Skip to main content

Business Optimization using Data Science – A Success Mantra

By: Srinivasan Rengarajan, VP & Global Head of Data Science and Analytics, 3i Infotech

In today’s era all small and large corporate are sitting on a gold mine of data, however, the biggest challenge they are facing to use these data to get business insights which they can to take effective business decisions and optimize their business.

“Data Science” is one of the most talked about topics in the CxO community and even leading analysts like Gartner and Forrester have quoted 2018 as a milestone year for organizations, with over 70% of them expected to leverage Data Science for Business Optimization. 

Data Science is an automated method to analyse massive amount of data from various sources and extracting insights from them. Data science starts with examining raw data followed by applying statistical techniques for the purpose of drawing business related conclusions about the information and for modelling and predicting business outcomes.

According to recent industry reports, by the year 2020, about 1.7 megabytes of new information will be created every second for every human being on the planet. Hence, unravelling insights from this enormous amount of information will require the seamless adoption of big data technologies, stronger data security, and integration of AI, machine learning and cognitive technologies applications with business operations.

In 2018, the following trends around Data science and Big Data would likely surface. Trends which include - Prescriptive analytics is poised to drive proactive decision-making, which would impact HR processes; Demand for data scientist will substantially increase, while finding data scientists will be an equally arduous task; Cognitive technologies and artificial intelligence (AI) will help reshape business processes; Machine learning (ML) is fast becoming the fulcrum of big data platforms and analytics; Enterprises will increasingly adopt a cloud-first strategy and cloud-based platforms for big data analytics.

Use Cases – Key Success factor for any Data Science Program

There are 2 key success factors when it comes to a Data Science program. First one is the identification of the right business use case and the second one is the availability of underlying data. While many organizations are in the process of preparing their systems to be able to apply Data Science and reap its true benefits, the true challenge is with nailing down the right business cases. Business use cases always needs to start with expected outcome and has to be a combination Business Benefits, Organizational Readiness and Technical Complexity.

Business use cases are often specific to the industry and it is important to select the right use case for your data science program based on your industry.  Let’s look at the top practical use cases by each Industry.  


Conclusion
Unlike traditional analytics, Data Science programs are focused on a more specific optimization area but yield multi-fold business value. The key lies in the selection of the apt business use case and program execution - right from the data understanding to model deployment. Most of the successful data science program are executed in an iterative manner to refine the scope of the business case to achieve the desired outcome.

Comments

Popular posts from this blog

Cloud Computing powering India’s priority of ‘Digital-first country’

By: Sunil Mahale, India MD and VP, Nutanix
Digital transformation has been recognized as being vital to the growth of our nation. This transformation has enjoyed the unanimous approval and contribution from all stake holders including enterprises, MSMEs, government bodies and citizens. But this level of adoption in a country with a population of over a billion people would need a robust technology base that is capable to collecting and distributing vital data seamlessly.
Digital India envisions creating high speed digital highways, that will impact commerce and create a digital footprint for every individual. Technologies based on mobility, analytics, Internet of things and most importantly, cloud technologies are the building blocks for the digital India missionThere is a growing need to manage huge volumes of data, and making them readily available to public through digital cloud services. Cloud has a pivotal role in enabling this change.
While Data centers have become crucial to th…

RevStart launches its RevItUp Incubation Programme

Underlining its vision of creating a nurturing ecosystem for start-ups to grow in, RevStart, a co-working and incubation centre, has announced the launch of its RevItUp Incubation Programme. The 12-week long programme will be held at RevStart Incubation Centre in Noida from July 1, 2018 onwards. As part of the programme, RevStart will select five high potential start-ups from the ed-tech sector, AI, Consumer Internet, Sustainability, as well as for-profit social impact companies to assist them with developing their business, along with connecting them to global mentors across industries and sectors. In addition, start-ups selected for the programme will receive INR 5 lakh to Rs. 25 lakhs worth of cash and benefits, while RevStart will get an equity stake in the ventures.
The RevItUp Incubation Programme has been created to enhance the founding team’s industry, product, and company building knowledge and capabilities through a world-class curriculum. The programme will focus on tailor…

Insurtech startup Kruzr raises $1.3 Million from Saama Capital and Better Capital

InsurTech startup Kruzr has raised 1.3 Million USD (Rs. 9.5 Cr) for its seed round led by Saama Capital with participation from Better Capital. Kruzr is a preventive motor insurance technology which helps insurance companies personalize policy premiums & improve their risk model by delivering an engaging preventative driving assistant to their customers. Kruzr is founded by Pallav Singh, Ayan, and Jasmeet Singh Sethi.

Kruzr blends the power of voice technology and artificial intelligence in its personal driving assistant that helps drivers minimize mobile distractions, drowsy driving, speeding and external risks like weather and accident-prone zones. In pilots with insurers, Kruzr managed to cut down distracted driving by 80%. Kruzr is working with motor insurance companies in Europe, UK and India to bring its technology to their customers to prevent accidents & improve claims.

“Road accidents cause over 1.3 million deaths globally every year, and motor insurance companies los…