Knowledge is power in business, and data is the fuel that creates this power. It is estimated that by 2020, data volume will reach 44 trillion gigabytes. Being able to harness the power of this data through data science is extremely valuable. data science uses scientific methods, processes, algorithms, and systems to extract Knowledge from data and leveraging this data to take major decisions is a key strategic practice for any business.
Taking an analytical approach based on numbers, facts, and statistics can supply a reasonable solution that might not have seemed apparent at first. Because of insights that data science can offer, more and more businesses are utilizing the power of data science to make evidence-based decisions, promote employee training, and understand their customers. Investing in a data science expert or data science technology can begin to add value to your business in these five meaningful ways:
Data needs to be at the fingertips of every company’s decision maker. This can be problematic at times, since roughly 80% of all data is unstructured, and needs predictive analytic tools to gain insights on that data. By pulling numbers and statistics through data science, your business can create predictive models to simulate a variety of possibilities.
With this, businesses can learn which solution to take for the best possible outcome and be prescribed logical, best-case scenario actions to take to improve performance. Plus, by recording performance metrics and analyzing them over time, your company becomes smarter and more efficient at making decisions based on recurring trends.
2. Improving the relevance of your product
Data science methodologies can explore historicals, make comparisons to competition, analyze the market, and ultimately, make recommendations of when and where your product or services will sell best. This can help a company understand how their product helps others and, as needed, question existing business processes.
This constant analysis and reflection using data science provides a deep understanding of the market’s response to your company’s products and services. By taking a hard look at how your product is being used the most, you can rethink your model to ensure you’re offering the solutions that your customers need.
Recruiting can be an exhausting effort, but with data science, this process becomes faster and more accurate.
