Data Science and InfinITy
In 2020 alone 59 zettabyte of data was generated and captured worldwide. This immensely large amount of data (only growing year by year) holds information and insights that are of great value.
A couple of years ago the profession of data science emerged. The aim of this field is to gain insights, extract information from data through computer science, artificial intelligence, statistical methods with the final intention of applying the findings for improved operations in different application domains.
As business consultants we recognize the potential data holds, also collected by enterprise resource planning systems such as SAP. Our goal is to draw attention to this and support businesses by enabling and guiding them in making sense of their data and completely leveraging its potential.
The aim of data science is to extract information from data through computer science, artificial intelligence, statistical methods with the final intention of applying the findings for improved operations in different application domains.
The Value of Our Data
We hear and read a lot about how data brings value and insights but what do we mean by that exactly? What can we do with our collected data and how do we do it?
Applying data science techniques allows you to seek advantages from multiple aspects and angles. It can greatly contribute to finding the main cause of currently faced problems within businesses such as declining profit numbers or inefficient process flows. Data scientists do exploratory analyses on existing data to reveal valuable insights and with the help of graphs, dashboards, interactive reports these insights can be effectively communicated and visualized.
Exploring The Unknown!
Data science also aims at discovering potential not-yet-revealed problems and the solutions to these unknown areas. This helps prepare for unexpected happenings such as machinery failure or delivery problems. The analytical tools and techniques work by finding correlations, connections, patterns in large amount of raw data that are invisible to human eyes.
We hope you enjoyed this post elaborating on the importance and opportunities data science aims to bring for companies. In the following months, from different angles we will introduce the main concepts, relevant use cases and most important know-hows companies need to understand in order to become data-driven and to optimize their operations through leveraging data. Hope to see you next time again and in case of any questions feel free to reach out to us!