Data science for business: benefits, challenges and opportunities

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.