using these services on any level. Therefore, the main factors to consider are your budget and goals.
First, determine what it is that you’d like to achieve at this stage. Do you want to cut costs? Optimize business processes to increase productivity? Enter a new market? Launch an innovative startup? Expand the capabilities of your existing product? Enhance your business strategy?
Once you’ve chosen one or several objectives, book a meeting to discuss data science consulting services. A team of experts will analyze your business and request and develop a list of services that will help achieve your goals.
Contact us and set up a free meeting today!