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.
Last week, we dove into the Victoria’s Secret dataset and discovered that they had a huge variety of not only bra types, but also colors, sizes, and materials. Whenever you start working with a new dataset, always remember to explore it first so you have a good idea of the distribution of the data and you may even have new questions. Now that we have a better understanding of Victoria’s Secret’s inventory, we can ask more questions about their pricing strategies, such as:
- What’s the price distribution for each product category?
- Which cup size is cheaper? And which cup size is the most expensive?
- If you want to save money, which color is cheaper?
Why host a data competition?
In order to stay competitive and identify star employees, deploying a data competition is a great way to showcase your staff's talents and emphasize the importance of being data-driven.
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.