Data Science Opportunity Assessment
The value of data is now well recognized in the business world, but many companies still struggle to drive real outcomes with it. You know there are opportunities for you to derive value by applying data science, yet may remain unsure whether the investments are justifiable, or which opportunities to start with based on the data you have.
Our Data Science Opportunity Assessment helps you to quickly define the most valuable data science opportunities for your business, giving you confidence in the ROI you’ll be able to drive, and identifying trade-offs that must be managed and gaps that must be filled.
Specific Problems We Address
Data science projects are inherently speculative: you cannot know whether you will be able to drive the outcomes you desire until you try. The good news is that many of the causes of data science project failures can be anticipated, for example:
- Access to—and integration of—data
- Data quality problems
- Missing key data
- Poorly defined goals
- Vague or absent responses to insight
Thanks to our experience with successful data science projects, we thoroughly understand—and can help you avoid—these pitfalls. Our team of seasoned practitioners are uniquely qualified to identify the best opportunities swiftly, as they combine advanced academic training with real-world, on-the-ground expertise.
Our Data Science Opportunity Assessment will identify the most valuable, achievable data science projects for your organization. We instill confidence in the return on data science investments by defining opportunities based on your business objectives, and developing a rigorous case for how they will deliver value. By getting hands-on with your data, we assess its ability to enable business results. We also deliver a concrete, actionable roadmap so you can realize these opportunities.
For each data science opportunity, we focus on both qualifying and quantifying its benefit to you. We start with the business case and its supporting rationale. Then we assess the feasibility of positive return for each opportunity: we explore and profile your data sources, and evaluate your technology stack as well as your technical and quantitative capabilities. Finally, we work with you to define a roadmap that balances opportunity and risk.
Coming out of the assessment, you will be positioned to accelerate your data science projects, with necessary justification of their net present value to help secure organizational funding.The assessment is designed to be lightweight and efficient, so that you can identify the right opportunities and begin pursuing them quickly.
Exploring Your Data
Our data scientists conduct exploratory data analysis to assess whether your data supports your goals. We profile the data and evaluate how likely it is that the problems you’re facing are addressable by data science.
Depending upon your needs, we also evaluate your technology stack and help you identify and acquire additional data sources based on gaps in your existing data or technical ability to process and make use of that data.
Qualifying the Benefits of Opportunities
We evaluate the potential value in each data science opportunity, along with the tradeoffs of pursuing one over another, and efficiencies to be gained from ordering them optimally. We help you answer questions such as: Is campaign optimization the best choice for your first data science investment, or should you focus on targeting potential customers for new products first?
We work with you, your teams, and stakeholders to articulate the benefit of each opportunity and identify where overlap of data, techniques, or platform exist to identify the most promising data science opportunities for you.
Prioritizing Investment in a Data Science Project
How do you justify the investment to your organization, when the results of most data projects are unpredictable? We help you quantify the potential value and feasibility of your data science opportunities using baselines from your industry and similar capabilities in other domains.
Along with business justifications, it’s important to manage trade-offs and risk. We provide you with high-level resource estimates and key implementation considerations, so that you have visibility into the requirements of each project. We also evaluate whether additional data platforms or tooling will be required to support your use cases.
Our Data Science Opportunity Assessment allows your business to proceed with increased confidence. After completing the assessment, you will be equipped with:
- a list of projects to pursue based on your data and business objectives;
- an action plan that will accelerate and de-risk your ability to derive value from your data;
- the numbers to demonstrate the potential value of your investments to stakeholders; and
- a roadmap of clear next steps.
The Data Science Opportunity Assessment is the first phase in our suite of agile Data Science services. It is designed to position you advantageously for using data science techniques to keep your organization competitive, but is only the beginning of how we can partner with you to get the most value from your data.