Data science processes for generating business value

Data science is an emerging practice that has seen a lot of hype. Much of what it means is under debate and the practice is evolving rapidly. Regardless of these debates, there is no doubt that data science methods can provide business benefits if used properly. While following a process is no guarantee of success, it can certainly improve the odds of success and allow for improvement. Data science processes are inherently iterative, and it is important to not get stuck in a specific step for too long. People looking for predictable and predetermined timelines and results are bound to be disappointed. By all means, create a plan, but be ready to be nimble and agile as you proceed. A data science project is also a discovery project: you are never sure of what you will find. Your expectations or your hypotheses might turn out to be false and you might uncover interesting insights from unexpected sources.

There are many known applications...