Skip to main content

‘Automated Data Science’ to offer a competitive edge to enterprises

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


According to a recent Indian jobs study, data science is one of the topmost and fastest growing field 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% 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 the competitive advantage:

Financial institutions are optimizing price, improving customer satisfactions, predicting 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 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 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 the 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 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 capability, but rather a refusal to embrace new methods and new approaches. Automated data science platforms removes many of these obstacles, and with a sound data science strategy will accelerate your success.


Automated data science saves up to 80% of time in model building, cuts 90% of the learning curve time, delivers 20%-40% 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.

Comments

Popular posts from this blog

Snap Tube can download any video in your regional language

Snap Tube is an Internet Company founded in 2016 with the objective in providing services in the mobile related products and services. Within a span of 18 months, Snap Tube gained lead place in the global market by its satisfactory service to its esteemed consumers. Snap Tube started new feature in India where the user can use the app in his mother tongue, where Snap tube is coming up with the introduction of Indian Regional languages. Namely Hindi, Tamil, Telugu, Bengali, Gujarati, Malayalam, Marathi, Urdu and Kannada.
Snap Tube is now operated and available in more than 100 countries and recognized as trust worthy around the globe. Now there are more than 40 million downloads across the world and everyday more than 10 million users are getting the benefits of the application.
Snap Tube is a tool designed to download videos in a simple, fast, and convenient way from YouTube, Facebook, Twitter, and Instagram. It is a user friendly and with this application user can download the video…

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…

Going Beyond the Buzz in 2019-Understanding 'Digital'

By: Chris Pope, Global VP of Innovation, ServiceNow

There are college degrees in computer science and software engineering that feature various different programming languages and methodologies. Looking further, there are technical architecture courses and many extended forms of tuition designed to school us in every aspect of technology you can think of. Yet, despite all these channels of teaching and the many books that have been written to explore our world of technology, we appear to largely fail when it comes to formalising a wider approach to simply ‘teaching digital’.

Understanding digital, the subject, the discipline itself, is a prerequisite if firms are going to actually appreciate where new and emerging technology will have an impact on an organisation.

A responsibility to embrace digital
The consequences of not embracing digital and the process of moving fundamental work operations to new cloud-based, services-driven platforms leads to something of a vicious circle. Firms st…

Best Five Apps to Help You to Keep Your New Year’s Resolutions

Millions of people will declare their resolutions for 2017. Whether you're resolving to lose weight, get fit, pay off your debt, or just be more grateful for the life you've got, it can be notoriously difficult to follow through in the long run. But put technology on your side and give it your best shot. Here are best five apps designed to help you stick with your New Year's resolutions and achieve your goals.