Expressing the value of data science in an ROI framework

Nitesh Chawla Data science is rapidly becoming woven into the fabric of organizations of all sizes and types, and is driving significant societal and economic impact. Organizations are increasingly becoming data driven, investing in infrastructure, people and processes to embrace the data science journey. In a recent paper published in EPJ Data Science, University of Notre Dame researchers study how organizations can quantify decision making in data science. Doctoral student Saurabh Nagrecha and his adviser, Nitesh Chawla, the Frank M. Freimann Professor of Computer Science and Engineering and director of iCeNSA, advocate that data science is a process and present an elegant solution to quantifying the value of data acquisition and modeling in a return on investment (ROI) framework. “An ROI-based valuation means that organizations can budget for existing strategies…

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