Gone are the days of intuition and guessing in business decisions. Data is now the undisputed star in any digital transformation process, and businesses everywhere are taking notice.
While Data Science as a specialized field is relatively new, it emerged in 2002 from the statistical analysis and data mining fields. Information handling became essential for companies looking to manage their processes more efficiently and gain a competitive edge.
As a strategic asset, Data Science’s role is fundamental in increasing sales, reducing costs, and minimizing risks. It’s a “must-have” to make smarter decisions, predict outcomes, and streamline business operations.
According to Forbes, companies that invested in AI and Data Science in 2022 had 5-6% higher productivity than those that did not. They also achieved a 40-60% reduction in marketing costs. Statistics prove that now is the ideal time for management to understand Data Science as a source of essential inputs in their vision and business strategy.
In the past, most companies used to delegate this task to an external consultant. Nowadays, they can rely on teams of experts with technical skills to provide objective reports with actionable information.
At this point is where Siltium’s team of data scientists makes the difference. Our experts specialize in managing, protecting, storing, and analyzing data so clients can evaluate changes, predict future outcomes, and make intelligent decisions. Companies can increase revenue and sustain growth by making decisions based on the provided reports.
According to the latest report from the International Data Corporation in 2021, the global Big Data and Data Science-based business solutions market will probably grow to $274.3 billion with a five-year CAGR of 13.2% by 2023. So, all roads lead to Rome: It is the right time to integrate this tool.