The art and science of powering business predictions with data

Kian Dixon our consultant managing the role
Author: Kian Dixon
Posting date: 6/5/2014 11:17 AM

In the UK, London leads in forging new schemes to draw and train talent both domestically and abroad. From stepped up degrees, early childhood curriculum schemes, migration talent sourcing, and in-house training, businesses are finding creative ways to shrink the data science skills gap. One such suggestion from techUK's Big Data Hero, Alison Lowndes of Nvidia Ltd is to 'teach code as prolifically as reading to open the doors of the digital age for everyone."

IBM weighs in on the talent gap to define not only the term "data scientist", but the scope of all data science professionals. Though it may seem as though this career operates in a vacuum, it's imperative to understand that along with the analytical components - maths, statistics, logic, and programming, there is a cultural element as well. Data science is the process of applying scientific method to solve business problems.

It requires teamwork and communication skills to not only gather the data, but to be able to present it so that business executives can take that information and implement solutions.

Making Better Business Decisions with Predictive Analytics

Wish you could see into the future to grow your business? No crystal ball required. Predictive analytics can optimize your decision-making. Artificial Intelligence and machine learning are core skillsets for a data scientist, but the human element helps divine the good data from the bad.

Much like Michaelangelo's David, systematic data gathering is the raw cube of stone, which must then be chiseled into form; analyzed and presented. An art and a science, data science helps businesses make better business decisions by estimating future outcomes via predictive analytics. These predictions are often based on past performance, customer or client influence, and sometimes gut assumptions based on gathered data. 

As growth trends in data teams expand to include non-technical staff, the siloed idea of simply pushing data from query to conclusion is no longer enough. The data team should have a grasp of how the business works overall to impact strategies and revenue. Businesses know how important data is to their future growth. Effective data teams must interact with managers who can help to frame the company's larger strategy to drive insight and analysis with the right questions.

Hard and Soft Skills

Soft skills are not confined to simply being able to communicate findings. Other elements include instinct or gut reactions that the numbers may say one thing, but based on knowledge of the business, may not be the right answer. Data professionals with a healthy skepticism will know when to take a step back, revisit the information, and what they need to do or how best to present suggestions based on their findings. Collected data is not unbiased. Best practices when studying analysis are to have a list of questions ready such as the data source, worst and best case scenarios, and what must be true for a correct recommendation.

Data scientists and data teams are expected to not only have an aptitude with number crunching, but also the ability to communicate their findings. To combat this and to grow their data teams, some businesses have begun in-house training programs. Computer and IT professionals who show an aptitude for data science may be offered positions on teams to learn from degreed professionals as well as outside learning opportunities.

According to a recent techUK whitepaper, migration sourcing for talent abroad and early education curriculum schemes, as well as domestic apprenticeship and training programs, are just a few of the ways businesses are combatting their struggle to fill key roles.

Hindsight doesn't have to be 20/20. As the year 2020 approaches, advancements in big data, data analytics, machine and AI learning are powering business predictions as employers seek to fill key roles. In a look to the future, demand for data science professionals with both hard and soft skills will be at the forefront of the data revolution.

We have opportunities for Data Scientists across the Bitcoin, Retail, Fintech and Start-up spaces. Explore new ideas and experiment with big data to produce real-time solutions. Get in on the ground floor and take your career to the next level. For additional opportunities check out our current vacancies. 

Contact our UK Team at +44 208 408 6070 or email ukinfo@harnham.com to learn more.

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With over 10 years experience working solely in the Data & Analytics sector our consultants are able to offer detailed insights into the industry.

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How to Succeed in Self-Service BI

How to Succeed in Self-Service BI

Business Intelligence, along with Business Analytics and Big Data, is one of the terms often associated with decision-making processes in organisations.  However, there is little discussion around the importance of what skills decision makers in your organisation need to use the technology efficiently.  In recent years, the development of user-friendly tools for BI processes, Self-Service BI are increasing. Self-Service BI is an approach to BI where anyone in an organisation can collect and organise data for analysis without the assistance of data specialists. As a result of this, many businesses have invested in comprehensive storage and information processing tools. However, many are beginning to find that they are not able to realise the gains of these investments as they were expecting, may often due to underestimating the difficulties of introducing these systems into the current processes and transforming existing knowledge into actual actions and decisions.  In a worst-case scenario, if left unplanned, Self Service BI can sabotage your successful BI deployment by cutting mass user adoption, impairing query performance, failing to reduce report backlogs, and increasing confusion over the “single truth”. To prevent this from happening, here are our top three tips for ensuring the right implementation of SSBI in your company: UNDERSTAND YOUR USERS’ NEEDS There are three major user areas for analytics tools: strategic, tactical and operational. The strategic users make few, but important decisions. The tactical users make many decisions during a week and need updated information daily. Operational users are often closest to the customer, and this group needs data in its own applications in order to carry out a large number of requests and transactions.  Understanding the different needs of each group is necessary to know what information should be available at each given frequency to help scale the BI solution.  HARNESS THE POWER OF ADVANCED USERS To ensure a successful BI deployment, utilising advanced users is key. Self-service BI is not a one-size fits all approach. Casual users usually don’t have the time to learn the tool and will often reach out to ‘Power Users’ to create what they need. Hence, these users can become the go-to resource for creating ad-hoc views of data. Power Users are the ideal advocates for your business’ self-service BI implementation and should be able to help spur user adoption.  UPGRADE INTERNAL COMPETENCIES  Our final tip for a successful implementation is to communicate the new tool thoroughly to the users.  It is highly unlikely that employees who have not been involved in the actual development project will immediately understand what the tool should be used for, who needs it, and what it should replace. By upgrading internal competencies, you can avoid becoming dependent on external assistance. Establishing a cross-organizational BI competence centre of 5-10 members, who meet regularly to share their experiences will help drives and prioritise future use of the tool. The added benefit of a successful implementation is that it will generate new ideas from users for how the organisation can use data to make better decisions. If you have the skillset to implement Business Intelligence solutions, we may have a role for you.  Take a look at our latest opportunities or get in contact with our team. 

