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Published:
July 11, 2019

Data Science Strategy For Dummies

Overview

All the answers to your data science questions

Over half of all businesses are using data science to generate insights and value from big data. How are they doing it? Data Science Strategy For Dummies answers all your questions about how to build a data science capability from scratch, starting with the “what” and the “why” of data science and covering what it takes to lead and nurture a top-notch team of data scientists.

With this book, you’ll learn how to incorporate data science as a strategic function into any business, large or small. Find solutions to your real-life challenges

as you uncover the stories and value hidden within data.

  • Learn exactly what data science is and why it’s important
  • Adopt a data-driven mindset as the foundation to success
  • Understand the processes and common roadblocks behind data science
  • Keep your data science program focused on generating business value
  • Nurture a top-quality data science team

In non-technical language, Data Science Strategy For Dummies outlines new perspectives and strategies to effectively lead analytics and data science functions to create real value.

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About The Author

Ulrika Jägare is an M.Sc. Director at Ericsson AB. With a decade of experience in analytics and machine intelligence and 19 years in telecommunications, she has held leadership positions in R&D and product management. Ulrika was key to the Ericsson??s Machine Intelligence strategy and the recent Ericsson Operations Engine launch – a new data and AI driven operational model for Network Operations in telecommunications.

Sample Chapters

data science strategy for dummies

CHEAT SHEET

A revolutionary change is taking place in society and it involves data science. Everybody from small local companies to global enterprises is starting to realize the potential of data science and is seeing the value in digitizing their data assets and becoming data driven. Regardless of industry, companies have embarked on a similar journey to explore how to drive new business value by utilizing analytics, machine learning (ML), and artificial intelligence (AI) techniques and introducing data science as a new discipline.

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Articles from
the book

Although you must focus on your data science strategy objectives in order to succeed with them, it doesn’t hurt to also learn from others' mistakes. Here, you find a list of ten data science challenges that many companies tackle in the wrong way. Each argument not only describes what you should aim to avoid when it comes to data science, but also points you in the direction of the right approach to address the situation.
At the core of your data science strategy is data quality. If you are hoping to glean useful insights from your data, it needs to be of high quality. Keep reading to discover how you can assess and improve your data quality to ensure success for your data science strategy. Assessing data quality for data science Another fundamental part of data understanding involves gaining a detailed view of the quality of the data as soon as possible.
Big data was definitely the thing just a couple of years ago, but now there's much more of a buzz around the idea of data value — more specifically, how analysis can turn data into value. The following information examines some of the trends related to utilizing data to capture new value. Data monetization One trend in data that has taken hold is monetization.
In the past couple of years, an avalanche of different data science careers and roles have overwhelmed the market, and for someone who has little or no experience in the field, it’s hard to get a general understanding of how these roles differ and which core skills are actually required. The fact is that these different data science careers and roles are often given different titles, but tend to refer to the same or similar jobs — admittedly, sometimes with overlapping responsibilities.
A revolutionary change is taking place in society and it involves data science. Everybody from small local companies to global enterprises is starting to realize the potential of data science and is seeing the value in digitizing their data assets and becoming data driven. Regardless of industry, companies have embarked on a similar journey to explore how to drive new business value by utilizing analytics, machine learning (ML), and artificial intelligence (AI) techniques and introducing data science as a new discipline.
For your data science investment to succeed, the data science strategy you adopt should include well-thought-out strategies for managing the fundamental change that data science solutions impose on an organization. One effective and efficient way to tackle these data science challenges is by using data-driven change management techniques to drive the transformation itself — in other words, drive the change by “practicing what you preach.
Your data science strategy will have a higher likelihood of success if you are taking the time to implement modern data architecture. The drive today is to refactor the enterprise technology platform to enable faster, easier, more flexible access to large volumes of precious data. This refactoring is no small undertaking and is usually sparked by a shifting set of key business drivers.
In many larger companies, the IT function is usually tasked with defining and building data architecture, especially for data generated by internal IT systems. It is many times the case, however, that data coming from external sources — customers, products, or suppliers —are stored and managed separately by the responsible business units.
So, what does artificial intelligence (AI) ethics actually refer to and which areas are important to address to generate trust around your data and algorithms? Well, there are many aspects to this concept, but there are five cornerstones to rely on when it comes to the ethics of artificial intelligence: Unbiased data, teams, and algorithms.
After your company’s objectives have become clearer, your CDO, as part of an overall data science strategy, needs to create a business-driven data strategy fleshed out with a significant level of detail. In addition, that person needs to define the scope of the desired data-driven culture and mindset for your company and move to drive that culture forward.

General Data Science

What is a CDO? CDO stands for chief data officer. The CDO is a title that describes someone in an organization who oversees the overall data science strategy from conception to execution. The chief data officer is responsible for determining how data will be collected, processed, analyzed, and used as part of the overall business strategy.
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