By Damian Mingle
In today’s economy, data science is the competitive advantage for organizations committed to succeeding—in whatever way they define success. The key to that success is through better-quality decision-making.
Organizations have been evolving in their decision-making process over the last century. Before business intelligence, the ubiquitous techniques were gut instinct, loudest voice, and best argument. Unfortunately, these approaches still exist today, and in some industries, remain the principle means to lead an organization.
However, most organizations have adapted in how they become informed with regard to decisions, applying simple statistics. While those who have done it well have been rewarded, others who have not adapted have only failed. The time has come for organizations to augment their simple statistics methodology to keep stride with market demands. The volume, variety, velocity, and veracity of data, and the tools to access and make use of this data, are enabling fundamental changes to the way organizations make decisions.
Data science is compulsory in maintaining competitiveness in the progressively data-rich environment of today. As it was with the application of simple statistics, organizations that cultivate data science practices will be rewarded while those that do not will be confronted with keeping pace. As complications are presented by way of disparate data sets becoming accessible, the gap between these acknowledged groups will only continue to enlarge.
Damian Mingle is the Director of Data Science for WPC.