Data science and artificial intelligence are all the buzz. But these terms are not interchangeable. What are they and how should they be used by organizations for maximum strategic value?
What is Data Science? Data science is a continuous process of collecting massive amounts of data to observe, form and test models (or assumptions). This mix of programs, statistics, domain expertise, calculations and visualizations helps find hidden patterns and trends in your enterprise data to support informed and predictive decision making.
What is Artificial Intelligence? AI, a subset of data science, is a collection of programs and algorithms that uses machine learning and deep learning to simulate human intelligence. AI algorithms learn, reason and self-correct to perform autonomous actions and solve problems as they continue to capture more data. AI can translate, understand speech and make decisions self-sufficiently—helping you automate repetitive tasks or strategically innovate products and services.
Goal: Curate data to find hidden patterns and trends
Powered by: Statistical techniques and data analytics that finds data patterns to make informed decisions
Goal: Leverage data to simulate human intelligence
Powered by: Machine learning and deep learning to impose intelligence (using data) to respond like humans
Effectively using a combination of data science and AI enables personalized experiences, better operations, and confident decision making.
Some 79% of executives say they understand the value of data, but only one in 10 use it to transform their organization. Almost 50% of executives believe if they don’t implement AI they will lose customers or dent the bottom line, yet the focus on making sure they have accessible, unbiased data to fuel AI and AI-enabled technologies seems to get pushed aside. So how do you realize the benefits of these powerful technologies?
“Function over Form’” is the important notion to consider when it comes to successfully applying Data science and AI in your organization. For data to become one of your most valuable assets, you must identify your organization’s strategic priorities and then determine how data, analytics and artificial intelligence helps you reach your specific goals, like:
Leading your organization with a data-first strategy ensures you drive organizational value—no matter your goal. As you prepare to leverage data and artificial intelligence, consider this advice: