The use of data innovation techniques in businesses is becoming more widespread, no longer limited to the big companies who can afford to use them.

According to Forbes, 59% of enterprises globally are using analytics in some capacity and 49% of respondents in a Deloitte survey said that analytics help them make better decisions.

But how can data be used to benefit businesses in Wales?

How does Data Science benefit Business?

Data science is the study of data and involves developing methods of recording, storing and analysing data to extract useful information.

More and more companies across the country have introduced data strategies or digitised their production or customer experience.

From identifying key marketing trends to identifying potential challenges, data science can enable SMEs to make intelligent decisions for the future of their businesses.

The Data Innovation Accelerator

The Data Innovation Accelerator (DIA)at Cardiff University works with SMEs in East Wales to tackle challenges facing their businesses.

The DIA was established in response to demand from businesses who are realising that they need to be better at using their knowledge and data in a way that helps the company to thrive and increase revenue.

Some companies may get left behind due to a lack of resource or knowledge about how to use analytics in their day-today business.

Using their technical expertise, the data science team at the DIA aim to tackle this. They work collaboratively with SMEs to give a bespoke ‘data innovation health check’ to identify opportunities that competitors might miss.

What is a Data Health check?

After an initial meeting to understand more about a company and the data they have available, the DIA will connect the business to their data science team where they can have a more in-depth discussion about the type of data they collect.

A Data Health check report will introduce data science and apply it to a business, tailoring it to specific needs and interests and making recommendations on how existing data can be used to leverage new opportunities.

The Data Health check aims to increase productivity and competitiveness through providing companies with access to data science and analytics. It acts as a stepping stone to help companies engage with data and technology

Part-funded by the European Regional Development Fund through the Welsh government, the DIA works with businesses across East Wales including: ·

• Cardiff
• Flintshire
• Newport
• Vale of Glamorgan
• Monmouthshire
• Powys
• Wrexham

The DIA targets data-driven sectors including ICT and Cyber Security, Advanced Materials, Energy and Eco-innovation, but are keen to explore opportunities with a wide range of companies.

Data is one of the most powerful tools a business can have and has a long-term impact on success. Using the correct tools and technologies to fully embrace the potential of analytics can be a game-changer for many SMEs.

If you feel that your business could benefit from a Data Health check, contact the Data Innovation Accelerator at Cardiff University on [email protected] or on +44 (0)2922 510992

The Data Innovation Accelerator is part-funded by the European Regional Development Fund through the Welsh Government