Big data is nothing without the expertise to turn cutting-edge technology into actionable insight. And with more and more financial institutions unlocking the power of big data, the value of data scientists, who know how to drive value from the vast amount of information that exists inside the institution, is becoming increasingly apparent.
By enlisting the help of an experienced data scientist, financial institutions are better equipped to reach their business objectives. Here are four ways data scientists can add value to any business:
1. EMPOWERS MANAGEMENT AND OFFICERS TO MAKE BETTER DECISIONS. An experienced data scientist serves as a trusted advisor and strategic partner to an institution’s management, and ensures the staff are maximizing their analytics’ capabilities. By tracking, measuring, and recording all performance metrics, a data scientist will demonstrate and communicate the value of an institution’s analytics product to facilitate improved decision-making across all levels of the organization.
2. DIRECTS ACTIONS BASED ON TRENDS AND HELPS DEFINE GOALS. After exploring and examining an institution’s data, data scientists can prescribe and recommend actions to improve a financial institution’s performance, better engage with customers, and ultimately—increase profitability.
3. CHALLENGES STAFF TO ADOPT BEST PRACTICES AND FOCUS ON WHAT MATTERS MOST. Data scientists are responsible for ensuring all staff are familiar with and well-versed in their institution’s analytics product. The scientist sets staff up for success by demonstrating how to effectively use the system to extract insight and drive action. Once the staff has a better understanding of the product capabilities, they can then focus their efforts on addressing key business challenges.
4. IDENTIFIES OPPORTUNITIES. While working with the institution’s current analytics system, a scientist will question existing assumptions and processes in order to develop additional methods and analytical algorithms. Data scientists will constantly work to improve the value derived from the institution’s data.
About the Author
Veera Budhi is an analytical and highly adaptable management professional with 22+ years of extensive experience enhancing business outcomes across enterprise. Skilled in aligning end-user needs with long-term resolutions to complex business challenges. Track record of success in strategizing the plan, architecting the solutions, leading development and implementation teams aimed at improving quality and efficiency at organizations. Advanced expertise in occupying leadership roles in all facets of Sales, Software development, project and product life-cycle management. Accomplished communicator skilled in building and strengthening relationships across functions to drive cohesive, strategic operations.
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