Chris Checco, president and chief analytics officer of Razorsight, says data science is growing its influence in business as companies continue adopting analytics products and finding more applications for insights generated from data.
In an interview posted recently on the Data Science Weekly blog, Checco discussed how data science has been turning into a business requirement as a supplement to give direction to business intelligence.
“Things are getting better all around due to the collateral impacts – companies become more efficient at their core business, they find new ways to expand into new businesses, and the customers get new and better products at more competitive prices.”
While he sees further development in the field in both the scientific and creative sides, he said the mobile and communications industry, in particular, presents opportunities to leverage data science for targeted advertising and data monetization.
According to Checco, Razorsight intends to address the industry’s business needs through informed decision-making and to use insights based on facts.
“Typically, 60% of the insights were known or perceived – while one might state we are simply replicating existing insights (which is partially true) we are also invalidating some of the previous insights and assumptions,” he said.
“Roughly 20% of the insights are things they had an idea about, but couldn’t quite put their finger on it with confidence or accuracy. The remaining 20% of the insights are the true ‘aha’ moments.”