IT Brief Australia logo
Technology news for Australia's largest enterprises
Story image

The six critical factors for a successful data science project

By Contributor
Fri 15 Jan 2021
FYI, this story is more than a year old

Article by Snowflake vice president of sales for APAC, Peter O'Connor.

Keen to find ways to stay a step ahead of their competitors, growing numbers of organisations are embarking on new data science projects. Properly designed and implemented, such projects can provide valuable insights into everything from market sentiment and mood to the performance of manufacturing facilities and supply chains. 

These powerful capabilities have come about due to the ongoing evolution of business intelligence, data science, and machine learning. This evolution has resulted in a noticeable shift in focus from descriptive analytics to predictive analytics during the past few years. Rather than studying what has already happened, it’s now more about forecasting what is going to happen.

Yet, despite the significant value that data science can deliver, there are still some significant hurdles that need to be overcome. Indeed, according to Gartner, 85% of big data projects fail to move past their preliminary stages. The company also predicts that 80% of analytics insights will not deliver business outcomes before the end of 2022.

A key reason is that many of the tools and processes being used within projects are still firmly rooted in academia and science. They require deep technical knowledge and rely on complex manual processes to work.

At the same time, the data within organisations needing to be analysed tends to be still very siloed. It is often stored in multiple locations and without any easy way for the data within them to be accessed and combined.

A third key barrier is the challenge of attracting and retaining sufficient people with the required data science skills. Competition is tough, and the number of people with these skills remains relatively constrained.

Factors for success

To overcome these challenges, organisations can take six key steps to maximise the success of data science projects. These steps are:

Provide fast and easy access to data

One of the most critical factors in any data science project is having readily available access to the required data. To achieve this, begin by getting a clear picture of the existing data infrastructure and how it may need to be evolved. Ensure sufficient resources are dedicated to data management and realise that this will be an ongoing task.

One option is to take advantage of the Data Cloud. This approach can decouple compute resources from storage resources and ensure that a single copy of the data is readily available to anyone who requires it.

Provide secure access to third-party data

Using internal data stores is important, but so is having reliable access to needed external sources such as partners, vendors, suppliers, and even clients.

The fast and efficient exchange of data with these groups can be critical to completing sales and transactions, monitoring supply chains, and gaining post-sale insights into how an organisation’s products or services are being viewed in the market.

Having efficient external links in place also means data can be readily pulled into analytics tools to generate accurate insights as quickly as possible.

Build efficient data pipelines

Once effective access to data has been achieved, the next step is to build pipelines to deliver it to all teams involved in the project. These could be teams focused on BI development, analytics, or machine learning.

It’s important to have data pipelines that are as standard as possible so they can serve multiple groups of users. This will remove the need for the constant development of pipelines for specific, one-off use cases. 

Choose the right tools

As data science has matured, there has been an increasing number of tools entering the market. Some have succeeded in adding value, while others have quickly disappeared without a trace.

When selecting tools, organisations should choose those that most closely match their particular business use case. Determine the outputs that are required and work backwards to select and evaluate the most appropriate tools.

Embed data science into the business

It can be tempting to focus on the technologies and tools associated with data science. Yet, one of the most important factors to consider is how this data science is embedded within an organisation.

For this to happen, there must be executive sponsorship for the data science program as it needs to be seen as an integrated initiative that drives value across the entire organisation. To achieve this, data scientists should work closely with senior managers to develop a strategy that balances technology with business goals.

Build a data science team

Hiring the right people is critical for the success of any new data science initiative. Interestingly, the best prospects are likely to share a set of similar traits. Firstly, they are likely to be naturally curious and always asking ‘why?’.

They will also be good communicators who can explain business challenges using data. The best will also be team players who are happy to share experience, insights, and successes with others.

By following these steps, the likelihood that a data science project will succeed will be significantly higher. Taking time today to plan, evaluate, and manage data, tools, and people will ensure real business value is achieved.

