Seminar to explore business profitability through data science

The Cyprus Chamber of Commerce & Industry (Keve) is set to host a funded seminar titled “Unlocking Strategic Value: Leveraging Data Science to Increase Business Profitability” on May 22-23, 2024, at the Keve building in Nicosia.

The announcement noted that data is “often likened to the fuel of the 21st century, with its analysis serving as a powerful internal combustion engine driving various business activities”.

“Governments, enterprises, and organisations now recognise the immense inherent value in the volumes of data they collect and maintain,” it added, explaining that “consequently, there is a growing commitment to harnessing the potential of this data for the benefit of companies and organisations”.

Moreover, the announcement stated that substantial investments are being made to identify valuable insights that can be extracted through the application of data analysis and visualisation techniques.

These insights, when combined with business intelligence, aid in understanding evolving customer preferences, optimising product features, increasing profitability, reducing costs, improving operations, and identifying emerging trends.

In turn, these strengthen the competitive advantages of companies and ensure their long-term sustainability.

The seminar aims to equip participants with the knowledge to describe the importance of data analysis for their businesses or organisations, articulate challenges and risks related to data analysis, identify new technologies surrounding data analysis, and enumerate key principles and techniques of data visualisation.

It will also help them to analyse and weigh the benefits and risks of data analysis technologies, select the appropriate data analysis method to address specific business problems, and explain the conclusions drawn from the application of data analysis algorithms.

Through the educational programme, participants will understand how data science in general, data analysis specifically, and business intelligence can empower their businesses or organisations by extracting actionable knowledge.

The seminar covers fundamental concepts of data science and underscores the importance and utility of data. It includes an introduction to statistical methods used in data science, particularly in the field of Machine Learning (ML), and examines the types of problems that can be addressed using these techniques.

In addition, the programme will look into the complexities associated with managing and analysing large volumes of data, commonly referred to as “Big Data,” and delve into practical use cases and real-world data.

Additionally, the seminar presents visualised results derived from the application of Machine Learning using Microsoft Power BI, a data visualisation tool widely used in the industry.

The programme focuses on the business aspects of data science and includes project management, performance monitoring, and quantifying impact and value, including Return on Investment (ROI).

Furthermore, the seminar evaluates and assesses applications of data science in various market sectors.

The educational programme is fully funded by the Human Resource Development Authority of Cyprus (Anad), with no financial burden on businesses or other organisations.

Registration Details:

• Dates: Wednesday, May 22, and Thursday, May 23, 2024
• Venue: Keve Building, Nicosia
• Duration of Institutional Part: 14 hours, conducted over 2 days
• Timing: 08:45 – 16:45
• Language: The programme will be conducted in Greek. However, seminar notes and terminologies will be in English.
• Initial Programme Cost per Participant: €1,800 – 100 per cent Funded by Anad.