Accessibility Links

The Art and Science of Powering Business Predictions with Data

Powering Business Predictions with Data Science

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 Decision 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. Learn more about the Start-up position here and for additional opportunities check out our current vacancies.

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