Data science techniques, from artificial intelligence to natural language processing, have the power to transform the way small companies work.
Data is everywhere and can help small, innovative companies to better understand customer needs and behaviour, as well as to inform and drive innovation and development.
A wealth of new insights and decision-making tools could be unlocked through the data that a company holds about itself and its activities.
For instance, data has the power to help businesses to:
- Make product recommendations based on user behaviour and data
- Carry out more accurate identity verification activities
- Analyse social media to identify target audience and to determine message and timing of social media communications
- Develop highly personalised marketing communications
- Leverage recommendation engines for product up-selling and cross-selling
- Introduce intelligent support call routing (e.g., auto-triaging, most capable agent,personality match)
“If the product or service you sell to your customers is a digital one, the underlying data is one of your core assets,” says Nick Crew, Chief Operating Officer for Airbus Endeavr and Chair of the DIA External Advisory Board.
The Data Innovation Accelerator (DIA) at Cardiff University helps companies in Wales to use their data better. Their dedicated, industry-facing team of data scientists can help you identify and realise the power of your data and embrace it in your future activities.
The team carries out data innovation health checks for SMEs in East Wales, producing a report that introduces data science and its applications for businesses as well as recommendations to leverage your existing data.
“Data science helps businesses to unlock the power of that data. Here at the DIA, our team of data scientists have got the skills to help you try out and identify the right data science tools for you,” says Ceri White, Senior Data Scientist at the DIA.
Businesses are also invited to work on a collaborative project with the DIA following the data health check.
W2 Global Data have collaborated on one of these projects with the DIA. The company provides real-time solutions that simplify the global regulatory compliance requirements for mobile and digital transactions via a single API integration. Supporting businesses in the financial, e-commerce, betting and gambling sectors, W2 gives access to innovative solutions and products that reduce risk, combat fraud, facilitate identity verification and digital onboarding and are foremost customer centric to ensure businesses stay compliant whilst achieving competitive advantage and higher customer retention and acquisition.
By collaborating with the DIA, W2 will be able to determine the most appropriate natural language processing techniques to accurately match inaccuracies or variations in customer information. Model scores and thresholds will be evaluated to determine the optimal remediation recommendations to the client. To avoid the sharing of Personal Identifiable Information (PII), the DIA will be investigating the use of differentially private synthetic data generation to generate representative data sets for scenario modelling.
The DIA is part-funded by the European Regional Development Fund, and is part of Cardiff University’s Data Innovation Research Institute.
They work with SMEs based in the local authorities of Cardiff, Flintshire, Monmouthshire, Newport, Powys, Wrexham, and the Vale of Glamorgan.
If you think your company could benefit from a data health check, contact the DIA on: [email protected] or 029225 11407.