3 Effortless Tactics to Be a #DataScience Success in Business

Link to Data Science Central: 3 Effortless Tactics to Be a Data Science Success in Business

“Move out of the way – I am ready to model.” That is the typical sentiment of a Data Science team when given a business problem. However, in the context of a dynamic business, things are not that simple; instead, business needs require that the Data Science team be detailed in the communication of their process. The last thing a Data Science team wants to do is produce a project plan they feel is a pedestrian artifact aimed to pacify their business counterparts. They tend to prefer a more fluid and creative style as opposed to one that is stiff and inflexible. Data Scientists may be tempted to promote the idea that they cannot let anything get in the way of creativity and brilliance or it will be to the detriment of the business. However, in many cases, Data Scientists may be allowing their human fear of transparency and accountability to dictate how they approach what the business needs – maximum visibility. Don’t fall into the trap of believing that these templated documents merely exist to check the proverbial box in order to placate the MBAs and Project Managers in the room. Data Science teams designed for success will most certainly deliver a Data Science project plan and use it throughout their analytics project.

Producing a Data Science Project Plan 

You might ask what the intended purpose behind such a fancy business document really is at its core. The Data Science project plan is incredibly straightforward: its sole purpose is to be the battle plan for achieving the Data Science goals which in turn achieve the business goals. Successful Data Science teams will know that there is immense value in not only being able to achieve the Data Science goals, but in being able to relate them back to the business on a constant basis. It’s the burden of the Data Scientist to be sure that clear communication exists between the two groups. The challenge for a Data Scientist is translating Data Science into business terms. This is the kind of thing that is built through experience and through learning what the business expects in a traditional project plan. If a business had a choice between a model with higher predictive accuracy by a Data Scientist without a project plan and a model with lower predictive accuracy by a Data Scientist with a project plan, they most certainly would choose to work with a Data Scientist who could communicate in terms of business, translate Data Science ideas, and understand the power of leveraging other individuals in the organization to contribute to the overall outcome.

Project Plan in Action

The nuts and bolts of a Data Science project plan will be different for each team and each organization, but there are core elements you will see in almost all effective Data Science project plans – sort of a Tao of Data Science Project Plans.

Three Effortless Tactics:

1. List the stages in the project 

The business should not have to make assumptions about the stages you may take them through as a Data Scientist. Display your expectation to everyone and let them know how much time each stage may take. Also, do the obvious things like listing the resources required as well as the types of inputs and outputs your team expects. Lastly, list dependencies. After all, you will want your counterparts to be aware that you cannot move forward until “x” event happens; for example, the Data Scientist may be waiting to receive a data feed from IT. This is precisely the kind of thing to call out in the Data Science project plan.

2. Define the large iterations in the project 

Most business users will not be intimately involved in how a Data Science team works or why it may change when you encounter a classification problem versus a regression problem. So in an effort to be clear and meaningful, share stages that are more iterative as well as their corresponding durations – such as modeling or the evaluation stages. The best Data Scientists know how to  appropriately manage expectations from the business through communication with the broader organization.

3. Point out scheduling and risks

Virtually all working individuals know that it’s unrealistic to think everything happens only in ideal scenarios. Data Scientists should take the necessary time to consider scheduling resources and the inherent risk they could encounter in the project. Give the business the comfort that only a trusted advisor can provide them. Think through what could happen and what you would recommend to them if they encounter turbulence – because turbulence is inevitable. Taking this extra step is the hallmark of a Data Science professional.

Summary

Do not view the Data Science project plan as training wheels for a junior Data Scientist who is new to working with business, but rather what a skilled Data Scientist will review each time his or her team begins a new task within the Data Science project. Crafting a Data Science project plan to pacify the business – and never utilizing it for team guidance – is a grave mistake that one day could end in ruin for the Data Science team, the business, or both. An effective Data Scientist will work from the perspective that a goal without a plan is simply a wish and nothing more. Or, said differently, an effective Data Science team works a plan at all times.

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Turning Bitcoin Mining Into Big Data Mining

SpreadCoin, a cryptocurrency, has released a “Proof of Bitcoin Node” (PoBN) that proposes using the block chain to fund bitcoin miners and pay anyone wishing to operate a full bitcoin node by reinventing bitcoin mining into Big Data mining. According to a recently-released white paper, the PoBN will help create a block chain Big Data market that will generate billions of dollars and support a secure, decentralized payment system.

