Businesses are facing high levels of uncertainty due to the pandemic, but that’s not the only reason why data science is important .
The global pandemic by COVID-19 has impacted all aspects of society, just as it has in organizations, regardless of their size or the sector to which they belong, thus marking a relevant turning point in the ability to transform data into gross in value information .
We are at a critical moment for management areas, because now is when they must make decisive decisions for the future of their companies, and the use of Big Data can make the difference between remaining and even increasing profitability and utility or sinking, in amid this context of high uncertainty.
However, it is not a recent solution, data scientists have been warning for a couple of years about why data science is important , but it is only now that its advantages have become evident, as well as its urgency implementation, because as a result of COVID-19, reality is constantly changing and will continue to do so.
The trend from now on will be to carry out business strategies hand in hand with data science as the main instrument for decision makers, since knowing what is happening in the market and in the minds of consumers, and using it as a competitive advantage is the best solution, in the face of today’s crisis.
Essential components and value of Big Data
Big Data has gained value due to the advanced technology tools that it has managed to combine, such as artificial intelligence (AI), machine learning and natural language processing (NLP), linked to scientific systems, methodologies, analytical models, probabilistic and algorithmic.
The combination of AI, machine learning, NLP, and knowledge in human aspects can propose a new method to face new and existing problems (SAS).
The functionalities of big data turn out to be a great support for the task of the data scientist in the optimization of internal processes, risk management and predictive analysis, since it gives him the necessary tools to face the conditions of the new normality and achieve the growth of the organization.
In summary, data science is important because it makes data a strategic asset , and opens the door to digital transformation with its best strategy: the more information available, the better the understanding of what is happening, and it will be possible to predict incidents both negative as well as positive, either for the timely mitigation of risks or to take advantage of growth opportunities .
Artificial Intelligence (AI)
Through the analysis of data with artificial intelligence it is possible to obtain insights and the value of this information lies in the possibility it offers to visualize the non-tangible aspects of the changes and trends in the behavior of the client or consumer of interest.
This allows decisions and actions to be taken efficiently, to ensure permanence in the market and thus the continuity of the company in this new context.
This instrument is key in the application of data science, since it allows computers to create the machine learning system , that is, to be able to identify highly complex patterns in large volume databases.
Machine learning in combination with AI makes available to data scientists the knowledge analyzed and extracted from big data , so that they can design strategic plans for mitigation and adaptability, in the face of market volatility in the new normal .
In addition, with the support of this tool, predictions can be made, a quality of great competitive value, especially in this new reality, since the dynamics of the market are constantly changing.
If you implement it, you will have the opportunity to effectively anticipate risk incidents, but also to timely identify new business opportunities to increase your company’s profits and establish actions aimed at achieving them.
Natural Language Processing (NLP)
The PLN is a component that deals with the interactions between computers and people, adds to the complex of AI, communication and understanding through analytical models of natural language.
This tool has different applications, but currently its most common use is for the automatic extraction of databases, insights and new trends, from the generation of algorithms that are capable of inferring these behaviors by classifying and relating the language.
What smart analytics solutions does BI offer?
Business Intelligence (BI), is a software that provides you with business intelligence solutions, specialized in guaranteeing the continuity of your business, identifying and mitigating risks in a timely manner, visualization of predictive scenarios, automation of processes, optimization of resources and potentialization of opportunities to increase profitability.
In addition, it enables the optimization of big data at the time it is required, since it has the ability to feed on heterogeneous data sources and centralize them in a single source to perform highly accurate and in-depth analyzes in real time .
Jointly carrying out advanced analytical instruments, offered by BI, such as Analytics and Data Mining , will result in in-depth knowledge of financial and purchasing behavior of consumers, supply and demand in the market, and new business opportunities, helping to strengthen the productivity and competitiveness of your company.
If you want to see for yourself why data science is important and start implementing the smart solutions it provides, schedule an appointment with our expert consultants today.