4 Ways Data Science Benefit Businesses

Mavis LohUncategorized

Today, the development of technology has simplified the implementation of big data solutions to the degree that even  small and medium enterprises are benefiting from it. Using big data analytics, businesses can make informed decisions and better their operational efficiency in a number of ways. Here is the list of 4 ways data science can benefit businesses.

Identifying Target Audiences/Segment

Over the course of your business, you’d certainly have some kind of data relating to your customers. This can come in the form of newsletter subscription, online cookies, account creation, and even purchase histories. However, these data simply becomes useless when they’re not being used in good form. On the contrary, with these data points, you can easily learn and understand your customers’ experience and behaviour. Businesses can then make use of these insights to tailor their products or services to their target segment, improve customer loyalty, and ultimately gain a competitive advantage.

Empowering Leaders To Make Optimised Decisions

An experienced data scientist is likely to eventually become a trusted advisor to a business’ leadership team. This is because they translate and communicates key insights from data to facilitate optimised decision-making processes through measuring, tracking, and recording performance metrics.

Decision Making with Quantifiable, Data-Driven Evidence

Data analysis has eliminated the need to take high-stake, intuitional-based risks. Instead, data scientists now create models using existing data to simulate a variety of potential actions and outcomes. This way, businesses can simulate and learn which path will bring the best business outcomes.

Recruiting the Right Talent for the Organization

Sifting through mountains of resumes all day pretty much sums up a recruiter’s day. However, this is changing due to the emergence of big data. With the vast amount of information available on any individual — through social media, corporate databases, and websites such as LinkedIn — data science specialists can work their way through all these data points to find the best-fitted candidates to meet with the company’s demands. Furthermore, with the help of sophisticated data-driven aptitude tests and games, recruiting teams can make speedier and more accurate selections for their businesses.