Business Intelligence and Data Science: Data is transforming the industry

A group of experts from Galileo University explained how data science is transforming industry and professions in the area, in the webinar "Business Intelligence and Data Science: Data is transforming my profession and my industry."

During the two-hour free webinar "Business Intelligence and Data Science: Data is transforming my profession and my industry", the experts shared concepts, ideas, recommendations and tools that will help answer questions about Business Intelligence and the Data Science.

Dr. Jorge Samayoa, Director of the Operations Research Institute (IIO), talked about why data analytics has become so popular and relevant in recent years.

According to the expert and academic, there are three topics around Data Science:

• Data Science
• business intelligence
• Artificial Intelligence

This free webinar will take place again on Friday, June 12, at 11 a.m. To sign up, go here: Business Intelligence and Data Science, data is transforming my profession and my industry.

"Data Science is an interdisciplinary field that unifies statistics, applied mathematics, computer science and technological tools, with the aim of understanding, analyzing and predicting the behavior of data", said Dr. Samayoa.

Business Intelligence is related to how to make more accurate and data-driven decisions within a business. 

This suite of tools helps companies better understand, anticipate, and shape business outcomes through the ability to identify and analyze trends, patterns, and anomalies.

“Artificial Intelligence is added to these processes, a very popular term that is the technological advance that gives Data Science a boost,” he added.

We invite you to know what the Master in Business Intelligence and Analytics.

Why is Data Science now the boom? There are three situations that lined up for this to happen:

First is the evolution of mathematics/statistics, with models and theories for data analysis that are old. Then came programming languages, as well as important technological advances. 

Before the question: What is coming in the next 10 years within Data Science? Dr. Samayoa explained: “A lot of specialization in Data Science will come. The situation will be similar to that of a general practitioner, who knows a lot but nowadays people look more to specialist doctors”. 

"Data Science is no longer the future, it is the present and it is here to stay," he added.

We invite you to enter the page of the Master in Data Science.

Importance of having data in the company

The importance of having data for a company lies in the opportunity to have a backup to know what products or services were sold, and how; as well as to make forecasts and identify improvements.

Dr. José Ramírez, who has an Engineering degree from Texas A&M and a Master's degree in Operations Research from Galileo University, has worked as a researcher for consulting projects in transportation optimization, supply chain analysis and others, for companies important worldwide.

“I have the data, so I ask myself: what now? They must be analyzed to identify patterns and behaviors, as well as correlations and dependencies”, explained Dr. Ramírez.

“An example is, if someone buys product A and they also require product B, then it's important to have both products in my business,” he added.

The first steps

Marco Tulio Gómez, professor in the Business Intelligence Master's Program at the IOI, explained that organizations adopt Business Intelligence practices with the aim of improving decision-making through data analysis.

“One of the best strategies is in fashion: Self-service Business Intelligence, which helps us access and analyze data, taking it to the people who make decisions. It is attractive for small teams and it is a great challenge at a corporate level”, he says.

Within Self-service Business Intelligence, the data will be delivered to the end user, who will not necessarily be someone from the world of information technology, but will have a role in the finance area and needs access to the data to generate information. 

How to decide which projects to attack? We can prioritize with the impact it will have on the business and the satisfaction of the consumers of that information.

"The first project should be of high impact and low risk, since the risks can be challenges such as having insufficient data," recommended Mr. Gómez.

"The time will come when high-impact and high-risk projects will be attacked, but we will have already shown that the business intelligence strategy is paying off and it will be easier to obtain support, time and resources," he added.

Data science and digital marketing

Ing. Carlos Zelada, an academic for more than 15 years, is an expert in Data Science and currently also works as a professor in the master's degrees of the IIO of Galileo University.

“I am not a marketing specialist, but when you work as a data scientist, as a professional you gain a certain amount of expertise. That is a sample of how complete the profile of a data scientist is”, he commented.

Digital marketing is the application of marketing strategies carried out in digital media, in which there is the possibility of real measurements of each of the strategies used.

Data Science gives direction and confidence to the digital marketing team, by giving them a projection of what the cost per hour of the strategy and projections is.