Developing Business Acumen for Data Scientists

To succeed in data science, you need to have a working understanding and domain knowledge of the business world. The fast-paced nature of the market requires data scientists to constantly tweak their models and learn more about their customers' habits. As a result, Business acumen is an important skill for data scientists. A person's business acumen is a measure of their ability to grasp business issues where information regarding how and why things are performed.

You might be wondering how one knows whether the insights gained from data are useful to business? It can be difficult for someone who is so well-versed in mathematics and computer science to understand the other world, business. Because jargon, processes, and knowledge, particularly in mathematics and computer science, can be less rigid, more complicated overlays of business rules and processes overlay. That, to me, is the most enjoyable aspect of doing business.

This blog post is intended to assist new data scientists in developing business acumen and understanding, to some extent, how much impact their insights can provide.

There are three levels of business knowledge:

• General Business Knowledge • Industry-Specific Knowledge • Company-Specific Knowledge

Let's take a look at each of them in-depth.

1. General Business Knowledge
   As the name implies, general business knowledge refers to the knowledge shared by all businesses, regardless of industry or company. Accounting standards (GAAP or IAS), for example, understanding account receivables, cost-of-goods, etc. It could be about broad strategic management models like the balanced scorecard or SWOT analysis. It could be about understanding general logistics processes, manufacturing, etc. Such knowledge and information are very likely to be found in a typical MBA program, so that you can acquire them through business administration and management courses.

1. Industry-Specific Knowledge Industry knowledge will vary depending on the industry in which the company operates. For example, if you work in finance, you must be concerned with regulations and compliance, accounting standards, and risk management standards such as IFRS, Basel III, etc. When working in the financial industry, it is also necessary to understand local regulations. Regulators set industry-specific rules such as the minimum age for credit card applications and mortgage loan quantum.

If you work in the healthcare industry, you should be aware of how human testing of medicines should be conducted and the necessary permissions.

3.Company-specific knowledge Company-specific knowledge will include the company's competitive advantage, business model, revenue model, target market, and business process. This knowledge is "top secret" and varies greatly between companies.

Knowledge is usually only available after you have joined the company. Financial statements that are filed and made public are one possible source. On the other hand, company-specific knowledge cannot be taught in schools or programs.

Conclusion:

General business and industry-specific knowledge can be easily acquired through books, business periodicals, and perhaps an MBA program. Still, company-specific knowledge cannot be taught and must be acquired while working in a specific organization. To develop industry-focused knowledge, learning through adata science course in Bangalorecan be a great place that provides domain-specialized training in data science, AI, and machine learning.

Good luck!