Related stories
Top stories
Story image
Hawaiki Cable
BW Digital completes acquisition of Hawaiki Submarine Cable
BW Digital has completed its full acquisition of Hawaiki Submarine Cable, with all applicable regulatory filings and approvals now received.
Story image
Adyen expands partnership with Afterpay as BNPL payments increase
Adyen has expanded its partnership with AfterPay allowing more of Adyen’s merchants in more countries worldwide to use the BNPL provider.
Story image
Ivanti and Lookout bring zero trust security to hybrid work
Ivanti and Lookout have joined forces to help organisations accelerate cloud adoption and mature their zero trust security posture in the everywhere workplace.
Story image
Atturra partners with Focus HQ to support Aus organisations
Atturra has executed a partnership agreement with Focus HQ, to resell and support the company's Australian developed SaaS-based portfolio management platform.
Story image
Video: 10 Minute IT Jams - An update from IronNet
Michael Ehrlich joins us today to discuss the history of IronNet and the crucial role the company plays in the cyber defence space.
Story image
Amazon Web Services / AWS
Databricks strengthens AWS partnership with new Lakehouse offering
Customers will experience faster onboarding and unified account administration to make building a Databricks Lakehouse on AWS easier.
Story image
Energy storage demand momentum continues, says BYD
BYD has announced an expansion of its production capacities and will deliver 250,000 units of its energy storage system, BYD Battery-Box Premium.
Story image
Google reveals new safety and security measures for users
Google's new measures include automatic two step verification, virtual cards and making it easier to remove contact information on Google Search results.
Story image
BeyondTrust integrates Password Safe solution with SailPoint
BeyondTrust has announced the integration of BeyondTrust Password Safe with SailPoint identity security offerings.
Story image
Grasping the opportunity to rethink the metrics of a sustainable data centre
A data centre traditionally has two distinct operations teams: the Facility Operations team, and the IT Operations team. Collaboration between them is the key to defining, measuring, and delivering long-term efficiency and sustainability improvements.
Story image
HubSpot launches 'The Great Upskill' week to inspire learning
Brands across APAC including Google ANZ, MessageMedia, Meltwater, Seismic and Aircall, will give their employees a full workday to dedicate to upskilling.
Story image
Digital Transformation
Why enterprise records management should be part of any digital transformation strategy
Modern organisations create and rely upon an enormous volume of content, and digital records make up a significant proportion of that content.
Story image
Tech job moves
Tech job moves - Datacom, Micro Focus, SnapLogic and VMware
We round up all job appointments from May 6-12, 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
Tech innovation crucial to growth, but barriers remain
Businesses in the A/NZ region believe tech innovation is crucial to drive future growth, but 76% say they’re being held back by complex data architecture.
Story image
Power / Energy
SmartCIC report reveals top five 5G carriers in the world
The Global Cellular Performance Survey also found that 5G networks are delivering high download speeds but lagging in upload speeds.
Story image
Kodari Securities (KOSEC)
NFT trends and opportunities: expert reveals all
The NFT market is growing at an exponential rate, with unprecedented liquidity. Here we explore how businesses can profit.
Story image
Cybersecurity starts with education
In 2021, 80% of Australian organisations responding to the Sophos State of Ransomware study reported being hit by ransomware. 
Story image
Zerto unveils updates to ransomware recovery capabilities
"Organisations face increased risks from the volume and sophistication of ransomware attacks prevalent today."
Story image
Power at the edge: the role of data centers in sustainability
The Singaporean moratorium on new data center projects was recently lifted, with one of the conditions being an increased focus on power efficiency and sustainability.
Story image
Jabra investigates what makes an ideal hybrid work model
“The way we work has changed forever and the current state of knowledge work requires access to digital platforms and technologies to be successful."
Story image
Application Security
What are the DDoS attack trend predictions for 2022?
Mitigation and recovery are vital to ensuring brand reputation remains solid in the face of a Distributed Denial of Service (DDoS) attack and that business growth and innovation can continue.
Threat actors are exploiting weaknesses in interconnected IT/OT ecosystems. Darktrace illuminates your entire business and takes targeted action to stop emerging attacks.
Link image
Story image
Artificial Intelligence
