What Is Data Science Consulting?
The scientific methods used to program a machine so it can make sense of data is data science. For example, data science is the learning engine for self-driving vehicle. Data science is the forecasting engine for algo trading. Data science is the brain for Cortana, Siri and Alexa.
What does a Data Scientist do?
Data scientists is a trinity between business, technology and statistics, they know how to prepare datasets and choose the correct algorithm for machine to learn and make a business prediction. Data scientist must understand the trinity very well to produce the necessary prediction output. Without the necessary business sense, the data science model will not fit for business purpose. Without statistics, the data science model will likely to be bias. Without the right technology, the data science model will not be well utilised.
Data Science Applications
Here’s a brief overview of how data science is having a positive impact within the public and private sectors:
Not-For-Profits
Data can be used to identify future risks for communities in need, allowing for the timely development and delivery of relevant services. This not only applies to small-scale NFPs such as a local crisis centre, but also global NFPs such as Greenpeace or Doctors Without Borders.
Healthcare
Data is being used to help improve patient outcomes through the early identification of disease and deliver timely treatment.
Private sector
Companies can use historic data to develop consumer-centric products, services, and experiences. They may also use data to improve workplace conditions, which aids in the attraction and retention of staff. Thanks to data science, executives can predict resource needs and monitor financial forecasts – allowing them to correct course before issues become impacts.
Marketing
Marketing agencies who serve the public and private sectors are using data to enable much greater specificity in defining target audiences and key messages. This saves their clients time and money, and connects consumers with brands that offer the products and services they really want and need.
Education
Data science helps teachers understand their students better, and improves planning to ensure better learning outcomes. The education sector may use data to analyse and predict attendance, identify at-risk demographics, see geographic trends, map student engagement, and much more.
Public Sector
Data is fast-becoming essential to public sector planning, which is evidenced by the passing of the new Data Availability and Transparency Act. Under strict conditions, government departments will now be able to share data for the purposes of improving services to the public. This is set to create exciting opportunities and innovations – from how we respond to natural disasters, to how we ensure that people in need of vital services aren’t overlooked.
Characteristic of Data Science
Why do you need data science?
Did you know that artificial intelligence (AI) could not exist without data science? What’s most exciting is the ability for data science to enhance an organisation’s view of its own future. Utilising data science’s prediction capability, leadership can be alerted to potentially damaging predictions or missed opportunities that is only visible to machines.
Take survivorship bias for example. The most famous example this is a classic example of what could go wrong if you don’t have a data scientist in your project.
During world war 2, mathematician Abraham Wald was asked by the American Military to study how best to protect airplanes from being shot down. They knew additional armour would help, but having it applied to the entire plane would make it too heavy to fly. So, they planned to examine the planes returning from combat. Review where they were hit the worst and then reinforce those areas.
Wald realised they had fallen prey to survivorship bias as valuable part of their analysis was missing. The plane that had not made it back. These plane where hit and not able to fly, compared to the planes they were analysing which were hit but still able to fly. The armour was going to be place in the entirely wrong places.
Once you are familiar with the idea of survivorship bias, you can start spotting it everywhere in the commercial world.
If there were data scientist back then, the data scientist job is to understand the business/situation and determine whether data collected are representational to the whole situation, properly label the outcome that we would like to predict, use the suitable algorithm and technology to find the corresponding pattern, and finally give recommendations.
the past, business intelligence products were in the remit of analysts, data scientists, business technicians and the IT department. However, MS BI was developed as a user-friendly solution able to be used by both technical and non-technical people.
The great thing about Power BI is that basic users can use it to visualise company data and share it with external stakeholders. At the other end of the spectrum, more technical BI professionals can harness its power to generate complex reports and interactive data modelling, and because it can handle pretty much any type of data you throw at it, everyone from the finance department to HR, sales, marketing and more can use it to their advantage.
Data Science offerings
So you’ve decided that Power BI can add real value to your organisation. Now it’s time to choose which version will align best with your needs. It’s the question everyone in the C-suite wants to know: Desktop, Pro or Premium? A Power BI consultant can help you make better business decisions, but for starters here’s a rundown of what each version offers.
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Readiness Workshop
Data is fast-becoming essential to public sector planning, which is evidenced by the passing of the new Data Availability and Transparency Act. Under strict conditions, government departments will now be able to share data for the purposes of improving services to the public. This is set to create exciting opportunities and innovations – from how we respond to natural disasters, to how we ensure that people in need of vital services aren’t overlooked.
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Hands on wokshop
2 days hands on data science workshop. Microsoft funded 2 days build together workshop, where our data scientist work together with you to build a simple data science proof of concept project
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4,4,5 Financial Planning
Still doing the 4,4,5 financial planning? Business is moving towards performing rolling 12 months forecast. Our cost effective solution build and validate by Microsoft can help you to do that. You can download and try it on Microsoft App Store.