Any organization parsing through a significant volume of data can tell you firsthand that quantity of data doesn’t correlate with quality. To appeal to consumers’ evolving expectations for how to interact with their favorite brands, the ability to draw real-time actionable insights from data on-hand can be what converts an acquisition— this ability can also be the difference between exposing genuine fraud while not amassing false positives, which disrupt the user experience.
“To maximize the efficacy of your data, you need to set an action plan that the data should inform from the moment of collection,” says Josh Rutowski, Data Scientist at W. Capra. “To do this to the fullest, it’s essential to stay ahead of market trends and data science techniques.” Where merchant organizations have identified a problem to solve, and they maintain data related to that problem, there are endless tools available to help them action off the data that they have in hand.
“We do a thorough review of the data and implement the appropriate machine learning algorithm for the task, as no findings can be left to chance,” adds Manroop Singh, another Data Scientist on the W. Capra team. The best data scientists know how to separate the noise from the data in order to derive meaningful business insights. More importantly, they should know how to present those insights to stakeholders in a way that can drive action around initial goals. Singh elaborates, “The bias of seeking data that supports the findings that you’re looking for is one of the great dangers facing data sciences today. This practice will inherently lead a given business to a compromised conclusion. We always work with an unbiased mindset to deliver our clients a data-driven truth.”
As the size of the data continues to increase, sifting through the noise to find the most appropriate data for a certain problem at hand has become more complex, yet equally as important. The industry continues to move toward the cloud with increased computational abilities, allowing us to leverage real-time insights to influence business decisions. By augmenting current capabilities with advanced data sciences, you’ll begin to not only understand your business better by exposing your pitfalls, but you can capitalize on real-time decisions to increase your bottom line.
Rutowski added, “The size of data sets available continues to grow, and through engagement of an organization that has deep industry knowledge like W. Capra, coupled with advanced data science techniques, organizations can find answers to their problems, ranging from fraud to consumer loyalty program analysis.”