It shouldn’t be a surprise that data science will define the survival of companies and organizations in the next decade. Deborah Leff, the CTO for data science and AI at IBM, says it succinctly: “If your competitors are applying AI, and they’re finding insights that allow them to accelerate, they’re going to peel away really, really quickly.” But Leff notes that only 13% of data science projects actually make it into production.
If a data scientist identifies a powerful new insight, but no one around her understands it, does it even matter? This question gets to the heart of why building a data-driven culture should be a core objective for your organization. While building a data science team is a strong start, it is only a piece of a puzzle.
Instinct. Intuition. Experience. Business leaders rely on these undefined qualities every day to make the best decision for their companies. While this has led to some of the most successful business moves that transformed society, it has also led to some of the biggest business failures.
A core tenet of our mission at Data Society is to empower employees and teams with powerful data science skills, and provide them with the tools to implement analytics to automate processes and find new insights.
Data is the new oil.
DJ Patil, the first Chief Data Scientist of the United States, says that integrating data into government “enable[s] transparency — you create efficiency, you provide security, you use it to foster innovation.” Integrating data analysis into your operations can significantly reduce costs and improve efficiency without increasing your operating budget. California reduced its fleet by 15 percent once the state released its budget data on vehicle spending. The Center for Medicare and Medicaid Services’ “Big Data” tools have saved the government over $1.5 billion through fraud prevention and identifying waste and abuse. But these reductions in cost and improvements in efficiency can only occur when data is leveraged regularly to provide insights.