Using Science Expertise in Business

It’s amazing how aware we have become of things that we may not have noticed before the pandemic. Already, I see more cars on the road, people out and about and shops open once again. Things I never really noticed before like the noise of planes returning to the sky are more distinct along with the sound of construction work back on building sites. There is a feeling of cautious optimism throughout the world as businesses reopen slowly and life begins to return to a different type of normal. One of the many new things we have learned is the importance of science for planning - who knew about the work of the amazing scientists supporting governments and organisations around the world take the best possible decisions? We have always known how valuable science is to society and to science-based businesses, but have we considered the impact it can have on our business planning?  More and more businesses are now actively engaging science expertise in business strategy planning.

Data Science

Many businesses are using data science in corporate finance decisions to assist them in strategic and tactical planning. Gartner advise that data science and machine learning (ML) provide the means for organizations to predict a future that looks uncertain and finance leaders should bring together two distinct but complementary data science and ML techniques to help drive high-impact decisions. This is not just technology, it’s the intersection between science and technology, for example the use of detailed weather and forest fire data to support risk models in insurance and economics.

Cap Gemini believe it is important to also tap into the power of AI. Whilst organizations in all sectors have been developing their capabilities in data science for years, the pandemic has been a catalyst to accelerating that transformation. Utilizing AI and data will help leverage transformation programmes more effectively.

An example of this is Australia’s national science agency, CSIRO  who are working with Micrososft using AI and other digital technologies to tackle global challenges including illegal fishing and plastic waste, and to boost farming. They are focused on turning science and technology into real-world solutions for real people, from the Great Barrier Reef, to suburban waterways, to farms and environments.

Nutrasource is a full-service contract research organization that helps health companies bring new products to market. It works at all levels from conceptualization to regulatory consulting and uses a vertically integrated service platform to support clinical, regulatory, and product testing services for pharmaceutical and supplement manufacturers. It helps customers identify promising new products, bring them to market faster, and quickly learn of any potential liabilities. Nutrasource have further developed their systems to now quantify consumer sentiment for individual and mixes of ingredients, thus making faster and better decisions about product launches. For example, one customer was able to answer a specific product formulation question in 30 seconds, when it would have taken more than 10 hours through traditional human research methods. 

Planning ahead

Combining business Intelligence data science, scientific data with analytics is relevant for all industry segments cs to make decisions for a range of decisions including strategy, investment and new product decisions. Merging with consumer and social data can also provide glimpses into customers’ needs and help you get an edge on the competition.

Whilst many organisations are throwing themselves full into data science others may want to get started at smaller scale. Some tips to get going are …

1.      Start small. Realise this is not just about a quick win to generate revenue rapidly but rather a step toward a long- term strategic goal. Think longevity!

2.      Create a beautiful partnership! Combine data science with existing team talent and knowledge plus skilling of those who understand where long term opportunities may lie.

3.      Amplify your vision regularly. Remember people by nature are cautious and those who aren’t used to thinking about data science may need to have the vision reinforced. It is important to help people understand things will change which is important for the future.

On a final note, organisations are more open than ever to change and adaptive planning for the future. Data science and its intersection with science can provide fascinating insights for businesses to transform and strategically chart a course for the future in these uncertain times.