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Impact of Data Science on Consulting: Are Consulting Firms Going Out of Business?
With every choice a person makes being governed by the data being used to analyze their choices and preferences, it is undeniable why data science is as valuable as it is purported to be. From influencing referendums to impacting the brand of pet food you buy, data science is compelling for better or worse, as exhibited in the former case. Business consulting has been around for as long as one can remember. Consultants advise businesses on improving profitability, getting rid of distressed assets, and optimizing production and sales based on consumer demand to grow. There is nothing new about making business decisions based on consumer preferences or other key performance metrics. The difference lies in the scale of modern businesses and the kind of leverage that provides them. The term "big data" refers to the trail of information that we all leave behind as we purchase and sell items, browse local shops and the internet, use our phones, and generally lead our lives. That trail of information can produce a lot of value for businesses when used correctly.
What is Data Science?
Data science is the application of a variety of approaches and technologies to derive insights from large amounts of data. To begin, it is necessary to choose a subject of research and the data set that will be used to analyze it. Techniques such as descriptive statistics, machine learning, and data visualization can then analyze the data set in further detail. This could serve as a foundation for machine learning algorithms, which can generate predictions about new data as it becomes available. The output of these algorithms could then be visualized using data visualization to show patterns and trends in the underlying information. Programming languages such as Python, R, Julia, and Scala are required for data scientists to be adept in their respective fields. Aside from that, data scientists use tools such as Apache Hadoop, Apache Hive, MapReduce, and a variety of other machine learning techniques to analyze and extract insights from their data.
How Do Consulting Firms Produce Value for their Clients?
Though assumed to be impervious to disruption (usually because consultants advocate for change within their industry), consulting must prepare for data explosion. Globally, big data has permeated every sector of the economy. As with other vital components of products such as physical assets and human capital, it has become necessary for the consulting business to establish frameworks for solving critical business challenges based on and involving big data. As a result of their training and experience, consultants offer advice and recommendations to businesses and individuals alike. They're essentially problem solvers who offer solutions to problems by identifying root causes and formulating plans to avoid them in the future. They generally specialize in a wide variety of domains ranging from taxation and M&A to distressed debt and IT. Data analytics and enhanced data visualization may significantly improve decision making, reduce risks, and uncover critical insights that might otherwise go unnoticed. Automated risk engines, such as those used by tax agencies to identify potential tax evaders and algorithms implemented by retail companies to manage inventory and pricing better, can all benefit from this type of data analytics. This can easily be a perfect value-add to the value proposition of a consulting firm.
Will Consulting Firms Go Out of Business?
Time and time again, technology threatens the very existence of industry by being a force for exponential, deflationary growth that ends up creating incrementally more value in the world than was ever thought to be possible. At the end of the day, the notion that an industry that helps businesses restructure their plans for the future would be laughable. The industry will evolve by incorporating big data analytics into its decision-making process. Providing timely access to critical data to stakeholders will have a significant impact. Using data from R&D, engineering, and production divisions simultaneously can drastically reduce time to market and enhance quality. However, the sharing of mission-critical data on such projects might be a mammoth security undertaking that could make hell freeze by the actions of a single rogue element. The fact is, consulting firms are here to stay, and the AI and Data Science revolution can help them produce more value for their clients.
How Atidan Technologies can help you integrate Big Data Analytics solutions into your business
Atidan specializes in creating customized strategies for AI and Big data solutions. With access to the largest talent pool in the world with a proven track record of customer satisfaction, Atidan can help you develop a rock-solid approach to ensure seamless integration and optimal performance. With access to Atidan’s highly experienced recruiters, you can even hire full-time or consultant data scientists for your business to ensure that all your needs are catered to. With decades of experience helping businesses with their technological needs, Atidan delivers more value than you could imagine. With global offices in the USA, UK, India, SEA and success stories across various industries, our goal is to help you realize the full potential of today's cutting-edge technologies. Atidan’s expert consultants will work actively with your business process managers, IT staff, and executive leadership to identify your requirements and help you reach your business goals.
