Data science is the field of applying advanced analytics techniques and scientific principles to extract valuable information from data for business decision-making, strategic planning and other uses. It’s increasingly critical to businesses: The insights that data science generates help organizations increase operational efficiency, identify new business opportunities and improve marketing and sales programs, among other benefits. Ultimately, they can lead to competitive advantages over business rivals.
From an operational standpoint, data science initiatives can optimize management of supply chains, product inventories, distribution networks and customer service. On a more fundamental level, they point the way to increased efficiency and reduced costs. Data science also enables companies to create business plans and strategies that are based on informed analysis of customer behavior, market trends and competition. Without it, businesses may miss opportunities and make flawed decisions.