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Data Science: The Industry Everyone is Talking About

08 June 2017

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Just getting to grips with data analytics?

The tech world has decided to throw you a new curveball, and it comes in the form of data science. A niche but growing field, data science is concerned with the commercial implications of statistics, programming and big data. We’re seeing various organisations across the insurance and FS markets implementing this discipline as a means of rooting out inefficiencies and inconsistencies in their operation.

Data scientists translate complex business information into understandable terms, doing the work of analysts and other data professionals in a cost-effective way. It’s important to note that data scientists are distinct from data analysts. Where analysts are chiefly skilled in BI, scientists often have a machine learning, engineering or coding background. Highly intelligent, they are natural problem solvers, manipulating data in a principled way without forgetting to think laterally too. An individual that combines all these abilities with a passion for business and a solid grasp on stakeholder communication is affectionately known as the ‘unicorn’ candidate – a scarcely found but immensely valuable asset to your data complement.

Given the adaptable nature of data, it’s unsurprising that numerous industries are able to incorporate data science in meaningful ways. Its savants can turn their hand to virtually any market since all they need to do their job is information. As such, we are seeing data science flourish both in its own right, and within various FS and insurance companies.

To learn more about this burgeoning field – and the benefits for your business – contact Oliver James today.

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