Choosing a Data Science Consultant: The Right Solution to the Right Problem

The general principle behind data science and AI solutions is collecting important insights from data at hand. 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.

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-side applications are those that rely on machine learning algorithms address issues that your customers are facing. 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

Business analytics (BA) is the practice of methodically exploring a business’ data, focusing on statistical analysis. The role of BA in a business is two-fold: to monitor business processes and to use data-provided insights as basis for making informed decisions. Data analytics consulting companies usually divide BA techniques into two sets – business intelligence and statistical analysis.

There are varied situations where business analytics provide valuable help, such as market and customer segmentation, risk analysis and forecasting customer lifetime value.

Business analytics helps solve problems of varying complexity levels, from basic reporting to operations enhancement recommendations. And addressing such problems can be done using different kinds 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 requires assessment of insights gleaned from past events and the reasons behind them, and predicting possibilities. 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 is the tool that allows you to go back to what happened, detect some truths, examine them, and finally draw logical 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.

All of these and more are reasons to hire a reputable data science consulting firm such as District Data Labs, and you can read more about this company if you click here. Click here for more information about data analytics consulting services.