what-is-data-science

Data science is the analysis and interpretation of complex digital data. This analysis of the data
of a website, an application, a system, or software must make it possible to make informed
decisions by the information.

For this, we call on data scientists whose role is to " find the needle of value in the data
bundles.”
How? 'Or' What? They design and model systems and algorithms to automate database analysis
and deploy it at scale.
Concretely, they define a mathematical representation of a phenomenon. That is to say, and
they try to find a mathematical relation between measured values ​​and the phenomenon in
question.

Ultimately, the results mainly make it possible to predict and anticipate future situations,
actions, behaviors such as the weather or the average shopping basket of a consumer. These
are elementary examples, and. should keep in mind that data science and machine learning
allow for complex analyzes that provide the opportunity to guide strategic decision-making.
Data science is then a little like the lighthouse that guides the company ships lost in the middle
of an ocean of data. Here is the data science consulting service by diceus
https://diceus.com/expertise/data-science-consulting-services-and-solutions/

Five Advantages Of Data Science
No question about it, digitalization shapes our everyday life and also places new demands on
banks. Data is traded as the new gold. And this is precisely where the great opportunity for
banks lies: Financial institutions have always had enormous amounts of data, often from many
different sources. But how is the full potential of this data used, and how is knowledge gained
from it? This is where data science comes in.
Why you should train in data science

At first glance, analyzing data does 't seem like the easiest thing we grant you. However, when
you dig deeper into the subject, you quickly realize that learning machine learning, artificial
intelligence and data science offers excellent opportunities for professional development.

How Do You Get Insights From Your Data?
Data science uses methods from mathematics, statistics, and information technology. In
addition, data scientists have excellent communication skills at all levels of a company and
prepare results for the management of the individual specialist departments in a manner that is
just as understandable as they are for the CEO. In addition to account information, banks can
also record customer transactions, customer communication, channel usage, customer

behavior, and social media activities. Much of this is ideally processed and evaluated almost in
real-time.

The data leverage effect:
As the banking sector continues to struggle with tight margins and dwindling profits, financial
institutions need to leverage to reduce costs, retain customers and develop new sources of
income. You can achieve such a data leverage effect with your data – provided you rely on data
science and the advanced associated analysis.
Consider these five advantages:
1. Better insights: Gain a new perspective on your most loyal and profitable customers and
understand their needs even before the customer interview. Data analysis can help to
maintain an overview and to provide suggestions for appropriate communication
channels.
2. Customer loyalty: Make customers happier and find ways to reward loyal customers. In
addition, customers can be identified who may be considering a termination. To do this,
introduce the metrics "loyalty" and "churn" to have a measuring instrument for this.
3. Inexpensive Marketing: Develop effective marketing and campaigns targeting the right
person at the right time. Cluster analysis will help you to identify customer segments.
4. Minimizing Risks: Accelerate and improve your risk and fraud management through
pattern recognition and machine learning.
5. Take action: keep an eye on your dashboard with the important key figures and take
measures, the effects of which you can monitor in real-time. Use the data and
predictions as a core element for your storyboards with which you convince top
management.
Are you already using the right tools for data analysis and data visualization in your company? If
not, now is the time to think about using data science.