Data Science for business

 

Data science capability as a strategic asset

  • Extracting useful knowledge from data should be regarded as a strategic asset (competitive advantage)

 

Business problems and data science solutions

Classification: who will respond to the special offer

Regression: how much will the service be used by the customer

Similarity: identifying similar individuals  

Profiling: behavior description of an individual or group

Link prediction: predicting connections between data items (Ex: social networking : we have friends in common maybe we should be friends)

Data reduction: reducing dataset into a smaller one that contains much of the important information and easier to work with

Causal modeling: event or action that may influence other

Clustering: creating segments by natural groups

Co-occurrence:  association between entities(Ex: items are purchased together)

Achieving and sustaining competitive advantage with data science