Hello, and thank you for joining us for data science Wednesday. This is our first episode, and we're really excited
We thought that it would be a good idea to answer the question on everybody's mind. What is data science anyway, so
Before we really get into the nitty-gritty of what data science is let's talk about how we can identify data science
What situations are you gonna be in where you can apply data science?
So we broke this down into three different words. Why future and action
Why why is this happening?
We've all been in those meetings before right the executive teams pulling out their hair. They're asking
Why did this happen and they want you to answer that question?
Data science can help you in those situations the next word to think about this future
Anytime you're talking about the future how many of Product X. Do we do are we gonna sell next month
How many salespeople do we need to have on the floor?
Anything like that anything related to the future data science can help you
The next year is action. This is where everybody wants to go right out of the gates
They want to know what we think this is going to happen. What do we do about it?
They need an action. They need something to drive their business. This is where data science can really help you
So now we have a pretty good idea of how to identify
Situations where we can apply data science, so let's break this conversation down into four categories
This is the industry standard for how we can think about data science we have descriptive
Diagnostic predictive and prescriptive. We're gonna. Go ahead and explain this
Using simple words again for descriptive. We're gonna apply the word
What?
What is going on?
How many?
Gumballs did we sell last month
What's our year-over-year profit margin anything like that anything where you're asking? What is going on in my business?
That's when you're in the realm of descriptive analytics
The next one here diagnostic. That's when we start getting into the why that we were talking about before
so remember
You're in a meeting and the executives are breathing down your neck, and they really want to know why is this happening?
Diagnostic analytics can really help with you with that so for example
You might be able to find out that a given product sales are driven by the age
And the zip code of your of your customers, so now you know why your sales are driving up or driving down
That's pretty great to know
The next one here is predictive
Which aligns with future we're gonna look in our crystal ball
And we're gonna figure out how many of this product do you think we can sell in the future?
So that's when we're applying predictive analytics the next one here is prescriptive
And that's when we really get into the meat of where everybody wants to go first which is action. What can we do right?
So in our give an example
Let's say now we know why our sales are driving up based on the zip code, and the gender of people buying this product
So now we can apply prescriptive analytics to say well. Why don't we do a focus marketing campaign?
Targeting this zip code with this age group with this product on the condom Mart on the cover
This is when you're applying prescriptive analytics
great
So now we really know
how to identify
Data science when we are answering questions around why or we're talking about the future or you want to have an action to drive
We're in the realm of data science. We also know
how to go through data science this right here
Is really the meat of data science?
Descriptive analytics is really more of the foundation you really need to to analytics before we can do any of this
So thank you for joining us that's data science