Data science and industry research

Published on October 30, 2022   23 min
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I'm delighted to be contributing to this lecture series on research methodologies for application in business. My talk is about data science and industry research in relation to business research methodology. I'm the Technical Director of NU Solve at Newcastle University. NU Solve is an engagement unit in the School of Mathematics, Statistics and Physics, dedicated to solving research questions that arise in industry. We undertake consultancy, training and research projects. I'm also a founding member of ENBIS, the European Network for Business and Industrial Statistics. I find that networking with statistical practitioners and other like-minded people from around the world is not only enjoyable and rewarding, but also helps me to deepen my statistical knowledge.
In this talk, I will draw on my experience of collaborative research with a wide range of companies. I've had the privilege of working on all sorts of projects. In particular, we'll offer examples from the retail, shipping management and digital marketing sectors. I aim to describe what data science is and how it can be used, and how we can overcome challenges to produce useful results from our industry research in practice.
First of all, what is data science? Data science uses a combination of information technology skills, data analytics, that is statistics, mathematics, artificial intelligence, and business awareness. In this talk, we will focus mostly on data analytics and business awareness.
Why is data science so topical? What is the motivation for data science? Well, there has been an explosion in the quantity of data collected by business and industry. The inexorable drive towards digitisation in modern manufacturing and process industries is often referred to as Industry 4.0, and it's characterised by increasing amounts of measurement and more detailed and complex machine-to-machine interaction. The availability of such massive amounts of data has led to priceless opportunities for companies and business researchers to add value through data science. Data science enables business and industry to improve the quality of their products and services, reduce waste, save energy, and tailor output to meet customer needs, thereby increasing profitability. Data science and industry research is vital for business success.