Businesses collect a lot of data for multiple purposes i.e. devising the marketing strategy, implementing new technologies to improve the operations of the business or to just give the customers what they want. Whatever the reason is, it is certain that the practice of collecting data has been going on for a long time and it will continue to be this way for times to come.
There are many ways of collecting data such as market surveys, customer feedback, demographics, or through online channels. However, what to do when you have lots of data? The aim is to unlock the real value from the data and this is where data science and analytics rise to the equation. If you are wondering what these terms are, we will give you a complete overview of data science, analytics, and their usage in improving the profitability of the business.
What is Data Science?
Data science is a multidisciplinary fusion of technology, algorithm development, and data inference that has the potential to solve the analytically complex problems. The core of this science is data where piles of information are stored in the enterprise data warehouses. Through the utilization of technology and other aspects mentioned earlier, the process of data mining is carried out and with creative ways, business value is generated.
Talking about the data warehouse, there are two further concepts related to it including:
- Development of Data Product – Algorithm solutions in production operating at scale
- Discovery of Data Insight – Quantitative data analysis to help make strategic business decisions
Utilizing the above concepts, business value is generated and progress is made that can be tracked at every step.
How Data Science Generates Business Value
Without utilizing the expertise of professionals who can turn cutting-edge technology into actionable insights, data is of no use. The reason why data scientists are in huge demand is that more and more organizations are looking to utilize the big data to unleash its power in the favor of the business. A data scientist is a master of math, statistics, and computer science and this diverse experience in the vast horizon extends to data mining, data visualization, and information management. Moreover, they also have extensive experience in infrastructure design, data warehousing, and cloud computing increasing their scope of work across the board.
A data scientist can add value to a business in a number of ways. Let’s discuss some of them:
- Stimulating Management to Make Better Decisions – As discussed earlier, a data scientist has expertise in different domains and they know how a certain set of data can be utilized to generate business value. Through the comprehensive analysis of the data through analytics and data mining, a data scientist can empower management to take bold and productive decisions.
- Introducing Better Practices – There can be numerous ways of doing the same thing and this rule applies to the business world as well. Practically, under the normal circumstances, there can be multiple issues a business is facing and not all of them are of high importance. A data scientist through the SWOT analysis and other information available, challenge the staff to adopt the best practices and give importance to issues that matter. Thus, a priority is set to deal with the issues in a technical manner.
- Recruiting the Right Talent – In the last decade or so, the competition in the business world has increased to a gigantic level and without having the best resources, it is not possible to gain a competitive advantage and secure the position of the market leader. This is where the best possible recruitment process comes to the rescue. In this area as well, a data scientist can be quite handy.
- Identification of Target Audience – No matter how much you are investing in your marketing and advertisement, if the target audience is not right, you should not be expecting the results out of it. Through data science, the right target audience is identified and the marketing strategy is devised in the right direction.
- Defining Goals According to Trends – Data scientists direct the actions of the business based on trends which in turn help in defining goals for the businesses. These goals are just small landmarks that can help achieve the bigger objective.
- Testing the Decisions – The work of a data scientist does not stop after helping with decision making but the real test starts with the analysis of the decision and its progress. It is very crucial to know how a certain decision affected the organization and in what way. The data scientist measures the key metrics, identify the changes, and quantify the success rate.
A Final Word
Data science has the power to add value to any business that can use their data well. From insights across workflows and statistics to hiring the right talent and helping the top management to make better decisions, data science is valuable for any enterprise in the industry regardless of its scale. Interested in hiring a data scientist? We, at ITspresso, are a team of data scientists and analytics experts having vast experience in different domains. We are providing you the opportunity to harness the power of data that your business generates. Our data team comprising of experienced data scientists and deep learning experts and this is the reason why we are able to unlock the true potential of actionable business insights, increase the revenue, and build intelligent user interaction system. If you want to know more about us or book a free consultation, simply contact us by sending us an email at [email protected].