Data science for business: benefits, challenges and opportunities. Issue 2 (27th March 2020)

• Record Type: Journal Article
• Authors: Medeiros, Mauricius Munhoz de; Hoppen, Norberto; Maçada, Antonio Carlos Gastaud
• Is Part Of: Bottom line. Volume 33:Issue 2(2020)
• Page Start: 149
• Page End: 163
• Publication Date: 2020-03-27
• Subjects: Dynamic capabilities -- Big data analytics -- Competitive advantage -- Data science -- Analytical capabilities -- Business intelligence and analytics; Library finance -- Periodicals; Libraries -- Economic aspects -- Periodicals; 025.11
• DOI: 10.1108/BL-12-2019-0132
• Languages: English
• ISSNs: 0888-045X

Abstract

Abstract : Purpose: This paper aims to identify the benefits of data science (DS) for organizations, highlighting the challenges and opportunities related to developing this capability. Design/methodology/approach: Initially, a literature review was performed. Later, empirical data were collected through a structured electronic interview answered by 211 informants, who are most experienced managers of medium and large organizations from different economic sectors, and data were submitted to content analysis. Findings: The most frequently observed benefits are as follows: support for data analysis and insight generation with agility; creation of a data-driven culture; improvement of data quality; facilitating the understanding of the business environment, opportunity sensing; and organizational performance management. The most observed challenges are as follows: data-driven culture; DS training; allocation of investments in analytical technologies; and data governance and strategy. Research limitations/implications: In addition, to mapping the state of the art on the subject, it contributes to the expansion of scientific knowledge through the identification and disclosure of 11 benefit indicators and 16 challenge indicators associated with analytical capabilities. Practical implications: To transform data into information and add value to the business, organizations need to make efforts to enable executive mindset change, the formulation of strategies and governance mechanisms gave the renewal of workforce competencies and the allocation of investments in information technology. Originality/value: A vast body of empirical evidence is gathered that consolidates different views on the benefits and challenges associated with DS for business.