Data Science-2

Thursday, March 09 2023

This week in
Consulting

Applications and Innovations in Data Science: Trends for 2023 and Beyond

Editorial

To me, data is like an ocean: vast, complex, and difficult to navigate without the right tools and expertise. That’s where data science comes in – it serves as the captain of a ship that guides us through the waves of information, helping us make sense of the vast sea of data available to us. The demand for skilled data scientists is growing rapidly, and it’s no surprise that it’s been labelled the “sexiest job of the 21st century.”

What’s even more astonishing is how data science has infiltrated our daily lives in countless ways. From the recommendations we get on shopping websites to the content we watch on streaming services, data science is at work, making our lives more convenient and enjoyable. But data science is not just about convenience – it’s also being used to tackle some of the world’s most pressing challenges. With data science, we can predict and prevent disease outbreaks, analyze data to tackle climate change and more.

As the prevalence of data in our lives continues to grow, we must use the right tools and processes to analyze it. Excel, for example, is a great tool for many things, but it’s not designed for data analysis, and using it for that purpose can present significant challenges.

Luckily, new technologies and techniques are constantly emerging to help us navigate the ocean of data generated across industries to uncover insights and drive decision-making, including in insurance. Then some companies are revolutionizing healthcare. One company that stands out in this regard is One Medical. Their work is particularly commendable because of their focus on elder care, which is a novel approach in the industry.

In this issue of This Week in Consulting, we explore the various roles, tools, and processes that make up the data science lifecycle. We also examine various use cases of this growing discipline, as well as what lies ahead for the field.

Enjoy your read, share your feedback, and feel free to comment.

Laurent THOMAS

Laurent THOMAS

Chairman Consulting Quest

This week’s must read

In This Week’s Must Read,  we explore the various roles, tools, and processes that make up the data science lifecycle. We also examine various use cases of this growing discipline, as well as what lies ahead for the field.

 

The accelerating volume of data sources, and subsequently data, has made data science is one of the fastest-growing fields across every industry. As a result, it is no surprise that the role of the data scientist was dubbed the “sexiest job of the 21st century” by Harvard Business Review. This masterful piece from IBM examines various roles, tools, and processes, making up the data science lifecycle that enables analysts to glean actionable insights for decision-making. It also explores various use cases of this growing discipline.

@IBM

This week’s media

In the last five years, the data analytics industry has undergone drastic changes. If you’re curious to know what is happening in this fast-paced world of data analytics, this video can show you where the industry is headed. In this video, Tom Gadsby, a data scientist at CareerFoundry, shares what he sees as the future of the data analytics industry and how new innovations might affect your career.

Thought Leadership

 

In July 2022, Amazon grabbed the headlines by acquiring One Medical in an all-cash transaction valued at approximately $3.9 billion. Before One Medical made the news, Patina launched with $57 million in funding from Andreesen Horowitz and Google Ventures in late October 2021. Patina’s mission is to profoundly improve the healthcare and ageing experience for older adults and the loved ones who care about them. This conversation between the CEO of Patina, Jack Stoddard, and the AI and Analytics expert, Arun Shastri will help you better understand Patina’s Adult-focused primary care model.

Arun Shastri @ZS Consulting

 

Seeking to make predictions about future events is a trait hard-wired into the human brain. Emulating the functions of the human brain, Predictive analytics helps you anticipate future outcomes. Combining powerful statistical techniques and artificial intelligence, and using historical and current data, Predictive Analytics makes projections about what might happen in the future. This insightful article from Qualtrics delves into the intricacies of predictive analytics, covering a wide range of topics including how it works, the essential steps of the modelling process, and techniques for building, testing, and training predictive models. Additionally, the article highlights the commercial benefits of utilizing predictive analytics.

@Qualtrics

 

Excel may be awesome for many things, for many reasons but companies should not depend on it as a tool for data analysis, simply because Excel wasn’t designed for that purpose. In this article, Chief Data Scientist at Ascent,  Rich Pugh explores the impact of using this 20th-century tool to analyze 21st-century data and why using Excel is a particular challenge in Insurance.

Rich Pugh @Ascent

 

The application of advanced analytics is already well-ingrained in the world of insurance pricing and underwriting. However, it is only recently that it has begun to exert more influence in claims operations. Read this article to know how data science and machine learning are transforming the world of insurance and claims operations.

Pardeep Bassi @WTW

This week’s consulting news selection

 

 

Bowman appointed Ryan Belyea as its Chief Digital Officer (CDO). As CDO, he will partner with Bowman’s senior executive team to establish and embed digital service offerings into existing and new business lines and ensure alignment of digital strategies with acquisition initiatives and technology systems development.|@Bowman

 

 

For the sixth year running, Napco National Packaging collaborated with INDEVCO Consultancy, showcasing its company brand and offering at one of the leading events within its industry this year. This Dubai-hosted event is providing Napco National Packaging the opportunity to present its products and solutions to players from across the food & beverage ecosystem.|@INDEVCO

 

 

The leading global professional services firm, Alvarez & Marsal (A&M) announced the appointments of Erick Valdes and Patrik Dyberg as Managing Directors within its Digital and Technology Services practice. They have joined the firm’s Corporate Performance Improvement (CPI) group.|@Alvarez & Marsal

 

 

London headquartered consultancy Yonder recently acquired  Singapore-based consultancy Chapter and Verse to expand its footprint into Southeast Asia, following increasing client demand and rapid growth. |@Yonder

Chairman and Co-founder at | + posts

Laurent is the Chairman and Co-founder of Consulting Quest. Focused on greater value creation, and being thoroughly familiar with Consulting, Laurent has sourced and sold millions of dollars worth of Consulting over the course of his career. Prior to joining Consulting Quest, Laurent was Executive Vice President Oil and Gas at Solvay and Senior Partner Transformation at Oliver Wyman.

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