Data Science Lesson: Execs Urge Caution, Focus on Widespread Data Science Use
To a hammer, every problem looks like a nail. Similarly, many in the financial industry think the growing data science space will solve all problems. But firms should be more critical of their needs before using data science as a hammer.
Financial firms should not be misled into thinking that a data science group or initiative will necessarily solve their challenges—data-related or otherwise, said a panel of technologists at a private event organized by French database technology vendor QuasarDB, adding that the success or failure of data science projects hinges on them being tied to specific business cases, rather than them being created to perform unspecified, generic tasks.
“What I’ve seen be successful is a small group
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