Data Science leads to cost reductions. Many organizations have found wastage by analyzing the data and applying the findings to improve their processes. Organizations have been able to reduce some of their costs to the tune of 10%.
Data Science has been successfully used to determine root causes of failures, issues and defects in near-real time. It has also led to entire new business processes which get completed very fast. For example, generating coupons at the point of sale based on the customer’s buying habits and recalculating entire risk portfolios in minutes.
Big data innovation is to share ideas and concepts on how to efficiently extract the knowledge & insights from data that we hold as organizations; big data scientific inquiry requires less reliance on existing knowledge.
Topping the list of benefits realized from big data analysis are better strategic decisions (69%), improved control of operational processes (54%), better understanding of customers (52%).
2.7 Zetabytes (that’s 27 with 21 0s after it) of data exist in the digital universe today.
By 2020 analysts predict the amount of data will be 50x what it is today.
In 2012, 90% of all the data that existed in our entire history had been created in the previous 2 years.
Every 2 days we create as much information as we did from the beginning of time up to 2003.
Data Science is all around us. The massive volume of data which is being collected is worthless, unless insights can be gleaned from it and converted into useful business outcomes. What good is collecting data about customer’s site visits if it can not be used to increase sales or provide better customer service?