5 Harvard-Recommended Ways to Improve Data Management for Your Business
Over the past few decades, organisations have aspired to become data-driven in order to become more competitive, efficient, and profitable. Today, data science represents the next era of analytics and thus has the ability to completely transform a modern enterprise.
Transform a modern enterprise with data science
As a whitepaper from Domino Data Lab observes, the evolution of data management and analytics paved the way for data science. In effect, data science encompasses the blending of statistics with computer science in an effort to locate patterns in big data and subsequently predict outcomes. As a result, the vast majority of data-driven enterprises regard data science as a core organisational capability. This is due to its potential to drive new revenue streams, automate decisions, improve products, and enhance customer experiences. Above all, data science has the potential to increase a firm's competitive advantage, which is driving significant investment from executives. In order to realise the full potential of this investment, however, data science must become a core organisational capability.
Implementing the right infrastructure
In order to avoid implementing a collection of siloed people and tools, reliable infrastructure is crucial. Indeed, data science platforms provide a central place for data scientists to operate which consequently eradicates the need for disparate local environments. An effective data science platform also provides self-service infrastructure. In turn, data scientists can conduct exploratory data analysis and model development without configuring and using their own compute resources. Moreover, the platform must supply ways to deploy, productionise or operationalise finished models. Rather than setting up shadow systems, data scientists can access scheduled jobs, reports, APIs or dashboards in one place. Finally, it is integral that a platform offers governance, collaboration and knowledge management around all the artefacts created in the process of the research and deployment work. By successfully moving work to a centralised platform, everyone wins. As Domino Data Lab notes, IT management successfully mitigates risk through governance and centralisation, while delivering productivity gains for data scientists. By increasing the success rate of a company's IT team, the entire business can become more innovative.
Looking to enhance your data management strategy? Check out the Top 10 Signs You Might Not Be Using Your Data Correctly