In 2018, companies have decided to invest $3.7 trillion on machine learning and digital transformation so as to embrace a promising return on that sizeable investment for professionals involved in managerial roles. Nevertheless, 31% of the companies using the potent tools of machine learning and data science are not yet tracking their ROI or are in no mood to do so in the near future.
But to be on the side, ROI is very crucial for any business success – if you fail to see the ROI you expect from data science implementation, look into bigger and complex processes at work – and adjust likewise.
Take cues from these 3 ways, explained below:
According to Gartner, by next year 90% of big companies would hire a Chief Data Officer, a promising role that was almost nonexistent a few years ago. Of late, the term C-Suite is gaining a lot of importance – but what does it mean? C-Suite basically gets its name from a series of titles of top level executives who job profile name starts with the letter C, like Chief Executive Officer, Chief Financial Officer, Chief Operating Officer and Chief Information Officer. The recent addition of CDO to the C-Suite has been channelized to develop a holistic strategy towards managing data and unveil new trends and opportunities that the company has been attempted to tab for years.
The core responsibility of a CDO is to address a proper data management strategy and then decode it into simple, implementable steps for business operations. Its prime time to integrate data science into bigger processes of business, and soon company heads are realizing this fact and working towards it.
Before formulating any strategy, CDOs need to ensure the pool of professionals working with data have proper access to the desired data tools and support or not. One common problem that persists is that the data science work that takes place within an organization is done on silo, and therefore remains lost or underutilized. This needs to be worked out.
Also, besides giving special attention on transparency, data science software platforms are working towards standardizing data scientists’ efforts by limiting their resources for a given project, thereby ensuing cost savings. In this era of digitization, once you start managing your data science teams efficiently, half the battle is won then and there.
Implementing a sophisticated data science model into production process can be a challenging, lengthy and expensive process. Any kind of big, complicated project will take years to get completed but once they do, you expect to see the ROI you desire from data science but the journey might not be all doodle. It will have its own ups and downs, but if you stay committed and deploy the right tools of technology, better outcome is meant to happen.
In a nutshell, boosting of ROI is crucial for business success but the best way to trigger it would be by getting a bird’s eye view of your data science strategy, which will help in predicting success accurately and thus help taking ROI-supported decisions.
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