Odin Mercer

Jul 06, 2022

Data Science Tools

In a globally competitive world, businesses that haven’t invested in Data Science tools can have difficulty making timely decisions or applying actionable insights. Today, data scientists’ greatest asset is the technology platforms or the tools that they have access to. The tools of the trade can mine and analyze petabytes of data in seconds and deliver the desired competitive intelligence, which would not be possible if done manually, no matter how brilliant a data scientist or business analyst is. However, the current options in the Data Science technology and tools niche are many and selecting the right solution for your business is itself a challenge. If a business does not spend sufficient time in understanding their technology needs and researching the market for appropriate solutions, then the investments can go to waste without yielding any real value.

The New Partners conducted a survey and the survey results report that “91.7% of IT and business executives from 94 large companies confirmed they’re increasing their investments in data and AI initiatives such as Data Science programs.” Moreover, IDC's prediction in August 2021 indicates “overall spending on big data and analytics systems will grow at a compound annual growth rate of 12.8% worldwide through 2025.