5 Things Businesses Need to Know about Data Science

In a recent BI post, Krux's chief data scientist Yacov Solomon shared his perspective on data science and its role for the enterprise.  

Here's an excerpt:

According to the media, Big Data is the next big thing and companies everywhere need to get involved.

But are we all rushing in the right direction?

We need data science to find out. But first we have to understand what data science is.

At its foundation, data science isn’t about creating or having more data. It’s about leveraging the information you have, and using it effectively to drive results. It’s a dynamic and multifaceted field that blends technology, mathematics, and human insight. But to be effective, data science has to be understood. Here are are some things to keep in mind.

1. Data science is not one-size-fits-all.

Organizations need to stay ahead of their data, but sometimes that can feel like an impossible task. To help, enterprises need smart technologies that allow them to sift through, analyze, and bring relevant data to the surface.

To unleash the power of data science, companies must first address their goals and evaluate what they want to achieve. Then they must explore their strategies.

For some, data science means investing in the right people – building and refining integrated, in-house data science teams and embracing a data-driven transformation.

But for other enterprises, it might mean investing in the right tools and relying on outside consultants and experts to lead the way. There is no one approach that will suit all organizations.

2. Your chief data scientist can't do it all....

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