This website only stores essential cookies to function properly. With your consent, we will use additional cookies to improve the browsing experience. Please click on "Allow all cookies". For further information and to withdraw your consent at any time, please visit our Privacy Policy page.

Data Science in Professional Services

Data Science in Professional Services

Paul Simpson

These days, it seems everyone is talking about "data" in some form or fashion. Breaches and privacy command most of the headlines, but analytics is generating buzz in the professional financial services industry, as more firms explore ways to put data to work for their organisations and clients.

Truth is, data analytics already plays a role in traditional accounting. Historical financial information is routinely used to provide insights and examine the reasons for a company's past performance. While helpful, this reflective utilisation of data—known as descriptive and diagnostic analytics—fails to leverage the far more potent, forward-looking applications dubbed prescriptive and predictive analytics (whose current buzzwords are "AI" and "machine learning," which is actually a subset of AI).

With assistance from a data science team, accounting and finance advisors can use machine learning to power predictive analytics, which can help companies understand and plan for the future by identifying patterns in historical data. For instance, information from past accounts receivable transactions could be analysed to project accounts receivable balances and collection periods, enabling the organisation to better manage cash flow. This proactive use of data would allow businesses to anticipate risks and make decisions that yield better outcomes.

Prescriptive analytics, meanwhile, utilizes optimisation techniques and machine learning to assist companies in choosing the best option for a particular outcome. Using the same accounts receivable scenario, this foresighted analysis could be used to reduce collection periods and issue discounts for early payments.

To deliver this enhanced level of service, some professional financial services organisations have begun adding data scientists to their teams. These specialists extract, clean, organize, and analyse customer data, then share the insights and predictions with the firm's client-facing professionals, who have the best understanding of their customers' unique businesses. It's an iterative, back-and-forth process to understand clients' specific needs and to glean the most information from available data to design and deploy custom solutions with analytics products.

Of course, hiring a data scientist requires a substantial investment of time and resources, especially since there's a dearth of qualified candidates. The practice is also in its infancy, so early adopters are still determining the distinct role data science could and should play in the context of professional financial services. That said, the potential value that data specialists can deliver to clients of firms that employ them is profound. Some of the advantages include:

Facilitating better decisions. Data scientists can measure, track, and record performance metrics and other information across entire organisations, providing management with research-backed information to drive improved decision-making processes.

Directing actions based on trends. By analyzing an organisation's data and comparing it with that of competitors and others in the market, data scientists present recommendations that can help enhance business performance, cut costs, better engage customers, and ultimately increase profitability.

Mitigating risk and fraud. Trained to identify data that stands out in some way, data scientists can develop modeling that predicts the likelihood of fraudulent activity and create alerts that help ensure timely responses when data irregularities are recognized.

Delivering relevant products. Armed with the findings generated by data science, financial services professionals can help clients pinpoint when and where their products or services sell best, ensuring they provide customers what they want when they want it. This information can also be used to help companies develop new products and solutions to meet their customers' evolving needs.

As an example of how a professional financial services firm might utilize advanced data analytics to deliver more client value is if there’s considerable changes made to a tax legislation in your region. Proactive firms could run reports through specialized software and analyse which clients would be most affected by the tax changes. Then advisors could reach out to those customers directly and develop strategies to take advantage of potential savings throughout the year rather than waiting for the customer to request services at year-end. The result: a more satisfied client.

While speaking at a tech conference several years back, Peter Sondergaard, then executive vice president of research and advisory at Gartner Inc., quipped, "Information is the oil of the 21st century, and analytics is the combustion engine." If his words are to be believed, any business leader looking to move his or her company forward would do well to seek the services of a data-driven professional financial services provider to avoid being left behind.

This article was written by Paul Simpson, a data scientist at Elliott Davis, an independent firm associated with the Moore Global Network. © 2020. All rights reserved. Used with permission.

Leave a comment

 Security code

Sharlet

RECOVERY OF STOLEN BITCOIN RECOVERY OF LOST MONEY TO SCAMMER LEGIT RECOVERY EXPERT,
MR MORRIS GRAY IS A Certified and Trusted Recovery Agent
Y’all email MorrisGray830 @ Gmail dot com
Or WhatsApp: +1 (607) 698-0239,
After loosing $194,000 USD Worth of Ethereum to an unregulated trading platform ( ingoinvest . com ),
while searching for help I saw so many testimonials and recommendations about Mr Morris Gray.
So I sent him a dm, and also sent him all he needed for the recovery. After 72hours of him working with me.
I was called by the bank confirming the payments in my account, its a very quick satisfaction on every successful withdrawal with him, you can reach him quickly on WhatsApp via : +1 (607) 698-0239.!!!

<a href="https://americajackets.com/product/stranger-things-season-4-chrissy-hoodie/">Chrissy White Hoodie</a>

It was nice that you pointed out that you could ensure improved decision-making processe when you get the help of data scientists in measuring and recording performance metrics.

Ambeone DMCC

Hey, nice site you have here! Keep up the excellent work!

bharath

Thanks For Sharing Your Information,This Article Is Very clear & It's Help Full

https://www.analyticspath.com/data-science-training-in-hyderabad/

Ava M

It was nice that you pointed out that you could ensure improved decision-making processe when you get the help of data scientists in measuring and recording performance metrics. This makes me consider how helpful it would be for a company to hire a data analytics consultant, especially when they need to find company projects. I could imagine how data analytics could ensure that a company would only invest in items that would benefit them. https://baytechanalytics.com/data-analytics

Anusha

Hi, I read your blog, and I like the roles and responsibilities of the data scientist part very much. For more information follow Skillslash.<a href=https://www.skillslash.com/data-science-course-in-bangalore/>Data Science Course In Bangalore</a>

Anusha

Hi Thank You for sharing such a great blog. Your information is really helpful for us,keep sharing. For more information follow Skillslash.<a href= https://skillslash.com/data-science-training-in-bangalore/>Data Science Training In Bangalore</a>

John Wilson

I found your blog very informative, and relatively I shared some of my ideas in My blog post. Do pay a visit to hope you will be amazed to know my Ideas. <a href="https://actionairduct.net/</a>

Ambeone DMCC

I get incredible information in your blog.

