November 22, 2022
Data science is growing and companies are not yet analysing data enough to the greatest potential. Some companies are transforming their data meaning that they are changing their legacy IT infrastructure into a new one that supports data science.
Companies that use data to make decisions are at a much higher competitive standing point than a company who does not.
Organisations hire data scientists to add value to their current processes. The right data scientists would use correct data modelling through the workflows to assist higher level management make better decisions. Some people agree that data scientists are the most valuable to any organisation in any sector.
Data models can analyse score leads and past customers for great sales revenue and profit. Think of a car salesman who needs to find leads, instead of going the traditional route rather use data science to recommend the best potential leads.
Data science improves marketing campaigns by customer profiling. When targeting customers they end up buying more and re-targeting them will increase it even further. Product recommendations for customers is usually what they prefer instead of the traditional way of listing products in a Catalog.
Brand loyalty can cost up to 20 times more to acquire a new customer than to retain an existing one. The key to keeping customers is to provide customised products or services suited for the particular customer. By having access to customer data such as gender, age, area, climate, mode of payment, complaints, feedback, amount spent, etc a company can provide customised products for customers.
Airlines have used focus targeting for the optimisation of prices. From the analysis they found that customers are willing to pay more when it gets closer to the desired departure date. Any business can apply the same concept to test if it will work. Customers may pay more for a burger at night because less food stores are open.
When it comes to hiring candidates. Human Resources can use a mix of machine learning and deep learning techniques to filter the best candidates.
This is just the tip of the iceberg when it comes to Data Science. There are plenty more use cases. When Data Scientists take a deep dive into the data they usually come back with a summary of the future. Think of Data Science like searching for treasure in an ocean only to come back to go in deeper to find more treasure.
Businesses and organisations need to apply data science as part of the culture. Without harnessing the data, the data is idle and unusable. The data needs to show actionable insight. Right now all companies should invest in data science to have the business make better decisions, increase revenue and save costs.
Data scientists perform analysis but they also communicate it as a storytelling business result. Data science projects get completed to solve a complex business problem that will reduce costs and increase profits.
