Matthew Leitch extols the considerable business benefits of bespoke data analysis.
Buzz phrases such as big data, machine learning, and data science conjure up images of the big tech companies like Google and Amazon doing complicated and expensive things with computers.
While for others, artificial intelligence will one day put some of us out of a job. But in the decades before that happens on a large scale, if it ever does, there will be plenty of opportunities for intelligent, numerate people to get useful results from simpler initiatives involving some of these technologies.
Those initiatives could, for example, help clean up data efficiently, target efforts to boost sales, keep customers, reduce the costs of operational mistakes and help justify investment in decisions where the outcomes are otherwise too uncertain to support a major investment.
The biggest advantage of data science methods over just slicing and dicing data is the ability it offers to quantify the combined significance of multiple variables at the same time. But what do you need to know to run a simple, low-budget exercise to gain more from your data with data science methods?
This is an extract from the Business & Management Magazine, Issue 264, May 2018.
Full article is available to Business and Management Faculty members and subscribers of Faculties Online.