Data Science Strategy For Dummies

Introduction

A revolutionary change is taking place in society. Everybody, from small local companies to global enterprises, is starting to realize the potential in digitizing their data assets and becoming data driven. Regardless of industry, companies have embarked on a similar journey to explore how to drive new business value by utilizing analytics, machine learning (ML), and artificial intelligence (AI) techniques and introducing data science as a new discipline.

However, although utilizing these new technologies will help companies simplify their operations and drive down costs, nothing is simple about getting the strategic approach right for your data science investment. And, the later you join the ML/AI game, the more important it will be to get the strategy right from the start for your particular area of business. Hiring a couple of data scientists to play around with your data is easy enough to do — if you can find some of the few that are available — but the real heavy lifting comes when you try to understand how to utilize data science to create value throughout your business and put that understanding into an executable data science strategy. If you can do that, you are on the right path for success.

A recent survey by Deloitte of “aggressive adopters” of cognitive technologies found that 76 percent believe that they will “substantially transform” their companies within the next three years by using data and AI. IDC, a global marketing intelligence firm, predicts ...