Data Science Training in Hyderabad

Absolutely, It has become the most powerful weapon throughout modern society. This helpful and unique article will help you understand this better.
<a href="https://www.kellytechno.com/Hyderabad/Course/Data-Science-Training">Data Science Training in Hyderabad</a>
<a href="https://www.kellytechno.com/Hyderabad/Course/Data-Science-Training">Data Science Course in Hyderabad</a>

AI Training in Hyderabad

Very informative! Thank you for the blog, that's good to know!
<a href="https://www.analyticspath.com/artificial-intelligence-training-in-hyderabad">Artificial Intelligence Training in Hyderabad</a>
<a href="https://www.analyticspath.com/artificial-intelligence-training-in-hyderabad">Artificial Intelligence Course in Hyderabad</a>

Machine Learning Training in Hyderabad

It's a good article, I've already seen on the website before, so it will be useful to me.
<a href="https://www.analyticspath.com/machine-learning-training-in-hyderabad">Machine Learning Training in Hyderabad</a>
<a href="https://www.analyticspath.com/machine-learning-training-in-hyderabad">Machine Learning Course in Hyderabad</a>

Fahad G

Thankful for sharing this post, It was vast looking at this article. I ought to research Corporate Training. keep in touch and stay related and guide us more.
<a href="https://frontiertechnologyinstitute.com/sql-certification/">Data analyst Course</a>

Data Science Training in Hyderabad

Excellent website! I adore how it is easy on my eyes it is. I am questioning how I might be notified whenever a new post has been made. Looking for more new updates. Have a great day!
<a href="https://www.kellytechno.com/Hyderabad/Course/Data-Science-Training">Data Science Training in Hyderabad</a>
<a href="https://www.kellytechno.com/Hyderabad/Course/Data-Science-Training">Data Science Course in Hyderabad</a>

data analytics course

greatful to read Your post you always find a way to get it done – and done well!
https://360digitmg.com/course/data-analytics-using-python-r

datascience training in hyderabad

Please more of these great articles. I like the way you convey ideas in a simple way that’s easy to understand. Thanks!
http://www.analyticspath.com

datascience training in hyderabad

I am really happy to say it’s an interesting post to read . I learn new information from your article , you are doing a great job . Keep it up

https://www.kellytechno.com/Hyderabad/Course/Data-Science-Training

Data Science Training in Hyderabad

Thanks for sharing the content about Data science. As a tech person, I am always hoping to grow my viewpoint.
<a href="https://www.kellytechno.com/Hyderabad/Course/Data-Science-Training"> Data science Training In Hyderabad</a>

datascience training hyderabad

Was looking for this post since a while. Very well explained. Looking forward to see more of such interesting posts from you..

360DigiTMG

This is most informative and also this post most user friendly and super navigation to all posts... Thank you so much for giving this information to me..
<a href="https://360digitmg.com/course/certification-program-in-data-science">data scientist malaysia</a>

course for data analytics

I find your opinion quite interesting, but the other day I stumbled upon a piece of completely different advice from another blogger, I need to think that one through, thanks for posting.
<a href="https://360digitmg.com/course/data-analytics-using-python-r">course for data analytics</a>

Data Science Training in Hyderabad

Great job, i love this topic & especially the way you have explained it is really awesome. Thanks for sharing this info.
<a href="https://www.kellytechno.com/Hyderabad/Course/Data-Science-Training">Data Science Training in Hyderabad</a>
<a href="https://www.kellytechno.com/Hyderabad/Course/Data-Science-Training">Data Science Course in Hyderabad</a>

Data science Training In Hyderabad

https://www.analyticspath.com/datascience-training-in-hyderabad
Great content useful for all the candidates of Data Science training who want to kick start these career in Data Science training field.

Data science Training In Hyderabad

https://www.analyticspath.com/datascience-training-in-hyderabad
Great content useful for all the candidates of Data Science training who want to kick start these career in Data Science training field.

Data science Training In Hyderabad

https://www.analyticspath.com/datascience-training-in-hyderabad
Great content useful for all the candidates of Data Science training who want to kick start these career in Data Science training field.

Data science Training In Hyderabad

https://www.analyticspath.com/datascience-training-in-hyderabad
Great content useful for all the candidates of Data Science training who want to kick start these career in Data Science training field.

360DigiTMG 360

Incredibly conventional blog and articles. I am realy very happy to visit your blog. Directly I am found which I truly need. Thankful to you and keeping it together for your new post.
<a href="https://360digitmg.com/course/certification-program-in-data-science">data science course malaysia</a>

Data Science Training in Hyderabad

Wonderful article. Very interesting to read this article. I would like to thank you for the efforts you had made for writing this awesome article. This article resolved my all queries. Keep it up.
<a href="https://www.analyticspath.com">Data Science Training in Hyderabad</a>
<a href="https://www.analyticspath.com">Data Science Course in Hyderabad</a>

Mahesh Manish

Thank you for sharing.
Keep updating I would like to know more updates on this topic
<a href="https://nareshit.com/data-science-online-training" title="We are Providing Real-time Project-based Data Science Online Training">Data Science Online Training</a>

Analytics Path

You have explained the concept really well. Was looking for this information from a while & luckily I stumbled upon your post. Looking forward for more of such informative updates from you
https://www.analyticspath.com/