Undiscovered treasures are useless
Data science is mentioned when talking about a promising high-paying profession of our time or discussing the possibilities of a successful business. But is Data Science really what a business always needs?
Businesses need information that drives profitable actions and processes. Unstructured data can be compared to a treasure that has not yet been found or a potential that has not yet been realized. [1] Their intellectual value is hidden from ignorant people until they take a form that is applicable in a practical sphere. Likewise, corporate databases contain a myriad of treasures of information. The right interpretation and forward-thinking strategy can be the key to success.Companies are afraid of losing data and use any means of cyber protection from hackers and competitors. One of the popular methods is a double encrypted connection to a virtual network - a double VPN. Business Science - Business data applicable to specific practical business goals. [2]
Differences in Data Science and Business Science
Data Science is a discipline that generally studies the analysis and processing of digital data. The academic subject includes many modern sciences related to statistics, artificial intelligence, database design. This area uses both structured and unstructured data. For all its versatility, many areas of Data Science are pure science and the basis for practical tools that business needs.[3]
Business Science is a data science fine-tuning toolkit. Works only with structured data. Examines trends and patterns that are specific to the business. Business Science is applicable to solving specific business problems in different areas of activity, optimizing ways to achieve them, and, ultimately, maximizing profits. The use of Business Science to analyze and identify trends is already widely used in industries such as finance, medicine, marketing, retail, supply chain management, telecommunications, and others. In fact, Business Science is a source of business operational efficiency. [4]
What qualities and skills should a Business Science specialist have?
A good business analyst working with datasets needs to be able to:
interpret and analyze data - extract from the huge volume of numbers and indicators that modern companies have at their disposal that are useful for business analysis. Based on the logic and analysis of available data, develop forecasts and recommendations, work with statistics and mathematical algorithms, since business analysis is based on statistical concepts. [5]
visualize - transform conclusions about trends and patterns into a visually understandable format, present information graphically in the form of diagrams, graphs;
Communicate effectively - persuasion is essential to presenting and defending business improvement proposals to management and investors - decision-makers.
Examples of Using Data in Business Science
Today, data analytics is used in a variety of business areas.[6] With its help, companies carry out the most diverse tasks. The range of applications is very wide - from attracting new customers, developing loyalty programs and smart marketing campaigns, managing the flow of goods to identifying risks such as predicting and preventing equipment breakdowns, calculating fraudsters and unscrupulous partners.
Business Science is exactly what you need. Science provides data-driven advice, combining modern information technology capabilities, best business practices, and even the business intuition that the best executives have.
References:
https://courses.lumenlearning.com/wmopen-introductiontobusiness/chapter/how-businesses-use-information/
https://jindal.utdallas.edu/blog/business-analytics-vs-data-science
https://searchbusinessanalytics.techtarget.com/definition/operational-efficiency
https://www.mygreatlearning.com/blog/difference-between-data-science-business-analytics/
https://www.northeastern.edu/graduate/blog/statistical-modeling-for-data-analysis/
https://www.michiganstateuniversityonline.com/resources/business-analytics/types-of-data-analytics-and-how-to-apply-them/
https://unsplash.com/photos/gcsNOsPEXfs