Real Time Pricing - Coming to a store near you

Real Time Pricing - Coming to a store near you

Real-time pricing: coming to a store near you.Personal shopping is on the brink of taking on a whole new meaning. The advancement of mobile technology and the information held on individuals' shopping histories means product prices could soon adapt as shoppers walk up and down their supermarket aisle.Gone are the days of retailers only being able to actively manage the price of a small number of products once a week. Algorithmic pricing and real-time competitive pricing data allows the changing of product prices on the fly.Amazon is at the forefront of such "real-time pricing" initiatives, which have traditionally been the preserve of online-only retailers.However, brick-and-mortar retailers in the US are showing their UK counterparts the limitless possibilities when it comes to dynamic pricing.Independent consumer electronics retailer Abt Electronics pipes competitive pricing data gathered by Dynamite Data into its point-of-sale systems to allow staff to negotiate prices at the point-of-sale, according to Dynamite Data chief executive Diana Schulz.Meanwhile, another one of Dynamite Data’s unnamed clients uses electronic shelf labels and re-prices every product in their stores each morning based on the prices of its rivals.The ability to change prices dynamically is not simply the preserve of all-powerful brands such as Walmart or Target either.Schulz explained that her company has "seen these types of technologies in both large and mid-sized retailers" despite the "investment in technology and competitive data that is typically needed".Commercial sensitivitiesBack in the UK things are not quite as close to a Minority Report-style personalized shopping experience.Even online-only specialists Shop Direct and Ocado claim they do not engage in real-time pricing, while those that do heavily use real-time data to adapt their prices such as the airline brands are reluctant to discuss the issues.EasyJet declined to comment when contacted because of commercial sensitivities around discussing pricing-related issues.Grocers Tesco, Asda and  Sainsbury’s have all claimed they do not engage in real-time pricing, with the latter two both citing the logistical difficulties in aligning such a strategy across their physical stores and online presence.A Sainsbury’s spokesman claims real-time pricing would result in "chaos", while an Asda spokeswoman saying such a strategy would be a "nightmare".Yet, despite such a negative perspective from UK brands, experts are confident real-time pricing will arrive on these shores sooner or later.Simon Spyer, a partner of VCCP data arm Conduit who began his career working on the Sainsbury's Nectar business, believes the UK will begin to see "more and more" of matching rivals’ prices dynamically, particularly in the grocery and electrical sectors.He explained that real-time pricing is likely to affect "anything where the product is largely commoditized" and in instances where the only way retailers can differentiate that product is by "being really keen on price".Electronic labelsAs it stands the major barrier for implementing "real-time pricing" in-store is changing the prices to match the online price, a hurdle that could be removed by the electronic shelf labels being pioneered in the US.Schemes like Tesco Price Promise and Asda Price Guarantee already use real-time data to 'price match'In the UK various retailers have dipped their toes into the water when it comes to electronic shelf-labeling including a Nisa Local store in Shrewsbury that launched a trial in August last year to carry out automatic pricing and timed promotional updates, alongside QR codes and meal deals.Tesco has also experimented with electronic labeling on various occasions with trials in 2006 and 2008, but the retail giant has yet to combine real-time pricing with its electronic labels.Spyer claims "the capability is definitely there both online and offline – it is whether there is a business rationale for investing in it".However, with major UK supermarkets lacking a pressing reason to implement real-time pricing, that investment may be slow in arriving, argues Kaye Coleman, the founder of price consultancy Ripe Strategic.Coleman explains: "The supermarkets already do price matching – it is not so sophisticated but price matching is already happening".Schemes including the Tesco Price Promise, the Asda Price Guarantee and the Sainsbury’s Brand Match currently use real-time data to "price match" by offering money off the next shop.A cynic could argue the supermarkets should knock money off at the till rather than relying on customers to redeem their vouchers at the next shop, but such an action could hit the companies' bottom line.Mobile sophisticationThe growing sophistication of mobile marketing is also likely to revolutionize the way brands approach their price matching."If you can come up with a value proposition where I check-in [on my mobile] when I walk through the store for the first time and that presents me with a personalized experience based on my purchase history then I could see the benefit for a customer and a retailer," said Spyer.The trick for retailers is persuading customers to adopt such behavior, but the offer of being delivered ever-changing personalized price offers and messages in-store is a compelling proposition.Personalization is already a priority for retailers. Sainsbury’s uses anonymized shopping data gathered from the Nectar card to personalize offers.The levels of personalization offered by Sainsbury’s are increasingly complex. If a female customer buys folic acid they will be sent promotions on other pregnancy-related supplements during the pregnancy period and offers on nappies further down the line.UK retailers are sure to keep a close eye on developments over the Atlantic, with Schulz claiming she knows of clients that are piloting technologies that enable in-store personalized discounts.The challenges on the high-street mean there will inevitably be more casualties, but real-time pricing does not have to be the sole preserve of online-only retailers.Innovative ways of manipulating real-time data could be the shot in the arm the high-street retail industry so desperately needs.This article was first published on marketingmagazine.co.ukClick here for the article on the web.

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