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. 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-Facing Apps and Fraud Tracking
Customer-facing applications that work around machine learning formulas provide answers to concerns that your customers might face. These are products that people use for their everyday routines or to accomplish their goals more quickly and easily.
Among several others, examples of such products are recommendation engines for eCommerce providers, sound recognition and analysis apps, and voice translators.
Business Analytics
Business analytics (BA) is defined as the process of exploring data by analyzing operations and relevant statistics. 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 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 issues of varying levels of difficulty, from basic reporting to risk mitigation advice and more. 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 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. Click here for more information about data analytics consulting services.
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