Link to CryptoCoinsNews: Developers Propose ‘Proof Of Bitcoin Node’ To Reinvent Bitcoin Mining Into Big Data Mining

The white paper is titled: “Proof of Bitcoin Node, A Mechanism for a Bitcoin Full Node Incentives & Bitcoin Mining Rewards Program.”

The developers are proposing a second layer on top of bitcoin that will link the block chain to APIs and help create a block chain Big Data market.

The developers believe bitcoin could generate as much as $100 billion by 2030.

A Big Opportunity In Big Data

“As bitcoin established and continues to scale, there will be an opportunity for the network to generate its own revenues to sustain its infrastructure,” the developers commented in a statement provided toCCN. “We are aiming for bitcoin miners to add Big Data mining to their current function of verifying and processing transactions, a transition that we hope will begin as soon as 2017.”

Companies seeking to access aggregated smart contract data and other transactions will be able to purchase information via the second layer and have bitcoin miners process data mining requests.

Because the new overlay network will be decentralized, anyone will be able to join it, the developers noted. Those running a full bitcoin node as a service and bitcoin miners – the main bitcoin network components – will be paid all revenues that a new block chain Big Data market generates.

Full bitcoin nodes have declined in number since 2014, the developers noted, falling from more than 10,000 to 6,000. This has created concern of the network’s eventual centralization. The developers cite fewer nodes and the continuous halving of miner rewards as the biggest threats to bitcoin. The halving of mining rewards occurs about every four years and is due next in 2016.

New Revenue Stream For Bitcoin

A data market that surmounts these systemic risks could allow the block chain to support the network financially and maintain low-fee or free transactions permanently for users.
A new bitcoin revenue stream would generate a positive feedback loop for block chain data value because more people will seek to participate in running full nodes and mining. This would improve bitcoin security and make its use for contract settlement even more attractive.

The fintech sector has recognized the block chain’s potential uses, such as replacing traditional bank settlement processes and the recording of property titles. As the fintech sector implements these uses, data analytics would become the next area of need.

The PoBN will provide a mechanism to verify the running of full nodes. PoBN will require node holders to use collateral to create such a mechanism. The new bitcoin layer will pay a monthly fee to those participating in return for following the rules. The monthly fee could grow to substantial sums as the data market expands.

The developers believe the incentives will motivate thousands to create between 3,000 and 6,000 full bitcoin nodes in the first five years of the new network becoming operational.
There is no limit on the numbers of nodes to be funded, but available revenues would influence the total numbers. The result would be a dynamic market enabling the creation of more nodes as the block chain data services market grows.

Once a node network develops, the decentralized second layer (which initially operates on the Spread ServiceNode network) becomes the largest single source of anonymized block chain data that will be accessible to anyone who seeks to purchase data analytics.

The project will introduce a decentralized exchange to facilitate payments in multiple currencies to access the data market. Full node owners will be paid in BTC, DOGE, DASH, Ether, LTC, $USD or SPR, with the possibility of more digital or fiat currencies.

Investment In Block Chain Proliferates

Media reports have noted that governments, VCs and banks are investing in block chain technology. TheWorld Economic Forum estimated that smart contracts on the block chain could be 10% of global GDP by 2027.

The bitcoin network, by developing its own commercial block chain, could build its own revenue model to support an infrastructure making the block chain desirable for the settlement of contracts.

IDC, the research company, noted global IT spending already approaches $4 trillion and Big Data will generate between $100 billion and $120 billion by 2020.

The global value of Big Data as a service could reach between $500 billion and $1 trillion by 2027, with bitcoin accounting for a significant share of the revenue.

Interest in Big Data continues to grow as more types of business activity – such as activity related to homes, cars appliances and utilities – moves online.

Global and regional data will be needed for transactions, contracts and Internet-connected devices to prevent the risk of missing opportunities and wasting resources.

Why Big Data Will Be Needed

Big Data analytics will be an important way to track activity as more devices transact services.

Block chain transactions and smart contract data analytics will become critical to allowing organizations to make informed decisions that affect profitability and survival.

The data within the bitcoin block chain will be worth trillions of dollars as bitcoin takes over more aspects of banking, remittances, land registration, micropayments and other global financial services.

The block chain ledger data could be worth up to 20% of the Big Data market by 2030 and could produce up to $100 billion in annual revenue for those seeking to mine bitcoin or operate a full node, the developers noted. The revenue potential surpasses that which Visa, MasterCard and PayPal generate combined.

The block chain contains enough value to secure a decentralized future that allows bitcoin to outperform centralized payment systems with fewer systemic risks than it currently faces, the developers noted.

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