What is Data Science?

BY Dan Herbatschek | 5 MIN

DATA SCIENCE IN CONTEXT

While data engineers are constantly finding innovative and powerful new ways to capture, collate, and condense unimaginably massive volumes of data, on the other hand, data scientist are leading change by deriving valuable and actionable insights from raw datasets. Data scientists use systematic mathematical techniques and algorithmic approaches to derive solutions to complex business and scientific problem problems.

HOW ERDŐS INNOVATES WITH DATA SCIENCE

 

APPLICATIONS TO BOTH BUSINESS AND SCIENCE

In business, we use data science to empower organizations with the data information that they need to optimize organizational processes for maximum efficiency and revenue generation. In science, we use data science methods to derive results and develop protocols for achieving the specific scientific goals at hand.

 

DECREASING FINANCIAL RISK IN E-COMMERCE

We decrease financial risk in e-commerce business by using time series anomaly detection methods for real-time fraud detection – to decrease card-not-present fraud and to decrease incidence of account takeovers.

 

INCREASING SALES RATE

We find the best ways to upsell and cross-sell, increase customer loyalty, increase conversions in each layer of the funnel, and exact-target your advertising and discounts. Our data scientists can look at all data related to your business and derive insights that supercharge these efforts. 

 

A SAMPLE OF WHAT ERDŐS HAS DONE WITH DATA SCIENCE

We used machine learning to optimize energy usages

We predicted for unknown containment levels from sparse environmental datasets

We designed automated theft and fraud prevention systems to detect anomalies and trigger alarms based on algorithmic results

We crafted site-recommendation engines for use in land acquisitions and real estate development

We implement and interpret predictive analytics and forecasting techniques for net increases in business value