Data Science is a professional activity associated with the efficient and most reliable search for patterns in data, the extraction of knowledge from data in a generalized form, as well as their design in order to make informed decisions in a form suitable for processing by interested parties:
- software systems;
- control devices.
Five Key Trends
Accelerating the introduction of AI in business
Over the past few years, AI has gradually become a mainstream technology for both small and large enterprises, and there is every reason to believe that this will continue for the next few years thanks to data science agency.
Today we are in the early stages of using AI, but it is likely that by the end of 2020 we will see new and more progressive methods of using it in scientific fields and business. The driving force behind this rapid growth is the fact that AI enables companies of all sizes to dramatically improve the efficiency and effectiveness of their business processes and operations. It can also help you achieve tremendous success in managing customer and user data.
How it can help business
Directly, and for the benefit of both the seller and the buyer. The simplest and most striking example is targeted advertising in search engines. Google is based not only on queries in the search bar, but also on the user’s movements (for example, seeing that a person visits Starbucks often, starts showing ads for coffee and coffee shops), his online communication, activity on social networks, etc.
Many companies successfully use Data Science in their activities.
Data Science and Myths
If high technology and machine learning are so promising, why aren’t all entrepreneurs using them yet? Because they believe in harmful myths:
Myth # 1:
Artificial intelligence (AI) is unpredictable and cannot be trusted.
Programs operate within a given framework, they only propose solutions, and they are analyzed and applied by living people. However, the factors that influence the decision can usually be identified and interpreted. Thus, the AI decision is predictable and trustworthy.
Myth # 2:
Algorithms can do nothing for a business.
Of course, they can, and we have shown this above on specific cases.
Myth # 3:
Machine approach and Data Science are expensive.
No more expensive than paying a staff of professional analysts. In this case, the algorithms will work 24/7, and not 8 hours a day.
Top 5 companies:
- SAS Institute
- MU Sigma
The introduction of artificial intelligence and work with Big Data in all business sectors is only a matter of time. Large companies are already processing data and creating algorithms. For example, it is vital for banks and insurance organizations to adequately assess risks and predict events, not to mention the simplest use of Data Science – creating personalized recommendation systems and increasing customer loyalty.