Data Science is a Gulliver that marches confidently through the gates of magnificent opportunities but, actually, it has already taken the world by storm.
Since Data Science is the new black in the world of IT solutions, you cannot consider your startup innovative if you don’t use your data wisely. Data Science startups are the most successful and high-potential businesses that raise more investment than others. What you might be wondering most is what makes Data Science such a profitable field.
“Data Science innovates startups in the meaning that they utilize state-of-the-art technologies and approaches in software engineering for their domain field. And because of that, these startups become successful and competitive.” Kateryna Stetsiuk, the head of AI department at LITSLINK
Since you are not living in a cage, you may have already heard about the opportunities Data Science delivers to business across different industries. Let us show you how you can benefit from Data Science and get the most out of this field.
What is Data Science?
Since Data Science is a splashy story, let us expand on what data science means for different industries.
Data Science is simply a science that deals with analyzing and processing data, and obtaining valuable insights from it. Such phenomena as Machine Learning, Big Data, and Cognitive Science are tightly intertwined with it.
Since the very first day technologies became widely accessible, humanity has generated an impressive amount of data. Even the lifetime of an ordinary human being is not enough to utilize or even look through all the tons of data. Every person leaves a so-called digital footprint on the World Wide Web with such information as their preferences in food or brands, the places they visited, the people they contacted, and so on. With 7.8 billion of the world population, we are bombarded with different types of data.
It’s just impossible to process every bit of information they produce, including articles, posts, comments, and any other textual, visual, or musical material. All these materials can be united by such a broad notion as Big Data. Data Science is no longer a buzzword in the world of tech. Data Science for startups is an instrument that helps them to produce revolutionary products which help businesses across a variety of domains. It is a tool that can effectively utilize a myriad of chaotic data.
But what makes Data Science so effective in processing data?
The answer is simple: Machine Learning. It’s an effective way to automate processes, extract meaningful insights and make accurate predictions. A human just needs to give input data to a computer, and it processes the data of such algorithms. In such a way, a computer can teach itself with given data, and a human just determines how it will be taught.
Data Science is also connected to Cognitive Science, which explores cognitive mechanisms. The results of Cognitive Science research is essential to developing Artificial Intelligence (AI). At the moment, we do not have AI because it lacks a vital element - consciousness - but instead we have self-teaching neural networks. Indeed, this is the technology that Machine Learning is based on. With the help of Cognitive Science, it has become possible to create a technology that works like a human mind and utilizes Big Data to teach itself.
Why is Data Science Key for a Startup to Succeed?
The punchline of Data Science startups is that they’re able to gather data about people’s preferences and, consequently, be closer to them, generating more personalized interfaces and promoting more personalized products.
Startups are all about innovations, and Data Science is the epitome of innovation. Without this advanced interdisciplinary tool, startups lose a lot of their horsepower in the IT race and lack competitive abilities.
Besides, Data Science has the potential to improve any product a Big Data startup wants to promote. Let’s see what our specialist, Kateryna Stetsiuk, thinks about it: “Data Science has the potential to help startups automate most of the tedious work and provide room for creative and more valuable tasks.” And here is how:
- Data Science helps to identify essential business metrics
- It is used to analyze and predict customer behavior
- Data Science helps generate new product features and test them
- Data Science extracts valuable data
- Data Science helps engineers to build data pipelines
- Data Science tests and validates data to enhance performance
Thus, Data Science can twist the entire product development process, make it better, and catch the attention of customers.
But is Data Science hard? It’s important that Data Science is not as complex as it was before. This field has become more accessible to startups and SME businesses.
Where Can We Apply Data Science Solutions?
Personalization is the key to higher revenues and improved client experience. Customer behavior is difficult to predict, especially in the era of consumerism - clients utilize various patterns of behavior to interact with companies and individual merchants. We know for sure that every customer should feel special and treated with care. That’s why, when mulling over the idea of data analytics , many entrepreneurs start questioning how they can serve their customers. You may have tons of ideas, but you’ll never know how your potential customers will respond to them. Hence, Data Science is a safety net that shows what a no-no for your startup and how to morph it into a win-win.
Here is an example:
Startups operating in the e-commerce and retail industries put their back into getting to know their customers better.
What they need: the data on how they’re browsing products and, of course, Data Science software.
What Data Scientists do: analyze a product feed and the data about attributes that customers are browsing. So, it allows the generation of recommendations for the improvement of a startup’s operations.
Correspondingly, for fin-tech, medicine, logistics, mobile and web services, and so on, Data Science is like a breath of fresh air for them, making them innovative and helping them stand out from the crowd of millions similar up-and-coming companies.
Greatest Examples of Successful Data Science Startups
This industrial Internet of Things platform helps farms and factories to work more efficiently and smartly. The Big Data startup provides a table-based system that supervises the manufacturing process and detects any changes in real-time.
Spoonshot aims to predict customers’ tastes and preferences with the help of AI. Predicting consumer behavior is the greatest challenge in the food and beverage industry. The startup’s technology gathers food data, including tracking restaurant experiences of different people, and then delivers ideas on how to improve product development - and even generate personalized menus options.
Siren’s technology is a brand-new and a real Detective Gadget. It is the platform that helps a law-enforcement representative find a suspect’s car. The smart AI system takes into account the age group of a suspect, which mobile phones were used in a certain area, and the location to seek a specific vehicle.
What this Data Science startup offers is a cognitive document reader. It’s AI technology processes tons of unstructured documents and extracts data from it automatically. It saves a lot of time, cuts costs and optimizes operations.
Launch Your Data Science Startup with Us!
Undeniably, Data Science is what makes your startup distinctive and revolutionary. No matter what sphere you’ve chosen to launch your business, Data Science boosts its potential and chances to succeed.
All you need is to hire first-grade data scientists who will guide you through all the processes and help you create a first-class solution for your business. Reach out to LITSLINK, a top data science consulting firm, and benefit from top-notch software development.