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Article from MoneyAhoy.com
How Data Science Can Help Your Company’s Finances
Data science is a discipline that uses various techniques and tools to extract knowledge from data. The field has become the backbone of many industries, especially fintech. You don’t have to be a data scientist to take advantage of this industry’s opportunities, but you should have a basic understanding of how data science can help with your company’s finances.
Know What You Need
The first step to using data science in your business is to get familiar with the industry and what your business does. Without assessing your company’s data, it’s impossible to determine what kind of insights can be gleaned from it. Next, you need to identify what information is most relevant to your financial success. This includes the type of questions you want to be answered and the approach you’ll take in order to answer them.
Know What Tools To Use
Once you have a clear understanding of the types of data that exist and what information you’re looking for, it’s time to set up a pipeline for extracting insights. There are different tools that can help with this task such as databases, statistics packages, spreadsheets, decision trees, and so on. It’s best if these tools are integrated into one platform so you can assess them easily.
Know What To Look At
If you’re in the fintech industry and you’ve been asked to evaluate an investment, one of the first things you might want to do is look at the company’s financi… Read More
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