The importance of commercial data science

Amy Sharif

Head of Data Science, Peak

As data science moves from its infancy, a new standard of commercially focused data science is emerging. We all have a vital role to play in shaping our industry.

Data science is routinely cited as the most important emerging field. Yet it’s still early days for an industry that is just starting to explore its potential.

For data scientists working commercially, the infancy of our field can be particularly frustrating. We have shaken off a lot of the challenges that plagued us in the early years, such as data storage and computational demands. However, commercial data scientists are still faced with incomplete data sets, colleagues who don’t understand the value they can deliver and working cultures with little or no experience implementing the solutions they build.

A new standard of data science

As well as technical skills, we also need a commercial understanding, particularly as the sector matures and new categories like Decision Intelligence – the application of AI to commercial decision making – emerge.

At the moment, only a fraction of models built for businesses are productionised but imagine what we could achieve as a function if solutions were routinely deployed, iterated and refined. Data science would no longer just be cited as an important field, it would become the most important business function.

Those of us working in a data field know the importance of collecting information to help explain the world around us.

To achieve this, data science teams need to build models that deliver against tangible business needs. Whether that is optimising supply chains or segmenting marketing databases, understanding commercial goals and focusing data science strategy around them is key. This is the new standard of data science.

The importance of community

But we cannot implement it alone. Those of us working in a data field know the importance of collecting information to help explain the world around us. We all have insight and learnings to share. We can only learn this new standard of commercially focused data science together.

Peak’s inclusive data community exists to provide a space to share knowledge and exchange ideas. If you’re wrestling to tie your work to the real-world, this is the place for you. If you are incredible at deploying applications that deliver commercial outcomes, share your skills. Whether you are an experienced or an aspiring data professional, you have a vital role to play in our inclusive community.