All organizations-big or small, sooner or later have to embrace Data Science to remain relevant and competitive.
With all the data around as well as efficient and effective ways to harness it for insights and information, organizations are coming to realize the importance of data science, machine learning and Artificial Intelligence.
Data science combines business domain expertise, programming skills, and knowledge of math and statistics to extract meaningful insights from data.
Using Predictive models and machine learning algorithms, Data scientist can use data in any form like numbers, text, images, video/audio etc to generate insights that can enhance business value as well as to create Artificial Intelligence systems that can replicate ordinary Human Intelligence for decision making and repetitive tasks.
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Here are Seven main ways Data Science can add value to business
1. Enhanced Decision Making…..Faster and Better
The main benefit of deploying Data Science Techniques is to make more accurate and better decisions at each level of business and management through robust methodology to measure and track different performance metrics and analyze them quickly, accurately and in statistically significant manner.
With Decisions that are data driven and backed by data science, organizations can reduce their risk while speeding up their decision making process and improving business outcomes.
Suitable machine learning algorithms can be used to simulate Predictive models based on different potential business scenarios and priorities to quickly identify the most optimized options can be quickly identified for desirable business outcomes.
Not only these Business models can be created easily but they can be tested and continually improved based on the decisions taken and actual outcomes with clear quantification of success and impact.
2. Connecting the dots… for innovation
Another huge advantage of Data Science is Innovation which comes from the ability to see what was invisible or not connected before.
With Data Science internal and external data related to any business aspect can be connected and analyzed in myriad different ways. It can connect seemingly unrelated pieces of information to identify new patterns and trends which can lead to innovative solutions, niches and opportunities. In today’s highly competitive business environment, it is only Innovation and creativity that can lead to long term success in engaging customers and enhancing profitability by delivering the right products/services at the right time at right place. Data Science makes this Innovation process and progress very easy.
3. Reducing Costs….for big Savings
Another significant application of Data science with huge financial impact which is used in many industries is to enhance Operational Efficiencies and reducing cost through optimized workflows, Better Inventory control and supply chain management as well as predictive maintenance to reduce unforeseen breakdowns. For Example in Oil and Gas Industry, there are several success stories of how Data Science has reduced costs due to equipment failure.
4. Enhancing Business Operations… through Focus and Efficiency
Data Science can identify patterns and trends related to customer groups, employees as well as suppliers by in-depth analysis of various data and information related to their behavior, performance and requirements. Hence with this precise and in-depth knowledge business can customized policies, products and services to better meet the needs of its customers, Employees and partners resulting in more engaged, productive and meaningful relationships and collaboration.
For example it can help recruit most suitable employees using data from multiple sources like resumes, social media, aptitude tests and quizzes etc to make faster and more accurate selection.
5. Mitigating risk and fraud
Correct and structured deployment of data science can identify patterns that do not comply and stands out in some way. Using suitable statistical models and big data techniques predictive fraud propensity models can be created which can trigger alerts that help ensure timely responses when unusual data or activity is recognized.
6. Enhanced Customer Centricity….with Personalized customer experiences
One of the most prevalent use of Data science is the ability to understand customers behavior, needs and expectations at a very granular level which can be used to create customized best possible customer experiences for enhanced happiness. Data science techniques are also widely used to expedite resolution of customer complaints and identifying dissatisfaction and possible churn even before it happens.
7. Creating AI Systems….for replicating for ordinary decision making and repetitive tasks
In all industries, Data Science is being used more and more to create simple as well as complex AI systems that can reduce human involvement in repetitive tasks resulting in reduced costs and errors, increased efficiencies and accuracies as well as reduced risks to human labor.
Do let us know how your organization has benefitted from Data Science!