ANU and Seeing Machines to use AI to improve driver safety
The Australian National University and Seeing Machines have won a grant to develop AI systems monitor human behaviour while driving.
Story image
Siemens showcases new automated solutions for data centers
Siemens has implemented new automated solutions and AI in the Baltic region's largest data center, providing insight into the future of data center management.
Story image
Power / Energy
Keysight Technologies introduces new next-gen DPT solution
Keysight Technologies has announced its new next-generation Double-Pulse Tester (DPT) with the PD1550A Advanced Dynamic Power Device Analyser.
Story image
A10 Networks finds over 15 million DDoS weapons in 2021
A10 Networks notes that in the 2H 2021 reporting period, its security research team tracked more than 15.4 million Distributed Denial-of-Service (DDoS) weapons.
Story image
HINDSITE wins Aerospace Xelerated Pitch Challenge with solution to support Boeing
Brisbane-based startup HINDSITE was the winner of the first ever Pitch Challenge organised by Aerospace Xelerated in partnership with Queensland XR Hub. 
Story image
Three key security challenges facing the Australian insurance industry 
Insurance companies must ensure they proactively address security challenges and protect the privacy of customer data.
Story image
Aussie data & analytic execs not confident in data strategy
Less than half of Australian data and analytics leaders are confident in their data strategy as siloes and lack of culture prevent innovation.
Story image
Hands-on review: STM laptop bags
The advent of hybrid working has meant we need laptop bags. We got our hands on two of the most popular laptop bags from STM.
For every 10PB of storage run on HyperDrive vs. comparable alternatives, an estimated 6,656 tonnes of CO₂ are saved by reduced energy consumption alone over its lifespan. That’s the equivalent of taking nearly 1,500 cars off the road for a year.
Link image
Story image
Data Center
Preventing downtime costs and damage with Distributed Infrastructure Management
Distributed Infrastructure Management (DIM) can often be a lifeline for many enterprises that work with highly critical ICT infrastructure and power sources.
Story image
Digital Transformation
Unlocking the next digital frontier for educational institutions
Understanding where to invest in technology can be challenging for education institutions, especially after the COVID-19 disruptions.
Find out how a behavioural analytics-driven approach can transform security operations with the new Exabeam commissioned Forrester study.
Link image
Story image
Ingram Micro Cloud adds Bitdefender solutions to marketplace
Ingram Micro Cloud has announced the expanded availability of Bitdefender solutions on the Ingram Micro Cloud Marketplace.
Story image
Palo Alto Networks says ZTNA 1.0 not secure enough
Palo Alto Networks is urging the industry to move to Zero Trust Network Access 2.0 because previous versions have major gaps in security protection.
Story image
Microsoft unveils adaptive accessories for disability access
Microsoft is introducing an expansive Inclusive Tech Lab to give people with disabilities greater access to technology through new software features and adaptive accessories.
Story image
Sift shares crucial advice for preventing serious ATO breaches
Are you or your business struggling with Account Takeover Fraud (ATO)? One of the latest ebooks from Sift can provide readers with the tools and expertise to help launch them into the new era of account security.
Story image
Could your Excel practices be harming your business?
While Excel has been the de-facto standard for budgeting, planning, and forecasting, is it alone, enough to support organisations in the global marketplace that’s facing rapid changes due to digital transformation?
Story image
Veryfi announces Mobile Receipt Capture for D2C marketing apps
Veryfi has announced a new enhancement to its portfolio, with Mobile Receipt Capture for direct-to-consumer marketing apps.
Story image
Wasabi Technologies
Wasabi opens new cloud storage in Australia with Equinix
Wasabi Technologies has opened a new hot cloud storage region in Sydney, Australia, using Equinix services. This is the company's 12th global storage region.
Story image
Avaya OneCloud sees 118% ARR growth for second quarter 2022
Avaya Holdings has reported $750 million annual recurring revenue (ARR) for its OneCloud offering, up 21% sequentially and 118% from the same period last year.
Story image
Prophecy International migrates VMware environment with Oracle Cloud Solution
The Adelaide-based global provider is using the solution to eliminate the need to re-write applications, therefore allowing the company to enhance its business operations.
Story image
SmartCIC, BICS partner to expand wireless service options
SmarCIC has partnered with BICS to increase choice for organisations using fixed wireless services, expanding existing carrier relationships for its CELLSMART division.