December 15, 2023   |  Read time: 10 minutes

With the fast pace of business, data science is the way to elevate the playing field. Businesses can’t get to the top without it.

According to a study by the McKinsey Global Institute, data-driven organizations have the potential to increase their revenue by up to 20% compared to their peers.

To explore this topic further, we turned to Grigorios Skolidis – the VP of Data Science at EBM – whose extensive expertise in this field gave us unique perspectives on the importance of effective data management.

With over 15 years of experience in the field and a team of data scientists based in the UK behind him, Grigorios offers unique insights into the role of data science in today’s business landscape. In this interview, he discusses the importance of reporting and having visibility into accurate data, as well as his journey in the industry and his role at EBM.

Q&A Highlights

➢ Elevate your business with the power of data science during an economic downturn, enabling fast and informed decisions to mitigate risks and navigate uncertainties.
➢ EBM has a unique perspective on data. It takes data analytics to the next level, transforming data into valuable insights that drive outstanding performance and empower informed decision-making.
➢ Unlock the potential of accurate data to minimize the impact of an economic downturn, providing businesses with the necessary insights to make well-informed choices in their strategies.
➢ Gain visibility into accurate data to effectively manage risk during a recession, identify potential risks, and adjust strategies accordingly.
➢ Harness the power of data analysis to identify and address the most vulnerable areas of your operations during a recession, ensuring strategic adjustments for resilience.
➢ Leverage financial forecasting models to forecast upcoming financial performance and make informed judgments for future planning and scenario analysis.
➢ With our 24/7 team based in the UK, EBM Software stays ahead of the game by constantly identifying new analysis, trends, and insights. Stay tuned for our upcoming eBook, “The Top 10 Must Do Analysis to Avoid the Recession Trap,” diving deeper into the world of data science and its impact on business success.

Bio:

specializing in industrial settings. His contributions to ML research over the past years demonstrate his commitment to the field. He holds a Ph.D. in Machine Learning from the prestigious University of Edinburgh.

Based in London, Grigorios plays a pivotal role in helping EBM Software drive data-driven strategies and develop innovative solutions. As an expert in machine learning, he helps businesses unlock valuable insights and achieve outstanding results. His exceptional knowledge and practical experience make him a valuable asset for organizations trying to navigate today’s data-driven landscape.

Synopsis

In the interview, Dr. Skolidis discusses the importance of accurate data and visibility in reducing the impact of an economic downturn.

He emphasizes leveraging data analysis and market trends to give businesses the necessary insights to make informed decisions, improve risk management, and develop effective business strategies.

Dashboards and financial forecasting models are powerful tools that enable businesses to gain greater clarity into their current position while pinpointing areas primed for growth.

Q&A with Grigorios Skolidis

Q: Can you introduce yourself and explain your role at EBM?

Sure, my name is Grigorios Skolidis, and I’m the Vice President of Data Science at EBM. In my role, I oversee the data science team and work on developing models and strategies to improve our business operations.

Q: What made you decide to accept your role at EBM?

We engage in helping companies use their data effectively―that was a crucial factor behind my choice to join EBM. I’ve worked across multiple problems and industries but wanted to focus on that area.

Working with ERP data opens many possibilities to extract value and insights and help companies improve their operational processes, cut costs, or grow their sales.

Q: How does the role of data science change during an economic downturn?

During an economic downturn, the role of data science becomes even more critical as businesses need to make informed decisions to mitigate risks and navigate uncertainties.

Data analysis helps businesses understand market trends and customer behavior, and financial forecasting helps them prepare for the future. In such times, data science can help businesses adjust their strategies and optimize their operations to stay competitive.

Q: Why is accurate data important in reducing the impact of a recession?

Precise information is of utmost importance in lessening the effects of an economic downturn as it equips companies with the required insights to make well-informed choices concerning their business tactics. Without accurate data, businesses may make uninformed decisions that can worsen the effects of an economic downturn.

Q: How can visibility to accurate data help manage risk during a recession?

Having visibility to accurate data can help manage risk during a recession by allowing businesses to identify potential risks and adjust their strategies accordingly.

With accurate data analysis, businesses can identify market trends and financial forecasting to make informed decisions that minimize risk exposure.

Q: How can businesses use data analysis to reduce the impact of a recession?

Data analysis can help businesses identify areas of their operations most vulnerable to the recession and adjust their strategy accordingly. For example, by analyzing sales data, a business may identify products or services not performing well in the current economic climate and adapt their offering.

Depending on your type of business, analysis like churn, anomaly detection, price optimization and elasticity, cohort analysis, churn analysis, and others will be key to guaranteeing a good understanding of trends and the right triggers to protect and grow the business.

Staying afloat and thriving in today’s competitive business landscape requires smart decision-making at every turn. As a result, companies can gain an edge by leveraging data analysis to uncover potential cost-saving measures and efficiency improvements.

Q: How can businesses leverage market trends to stay ahead of economic downturns?

Dashboards provide a real-time view of key metrics and KPIs, which can help businesses make informed decisions more quickly. For example, quick decision-making is critical during a recession when the business environment is rapidly changing.

Having relevant data on a dashboard allows businesses to identify trends and anomalies and adjust their strategy quickly.

Q: How can dashboards help with decision-making during a recession?

Businesses can use data analysis techniques to identify market trends and make informed decisions about their business strategy. By analyzing historical and current data, businesses can identify patterns and trends that indicate potential shifts in the market.

This can help businesses anticipate changes and adjust their strategy accordingly. Data analysis can also help businesses identify opportunities for growth and innovation in the face of economic uncertainty.

Q: Why is financial forecasting important during a recession?

Financial forecasting enables enterprises to use historical data and market trends to forecast future financial performance. Accurate forecasts are essential to thrive during an economic crisis as they assist in planning various scenarios and making informed judgments regarding the future.

Without accurate financial forecasts, businesses may make decisions based on incomplete or inaccurate information, leading to financial instability.

Q: What are some obstacles that businesses face when it comes to data accuracy?

Data accuracy poses an enormous challenge for businesses attempting to reconcile vast quantities of incoming information from multiple sources daily. Without proper measures in place, ensuring currentness and precision can prove daunting when dealing with incomplete or absent records compromising final outcomes adversely.

To combat these issues successfully requires embracing effective methods that facilitate comprehensive data management practices helping guarantee heightened levels of overall record quality, inevitably resulting in much better decision-making capabilities based on this vital data.

Takeaway

As Grigorios Skolidis states, businesses of all kinds can minimize risk exposure by identifying market trends and business opportunities with accurate data analysis.

After all, navigating unexpected downturns and challenges requires accurate data and a clear understanding of the business environment. Using data-driven approaches, businesses can make informed decisions, manage risk, and develop effective strategies for long-term success.

Financial forecasting models and dashboards provide valuable insights and help identify growth areas. Organizations trying to thrive in a dynamic business environment, where precise metrics drive smart decision-making and lead to sustainable success, must embrace data science methodologies.

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