Data science is a domain study that primarily deals with a huge volume of data. It uses many tools and techniques to find unseen patterns and drive meaningful information from them. It helps to make efficient business decisions. It uses some complex machine learning algorithms for building effective predictive models.
Data science as a service (DSaaS) is defined as a source of outsourcing which includes information delivery gleaned from various advanced analytics applications. A data scientist performs the work at an outside company for their corporate client so that the data can be used for business growth.
A DSaaS provider would collect data from their clients and then refine it for analysis. They run different analytical algorithms to that refined dataset and then return the findings to the client. The client would first upload their data to a cloud database or a big data platform, and the data scientist of the outsourcing company can work on them.
What Are The Benefits?
Not all organizations can have their own data scientists or skilled data analysts for various reasons. This is where availing of data science as a service can prove to be very helpful. Businesses can gain a lot from data mining, predictive modelling, and other forms of analytics. It can help with the required insights, which would turn the business into a profitable one in the upcoming years.
The awareness of using data analytics for business growth is increasing, but the number of trained data scientists to do the job isn’t keeping up with the pace. This has left many organizations unable to find the right candidates for leading their analytics projects, which their business operations need. Also, due to the scarcity, the cost of hiring skilled data scientists has recently increased.
All these reasons have increased the demand for DSaaS. It gives organizations access to various analytical resources required by specific applications. Also, the companies will not have to bear the cost and hassles of hiring or training their analysts.
What Are The Common Services Offered?
DSaaS translates data into efficient and customized solutions that would help the client’s business to succeed. Common services include:
Predictive analytics service- It includes understanding the data patterns and predicting future trends. From data mining to content analysis, and even things like real-time scoring, predictive modelling, machine learning, etc., everything is included here.
Data analytics application development services- It helps the client get useful insights from raw data. It encourages the clients to make better data-driven decisions and improve their customer service.
Business Intelligence- BI services with business applications can help clients understand crucial metrics better.
Different consulting companies also offer data engineering services, prescriptive data solutions, and machine learning services. The development and analytical services are dedicated to enhancing the customers' overall user experience.
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