The Data Revolution

Since Taylor's first writings, businesses and non-profit organizations have sought to become driven by evidence to reduce unconscious bias in their decisions. Although data science is merely a new term for something that has existed for decades, some recent developments have created a watershed between the old and new ways of doing business. The difference between traditional business analysis and the new world of data science is threefold.

Firstly, businesses have much more data available than ever before. The move to electronic transactions means that almost every process leaves a digital footprint. Collecting and storing this data has become exponentially cheaper than in the days of pencil and paper. Many organizations collect this data without maximizing the value they extract from it. After the data is used for its intended purpose, it becomes 'dark data', stored on servers but languishing in obscurity. This data provides opportunities to...