What is Data Science?

Organizations that are able to unlock value from their data will be more productive, more responsive to customer needs, and ultimately more competitive. Data science will enable the next generation of growth with an estimated potential to increase operating margins by 30 to 60% (McKinsey & Company, 2011).

Data science, as practised by Differentiated Analytics Inc., is at the intersection of management consulting, statistics and computer science, and focuses primarily on discovering knowledge from data. Data science tools and techniques include:

  • model development, machine learning
  • forecasting, predictive analysis
  • information retrieval, knowledge discovery
  • data mining, pattern recognition, anomaly detection
  • dashboard development, data visualization

General applications of data science include:

  • customer value analysis, customer segmentation, product classification
  • targeted marketing efforts, product recommendation systems
  • competitor bid and auction price modelling, insurance claim predictions
  • document classification for legal discovery, rebuild activity timelines
  • scheduling and resource optimization, utilization forecasting

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