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Introduction To Data Science Model In Data Science
Every business enterprise these days generates data of some format either internal or external. Extracting the insights from data will help enterprises in empowering their business intelligence process. Accurate data analysis process will also help the enterprises in making strategically accurate data driven smart business decisions. Building an accurate data analysis model is very crucial for any business to make the most out of their Big Data reserves.
Data Modelling helps the businesses in achieving their desired outcomes from their Big Data reserves. Data Model may vary based on the underlying business objective. So, in order to become an all-round Data Science professional, you need to have sound knowledge of Data Modelling in addition to Statistical Modelling, Programming with Python/R, Data Visualization, etc. Become an industry-ready Data Science expert with the help of our intense Data Science Training In Hyderabad program elite trainers.
Now, let’s understand the process of building an ideal Data Science model.
To build a Data Science model, Data Scientists need to have strong understanding of the business model & the desired objectives which they need fulfil using the model. In addition to this, indentifying the key performance indicators (KPI) that interfere with the business model is also very crucial in this process.
Sequence Of Steps For Data Modelling-
The first step involves understanding the business problem & identifying the KPIs that can influence the business model are identified.
In the second step, design a flowchart defining the flow of internal business processes and external factors that could probably influence the KPIs.
Gather all the essential data analyzing which can help in obtaining the solution to the business problem or in achieving the desired objectives.
In this step, Data Scientists will be using advanced data analytics techniques to quantify the impact of elements in the business model on the KPIs.
Based on the business objective, Data Scientists will be using advanced statistical models, predictive modelling techniques by applying algorithms in AI/ML & visualizing the results using Data Visualization tools like Tableau.
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Kumar Raja is a multidisciplinary writer, and lifelong learner. He’s a Digital Marketer in the making who spends his time analyzing the developments in the tech world. He’s very passionate about helping people understand the latest trends in the tech world through his well-researched articles. He’s able to condense complicated information about the latest technologies into easily digestible articles.