Defining a Business Problem

A business problem in data science is a long-term or short-term challenge faced by a business entity that can prevent business goals being achieved and act as a constraint for growth and sustainability that can otherwise be prevented through an efficient data-driven decision system. Some typical data science business problems are predicting the demand for consumer products in the coming week, optimizing logistic operations for third-party logistics (3PL), and identifying fraudulent transactions in insurance claims.

Data science and machine learning are not magical technologies that can solve these business problems by just ingesting data into pre-built algorithms. They are complex in terms of the approach and design needed to create end-to-end analytics projects.

When a business needs such solutions, you may end up in a situation that forms a requirement gap if a clear understanding of the final objective is not set in place. A strong foundation to this starts with...