After all, what is data science? Find out here!

That the market is increasingly challenging and demanding decisions based on accuracy from managers, is not news to anyone. Therefore, for those who are concerned with strategic decision-making, it is essential to have knowledge about what data science is and its impact on organisations.

Basically, it is the use of the infinite amount of information in our hands in the best possible way. Such data is obtained from the various sources that companies can raise with their consumers and market, such as Big Data, LGPD, and Business Intelligence.

Data science is managed by people responsible for not only extracting and reading, but also, processing and delivering accurate data science for managers and leaders to do whatever is needed for the business.

But after all, how to make the most of the resources that this technology has to offer? What are the best strategies to be followed? If these doubts are also yours, enjoy reading this article - in it, I will explain the main points on the subject!

After all, what is data science?

Several names and concepts have emerged to define technologies and tools that make a difference in the strategy of companies, especially with the much talked-about subject of digital transformation. Among them is data science, which is nothing more and nothing less than data science.

This theme, despite being relatively new, is already present in different organisations. It is extremely important in the age of information and actions that overcome market movements.

With the large production of data, whether from consumers, potential customers and competitors, it is possible to use it to our advantage, defining the next steps to be taken. And this is exactly the role of data science.

How does it work?

This area works with the capture of data, reads and interprets it, and provides leaders with the best decision making. And it goes much further, such as the identification of possible systemic and service problems, providing the best solutions for the business.

Furthermore, it is worth noting that data science works with different technical areas, ranging from information technology, tool manipulation - such as BI, data-driven companies and Big Data, statistics, engineering, among others -, all in favour of business strategy.

It is important to substantiate that data science work involves different analyses, such as:

• predictive causative analysis: which foresees possible future problems, based on the reading of the market, and already develops solutions for these scenarios;
• prescriptive analysis: the best solution from the observations made, based on the data collected.

Which companies need to have data science?

The demand for data science is of a global scale, that is, it is valid for all those who need competitive intelligence to enhance the company's results. However, not only having this information at hand ensures that the best decisions are made.

This is because the range of data generated per day is enormous. According to a survey, released in 2019 by Forbes, for 2020, an estimated 1.7 megabytes per second will be generated. That number, turned into a day, comes to about 147 gigabytes - in a year, 53,611.2 gigabytes of data.

Therefore, it is fundamental to have a science that enables a deeper reading of this digital ecosystem, filtering what is really inherent to the business and allowing managers to use it in the most appropriate way.

Thus, data science is a strategy that all companies need to have to ensure that insights about the market are realized. With the best accuracy of information, it is possible to ensure that efficient actions are applied and do not generate a negative impact on the expected planning.

What are the main benefits?

Data science is not the main guarantee for the company to achieve the best results in a company. However, its purpose is to provide the right market insights for leadership decision making. In times of great challenges, it is fundamental that the actions are decisive and important for better actions.

However, this technological concept provides some specific results for the company. Check out some of them!

Support to various areas of the company

Data science can be used in different areas of a company. Finance, information technology, marketing, accounting, and even the legal department can be armed with data and use it for converted actions that are efficient for each department and, consecutively, for the entire organization.

Developing more targeted strategies

It is essential that all the steps of a company are carried out accurately. For this, it is necessary that they are performed from a more concrete base, and this can be done with more accurate information and data. Otherwise, time and financial investment may be lost.

Forecasting possible market movements

The market can be extremely challenging, mainly due to external environments, which are not in our hands. However, with prior knowledge, it is possible to predict what the next steps are and, beforehand, act with more confidence and certainty.

What is the role of the data scientist for the success of this concept?

The scientist who works directly with data science is, without a doubt, the most important character to ensure that this culture is implemented and executed in the best possible way. Otherwise, all work with the data may be lost.

This professional must have some technical skills, ranging from logical and mathematical knowledge, to notions of programming, skilful knowledge in interpreting data and full understanding of all areas of the company.

Thus, with such work insights, this person will make the integration between the information obtained and generate the main points for decision making. The aptitude of the importance of tools such as Business Intelligence and Big Data needs to be sharp in the activities of this professional.

Today, data science and data scientist are considered far beyond marketing strategy, but something as fundamental for the company to identify the best resolutions. In times of high competitiveness, it is necessary to have accuracy in decisions and find what leads the organisation to efficiency.

So, what did you think of the subject I brought to you? It is very important to understand the theme and others related to it. Take the opportunity to subscribe to our newsletter and receive exclusive content.

‍