Booz Allen Hamilton's Data Science Infographic

Booz Allen Hamilton's Data Science Infographic

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  The Problem Financial servicesfirms lose an estimated $20 billion annually to fraud. How can this industry leverage big data — and the data science team — to help manage risk and deter fraud in the future? GO BIG INSIGHT An enormous amount of valuable information is out there— waiting to be transformed into mission-driving insights. But to excavate those insights, we must first assemble the right data science team. Domain Specialists: Finance Computer Scientists Mathematicians & Statisticians The right data science teams blend the technical expertise of computer scientists and mathematicians and statisticians with a critically-important, but overlooked, element— domain knowledge. The result: organizational collaboration and vision into the most important business problems or trends that data can reveal. DA B U I UR AM TA L D Y O E SCIENCE T Apply the Scientific Method & New Technologies Diversity of Data The scientific method— observe, question, hypothesize, test, and analyze — is the foundation of an emerging discipline — data science— to create value from data. This analysis and creativity is ultimately enabled by the team’s ability to rely on elements of machine learning and statistics to search the data, empowering the data science team to interpret the results. SI GH T The ability to fuse disparate, seemingly unrelated data— like financial transaction information, payment records and exchange rates — can produce an entirely new level of insight and direction. Insight IN MINE FOR Two-Way Bridge Rotating the team’s domain specialists every six to nine months builds a stronger understanding of the mission organization-wide. Organization END Big Insight The data science team — particularly the domain experts, because of their versatile skill-set, plays a pivotal role in translating the unlocked insight into actionable intelligence for smarter, data-driven decision making.