Automated Data Science To Offer Competitive Edge To Enterprises
All small and large corporates are sitting on a gold mine of data, however, the biggest challenge they are facing is to use these data to get business insights
Photo Credit :
According to a recent Indian jobs study, data science is one of the topmost and fastest growing fields in India and its relevance is increasing in almost every sector. Reports from NASSCOM suggests that India’s data industry would reach $16 billion by 2025 from the present level of $2 billion. At the core of it, data science is the science of examining raw data and applying statistical techniques for the purpose of drawing business related conclusions and predicting business outcomes. In every organization, there are opportunities to implement data science and transform the way business is carried out.
Leading analysts like Gartner and Forrester have quoted 2018 as a milestone year for organizations, with over 70 per cent of them expected to leverage data science for Business Optimization. It is one of the most talked about topics in the CxO community.
In today’s era, all small and large corporates are sitting on a gold mine of data, however, the biggest challenge they are facing is to use these data to get business insights which they can implement to make effective business decisions and optimize their business. In the Indian context, below are the industries adapting data science to gain a competitive advantage:
- Financial institutions are optimizing price, improving customer satisfaction, predicting a risk of defaults, optimizing underwriting process
- Hospitals are increasing diagnoses accuracy, providing physicians with accurate sickness’s causes for individual patients, preventing patient readmissions, predicting the risk of infections
- Retail chains are increasing occasional and loyal customer satisfaction, optimizing campaigns, offering the right price for products, preventing inventory shortage
- Manufacturing organizations are predicting machine failures, providing predictive safety alerts, building an accurate pro-active maintenance plan
However, applying traditional data science methods to real-world business problems is time-consuming, resource-intensive, and challenging. It also requires experts in several disciplines, including data scientists.
Enterprises leveraging Automated Data Science to achieve efficiencies:
Automated data Science represents a fundamental shift in the way organizations of all sizes approach to machine learning and data science. Automated data science platforms are bringing the advanced AI techniques into reach for the mainstream. Organizations are finding that with automated data science they can make progress in AI without hiring new data scientists or embarking on expensive, time-consuming training for their employees. Instead, almost anyone with domain experience and a familiarity with data can build predictive models without writing a single line of code or having deep knowledge of machine learning algorithms.
With automated data science, AI innovation is not just exclusively in the realm of the data scientists, but can now be shared with those that best understand the business needs. The main obstacle to AI success is no longer capable, but rather a refusal to embrace new methods and new approaches. Automated data science platforms remove many of these obstacles, and with a sound data science strategy will accelerate your success.
Automated data science saves up to 80 per cent of the time in the model building, cuts 90 per cent of the learning curve time, delivers 20 per cent to 40 percent more accurate and stable models and lastly zero preparation time for production deployment of models, thereby giving the utmost advantage to organizations to adapt data science.
The world is being disrupted by visionaries. Combining the power of AI and automated data science with a sound strategy is helping build a future that is smarter, more efficient, and fairer for everyone. The companies that take advantage of automated data science will succeed and prosper. Those that don’t will be left behind.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.