Data Science

What is data science?

Data science is the systematic study of data. It draws on a combination of scientific methods, processes, statistics, algorithms and technology to extract, evaluate, visualise, manage and store both structured and unstructured data. Armed with the business intelligence and valuable insights that come from this data, companies can answer business-critical questions, solve problems and make well-informed data-driven decisions.

Data science is an extension of other data-analysis methods, such as data mining, statistics and predictive analysis. Essentially, it aims to create order from the chaos of big data by sifting through it and organising it in a meaningful, usable way. Among the methods that data science employs are:

  • machine learning
  • probability models
  • data mining
  • statistical learning
  • signal processing
  • data engineering
  • visualisation
  • uncertainty modelling
  • computer programming
  • pattern recognition and learning

For example, it applies machine-learning algorithms to content – text, images, audio, video, numbers and more – to produce artificial-intelligence systems that do the work of humans – only faster and more efficiently.

By understanding the value of data science and putting its power to work for you, businesses across most industries can effectively evaluate and address their challenges.

Why is data science important?

The five key reasons businesses should capitalise on data science are to:
  • keep pace and stay competitive
  • make the most of the valuable data available to them to drive growth
  • solve business problems
  • better understand their customers
  • more effectively communicate their brand’s story

Keeping pace

We live and work in an increasingly data-driven society. In the age of big data, if you’re not putting in place data science capabilities, you risk being left behind.

Driving growth

Most businesses have a great deal of data at their disposal, from customer information and financial data to social media commentary and material on competitors. Data science empowers companies to judiciously take advantage of this information for their benefit and drive the growth of the business going forward.

Solving problems

This one can be a bit trickier for companies. Data science is a must-have for problem-solving, but key to that is that businesses first need a truly in-depth understanding of the actual challenges they face. Having a data science team that can help you clearly define and analyse a problem and establish a rule-based system and plan for tackling it is essential.

Once you uncover the exact needs of your business, you’re in a much better position for your data science processes and technologies to effectively and efficiently do the hard work for you.

Understanding customers

Your customers are your bread and butter; they are incredibly valuable to your business. Using data science techniques such as data mining and data analysis, you can gather a great deal of enhanced business intelligence about your customers. You can then use this information to your advantage, to personalise your interaction with your customers; to impact the further growth, development and engagement of your customer base; and to solidify the success of your brand.

Communicating your message

Similarly, data science allows companies to communicate their brand story in a more engaging, powerful way. When brands and companies have a robust overarching strategy for using data science, they can better share their messaging with their target audience and cultivate a stronger brand connection.

Nexis® DaaS

Nexis® DaaS enables your organisation to connect to LexisNexis’ world-class database through an application programming interface (API) to get the relevant, high-quality data you need.

Our API:

  • uses predictive analytics
  • builds quantitative financial models
  • powers machine-learning applications

Our database provides access to such information as:

  • domestic and global news
  • social commentary
  • company, industry and legal intelligence
  • magazines and trade publications
  • radio and TV broadcast transcripts
  • intellectual property (IP) and patents data
  • press releases

What’s more, it’s our vast experience with cutting-edge technology and the sheer volume of the information we provide that distinguish us from other DaaS offerings. Nexis DaaS draws from 80,000 sources, and we add 4.5 million documents to our collection daily. It comprises data on 80 million companies, includes information in 75 languages, covers more than 13,000 topics and encompasses more than 100 countries.

But Nexis DaaS doesn’t just provide access to the necessary technology and content. The service also enables your data science team, so it can:

  • evaluate the competitive landscape to support your strategic planning
  • inform PR and marketing campaigns to strengthen your brand and drive revenue
  • use trend analysis to identify domestic and international movements so your company can quickly and proactively respond proactively to market opportunities and disruption
  • integrate big data into machine learning to increase the efficiency and effectiveness of your critical business processes, such as risk management

With the valuable intelligence and insights you uncover with Nexis DaaS, you can harness the robust power of data to make well-informed, more accurate decisions and ultimately drive business gains.