November 23, 2023

EPS06:58 [Ashutosh Malgaonkar] Applying Data Science to Your Business Strategies

15 minutes

Welcome to the Evolvepreneur (After Hours) Show

I am your Special Host Mechelle McDonald

Join me today where we dig deep with our guests and get you the best concepts and strategies to fast-track your business.

My very special guest today is Ashutosh Malgaonkar ...

In the episode, Ashutosh Malgaonkar, a senior data scientist, discusses the role of data science in business growth through automation. He shares a case where he used data modeling to optimize pricing for a tire company, stressing the challenge of aligning data models with business problems. Ashutosh advises entrepreneurs that automation complements human efforts and underscores the need to tailor data science solutions to each business. The episode highlights the significance of data science in maintaining competitive pricing strategies for companies.

Key Moments:

Ashutosh Malgaonkar pursued data science after studying economics in college, where he gained experience with data analytics and coding. He later obtained additional certifications to expand his skills.

As a data scientist, Ashmal helps translate business problems into analytical questions that can be solved using data science methods to optimize outcomes like costs, revenue, and profits.

He provided an example of using data modeling and pricing optimization to determine the optimal pricing for 130,000 tire skews based on factors like maximizing profits while ensuring sales.

Automation is crucial for collecting large volumes of data needed for modern data science work, as manual methods are no longer feasible or efficient.

Automation does not replace humans but augments their work, as it still requires applying human expertise, creativity and problem-solving to develop effective data models and solutions.

Developing the right data models to structure business questions and problems into analyzable formats for applying algorithms is often the most challenging part of data science work.

Data modeling work requires understanding both the business and technical perspectives to translate between the two effectively.

Connecting with Ashmal can be done via LinkedIn or reading his data science projects on Medium.

The podcast discusses how data science and automation can help businesses with pricing optimization and other strategies.

Entrepreneurs should consider integrating relevant technologies like data science and automation to stay competitive rather than relying only on historical manual methods.

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