Data science: Unlocking insights

In today’s fast-paced digital world, businesses are inundated with data. Big data, as it is known, encompasses structured and unstructured information originating from sources such as web services, databases, transaction data, social networks, mobile devices, and many more. The problem, however, is that this influx of data makes it increasingly difficult for businesses to cut through the noise and extract meaningful insights. The answer is data science.

Adopting a powerful data-driven approach to solving business problems through the use of data science, allows organizations to predict the future, forecast trends, identify opportunities, and make informed decisions. Applications are almost endless; if you have a problem that can be solved by leveraging data, we can help bring your project to life.

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What is data science?

At its core, data science is a blend of scientific methods, statistics, algorithms, and technology that turns vast amounts of raw data into meaningful insights. This allows businesses to understand complex patterns and behaviors, and use this knowledge to achieve a competitive advantage, support growth, and ultimately increase profitability.

Whereas traditional business intelligence has been limited to providing analysis of historical data, decision-makers now have the ability to make accurate, informed decisions based on real-time business intelligence, as well as predicting trends and forecasting what the future holds.

Data science is made up of several different fields, such as machine learning, data mining, text mining, and predictive analytics. These are often used together to produce the most powerful results.

How your business can benefit?

Organizations that leverage the power of data science can create significant business value through its many benefits. These include:

Improved decision making. With the ability of data scientists to create accurate models that can simulate potential courses of action and their respective outcomes, businesses can now make decisions based on quantifiable evidence. In addition, by recording and analyzing performance metrics, decision-making processes also become more efficient over time.

Identification of opportunities. Analyzing big data enables organizations to gain insights not only into what is currently happening inside the business, but to more accurately predict what will happen in the future. This gives companies the ability to identify growth opportunities, encourage innovation and new product development, and uncover areas for improvement within the organization.

Better recruitment. It is now possible to use the vast amount of data that is readily available, to make recruiting the best talent faster and more precise. With data science, information from corporate databases, job search websites, and even social media can be mined to find the right employees who will meet the organization’s needs, fit in with the company culture.

Industries in which data science is popular

Data science is certainly becoming more mainstream in all sectors, however, in some areas, the analysis of big data and application of artificial intelligence is revolutionizing whole industries. Here are some of the industries that are taking data science to the next level:

Healthcare

The healthcare industry is characterized by inefficiency and high costs. Data science is changing that by analyzing patient files, health plans, insurance records, and other structured and unstructured information to make lifesaving diagnoses, provide treatment options, and recommend preventative care.

Manufacturing

Manufacturers are using data science to uncover new opportunities to optimize their operations; improving their products while drastically reducing costs and inefficiencies. In particular, machine learning is being successfully used to increase yields through the reduction of scrap rates, improve production equipment uptime, and streamline inventory management.

Financial services

Banks and financial institutions are using the vast amounts of data available in the financial services sector to improve processes, enhance customer experience, and protect their businesses from cybercriminals. Artificial intelligence is being leveraged across areas such as fraud detection, credit risk management, regulatory compliance, and money laundering, with insights available in real time to significantly reduce risk, and improve customer experience.

Retail and e-commerce

Retailers are using data science to tap into their exponentially growing amounts of data and are making gains in every area. Customer experience has been transformed, with retailers now able to provide customized offerings to customers based on their buying habits and preferences. Predictive analytics enable retailers to identify trends and forecast demand, as well as efficiently manage inventory and intelligently set prices.

Types of applications

Businesses are now taking a data-driven approach to solving a range of problems and improving processes. From enhancing customer experience to predicting future demand, the following are just some of the ways in which data science is helping businesses become more dynamic, responsive, and profitable:

Anomaly detection

Monitor transactional data for suspicious patterns of behavior in real-time, and take steps to prevent fraud before it occurs.

Social listening

Find out how your customers, or potential customers, feel about certain products and services through sentiment analysis performed on social media comments and reviews.

Churn prediction

Using artificial intelligence, it is now possible to predict which customers might be considering leaving, and to take steps to retain them.

Demand prediction

crease the accuracy of your forecasting and plan ahead to meet demand, and adjust pricing to optimize sales.

Recommendation engines

Analyzing customers’ previous buying habits or behavior allows you to predict which products they will be interested in, and present them on your website, or through email marketing campaigns, to increase sales.

How we do it at Netguru?

At Netguru, we have years of experience in developing cutting-edge, data-driven systems. Our strength in building dynamic fraud detection systems means you can be sure that your business is in good hands. Talk with us and find out how we can help you protect your business by harnessing the power of machine learning.

10+

Years on market

600+

Projects delivered so far

Who can benefit?

No longer solely the domain of large enterprises, rapid advances in technology have made data science accessible to businesses of all sizes. Now more often than ever, many organizations possess big data, and most of them recognize the need to leverage the insights buried within it.

Any organization that requires high-quality information for decision making and retaining competitive advantage can benefit from the application of data science.

Process

Wherever you are in your data science journey, we can help you get the most out of your data to create real business value. Our data science process can be broken down into five main areas:

What is data engineering and its relation to data science?

Data engineers focus on the collection and preparation of data for analytical uses, providing it to data scientists in a usable format so that they can interrogate the data to produce meaningful insights. Typically, data engineering includes building data pipelines to collate information from various sources, cleansing and validating data, then structuring it to be used in particular analytics applications, such as machine learning, and data mining.

Big data is the fuel of data science

More and more organizations are tapping into data to address business challenges. Whether you are just starting to delve into the world of data science, or you’re already using established data-driven solutions, we can help you ensure your data is up to the task. If you need support with cleaning your data, integrating different data sources, or making your data flows more efficient, don’t hesitate to speak to us.

Trust is a foundation for great products

Item: Netguru
Rating: 4.9
Author: 30 Clients

Our clients often cooperate with us for many years, launching various products. It's because we always strive to become trusted technological partners who care to provide more than just software development expertise. Thats to that, we work as an extension of our clients' teams rather than an outstanding agency.

What I appreciate in working with Netguru: that you take the ownership, you're experienced, and that we can rely on you.

Peter Grosskopf

CTO, solarisBank

The difference between Netguru and other companies with which we have worked so far is that Netguru is good at taking the ownership.

John Furneaux

CEO, Hive

Netguru is a great service provider. I like working with the team, it’s super professional, and they’re nice people to work with.

Asaf Davidi

VP of Product, temi

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