Data science is a relatively new field of science, where methods are developed to extract knowledge and insights from data. Data science in the economic sense is based on knowledge from econometrics, a field of science which focuses on the quantification of relationships between economic entities.
Analysis techniques and Big Data
The data science that the Erasmus Quantitative Intelligence conducts focuses on analysis techniques. The data available in the world is growing exponentially and contains, if correctly analysed, information about behaviours, preferences and relationships in countless areas. Companies are increasingly demanding data-driven decisions, and therefore, the ability to use analytics for business issues is becoming increasingly important.
Data and strategy
The role of data analysis becomes more and more relevant in the orientation on competitiveness and the development of the market. Business models change, and decisions are based on data analysis. Developments are happening at a fast pace and analysis can benefit the optimization of the current practices in business and the development of new products and services. Through this approach, data becomes of great strategic value. On the other hand, organisations need to be made robust to withstand the risks of data, specifically privacy problems and cybercrime.