For companies newly endeavoring in establishing capabilities in Data Science, it is important to keep a few crucial points in mind. Clean data, applicable models, and business intuition are all key to success. Do not remove any of them from the equation. Data Science is essentially about identifying and/or creating the cleanest possible data set, and then searching mathematically for patterns within it. The goal should be to help business users make important data-driven decisions, prove or disprove their intuitions, predict the future, or optimize outcomes and processes. The following is an introduction to what it takes to establish an Analytics Center of Excellence in a systematic way.
Brainstorm & Prioritize
There is a clear difference in the approach followed by Data Scientists and business users, so it is vital that everyone is on the same page before embarking on a first project. Start by convening a stakeholder discussion with as many departments as possible, and brainstorm on problems that can be solved. For instance, if you are working with customer data, think about things such as analyzing patterns of good and bad customers to predict churn or identify opportunities for cross-selling and upsell. If you are working with supply chain data, think about things such as demand forecasting or inventory optimization.
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