Finding the Right Data Science Consultant: Choosing Solutions for Suitable Problems
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 example, this could be an application that converts speech into text. 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 Intelligence and Statistical Analytics
Business analytics (BA) is the practice of methodically exploring a business’ data, focusing on statistical analysis. The purpose of BA is to keep track of business processes and apply data-supplied insights when making educated decisions. Data analytics consulting companies usually divide BA techniques into two sets – business intelligence and 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 issues of varying levels of difficulty, from basic reporting to risk mitigation advice and more. And fixing these sore points is possible through various 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 requires assessment of insights gleaned from past events and the reasons behind them, and predicting possibilities. Through prescriptive analytics, businesses get advice on specific actions that could be taken to avert potential problems in the future or to boost the benefits offered by rising 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 the tool that allows you to go back to what happened, detect some truths, examine them, and finally draw logical conclusions. But that’s not all 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 even more benefits are good reasons to hire a reputable data science consulting company. If you need more info, visit this website.