How to digitally transform your business with data science
September 7, 2016
Data science is helping many leading companies prepare for the digital transformation sweeping across the business landscape. This digital transformation, as observed by CIO, relates to “the acceleration of business activities, processes, competencies, and models to fully leverage the changes and opportunities of digital technologies and their impact in a strategic and prioritized way.”
Being fast is not enough, however. A digital transformation is about the need for businesses to outpace digital disruption, and stay competitive in a rapidly evolving business environment. For your organization to truly embrace a digital transformation, you need to make data science a fundamental component of your efforts.
By observing patterns in data and creating software that can regularly and reliably turn that data into actionable insights, data science can give your company an advantage that competitors can’t beat.
Modern enterprise technologies generate vast amounts of data, which can be challenging and time-consuming to analyze. By building data science models that are accessible, meaningful, and actionable, however, you can spot new opportunities quickly and speed up decision-making. To do that, your models should be:
- Consumable—You shouldn’t need a PhD to benefit from data science. Having access to easily consumable, real-time insights and visualizations of complex sets of data can unlock new opportunities and revenue streams, help improve customer relationships, and help improve your bottom line.
- Adaptable—Your data science models should be self-learning and highly automated, so users can get the most from them. Not only must your models learn and evolve, but your models and data must also be accessible through your existing enterprise platforms, so everyone can easily get to them.
- Transparent—Your users must be able to drill down to understand the data that are driving the recommendation. When users understand the recommendation as well as the reasons for that recommendation, their experience is more meaningful.
When you can find the patterns in the mass of data your business generates, you’ll be better able to identify the right opportunities.
Infor Dynamic Science Labs is leading the way in data science by using predictive analytics, mathematical modeling, optimization, forecasting, and more to help companies identify new ways to digitally transform their businesses. Using data science, Infor Dynamic Science Labs can create and validate solutions that can improve your decision-making.
— Kathleen King, senior scientist, Infor Dynamic Science Labs