As a data scientist or data analyst, you must think about the value of your own time and skillset. You must be able to overcome these challenges to ensure that data analysis projects are successful and provide value to the business – and sometimes it makes sense to bring in a partner like Bomisco to handle specialised tasks that you do not have time to do.
- Data Ingestion: The process of acquiring data from various sources may be challenging as data may exist in different formats, may be incomplete or inconsistent, or may have quality issues. Ensuring that the right data is collected, integrated and stored in a way that can be easily accessed for analysis is a key challenge.
- Data Preparation: Once data is collected, it must be cleaned, transformed, and made ready for analysis. This involves dealing with missing values, outliers, and other data quality issues that may impact the accuracy of the results.
- Data Analysis: Analyzing data requires a deep understanding of statistical methods, algorithms, and machine learning techniques. Data scientists must also be able to communicate their results effectively to stakeholders, such as business leaders or technical teams.
- Model Deployment: Once a model is developed and tested, deploying it to a production environment can be a challenge. The model must be integrated with existing systems and workflows, and any issues or bugs must be addressed in a timely manner.
- Model Monitoring: After a model is deployed, it must be monitored to ensure it continues to provide accurate and reliable results. This requires ongoing analysis of data, identification of any changes in patterns or trends, and the ability to retrain the model as needed.
- Business Communication: It is important to understand the business objectives behind the data analysis and communicate the findings effectively to stakeholders with different levels of technical expertise.