Data Science is a rapidly evolving discipline, and seemingly a must have component of any sizeable business. It’s clear and widely agreed that more data, and better understanding of that data leads to better business decisions, but most organisations do not have the expertise to understand how use data science effectively.
The aim of a successful data science function is to maximise business value as efficiently as possible. Algorithms are important, but they are only one aspect of this problem.
Alignment with business goals, efficiency of teams and projects, ability to act upon results of new algorithms are all key to maximising the value derived from data science work.
The key then to maximising value is firstly to understand the problem that needs to be solved. This problem is rarely a purely mathematical problem, but rather a mathematical problem combined with the business changes that can utilise the mathematical solution effectively.
We urge you to think about this carefully before embarking on data science work – it is the single biggest source of wasted resources.
Taank Tech 