How Data Science Can Help to Compete in the Global Market
At any given point in time, the mean amount of data generated by an individual across the globe stands at 1.7MB. This, in turn, has dawned the age of data science, where data plays a pivotal role even in the daily operations of organizations.
This massive amount of data generated speaks crucial information about consumers, which is then utilized to make calculated business decisions. Corporates term this as Big Data.
So what exactly is Big Data and Data Science, and why do individuals studying these data (data scientists) in demand?
Today we demystify the nuts and bolts of data science and how data science can help to compete in the global market.
Making Sense of Data
As per the US Bureau of Labor Statistics, the employment of data scientists is expected to rise by 15% by 2029. This is far above the average of all occupations that hovers around 4%.
Okay, let’s assume that we have all the resources; what’s next?
With the help of data science, business houses could learn the behaviors and patterns of their clients, write algorithms that churn loads of data quickly and efficiently, improve privacy and security of sensitive information and make data-driven business decisions.
So, if you want to keep pace with the changing landscapes, here are five ways data science could aid your business.
5 Business Applications of Data Science
1. Gain Customer Insights
Data collected from your website or brick-mortar shop can help you identify your customer. The things they add to their cart, their social media handles, their preferences, and so on. These data reveals their demographics, approximate age, sex, and everything you can add to the list.
The collected data can then be mixed and matched through a process called data wrangling in data science. Essentially, this combines your credit card details or social media handles with your profile and helps business owners make important business decisions.
Understanding your customers tends to better sales figures as targeting the key individuals improves chances of sales.
2. Increase Security
Being digital has its cons, and data breaches head them all. In addition, your private information such as credit card details, address, and social security number is at risk.
But how could data science come to aid?
Thanks to machine learning coupled with advanced data encryption techniques, the security increases by manifold.
On the other hand, machine learning algorithms could also be used for faster and accurate fraud detection, even when implemented in volumes. Most banks and eCommerce stores use the methodology, preventing misconduct in the first place.
3. Inform Internal Finances
While a lot may ponder the role of machine learning or data science in finances, data science does play a major role these days. From revenue forecasting to analyzing financial trends, data science is no more used only to carve out reports and charts.
For instance, let us consider the task of financial forecasting. The following task is a problem in predictive analysis and could be solved by considering the average unit sold multiplied by the cost of a unit. Then, with the help of data science, business houses could predict more accurate results from the previous data and give a better picture of the market.
4. Streamline Manufacturing
Another important aspect is where data plays the chief role in manufacturing. With industrial 4.0 at the verge, machines now can collect data during the manufacturing process and send it to machine learning systems. This can help identify the flaws or suggest the best time to operate machines for the highest efficiencies. The state could be further replicated for the highest frequencies. The algorithm gets better with time, thus creating a win-win situation.
5. Predict Future Market Trends
Gathering and analyzing data on a scale can help businesses grow manifold. These sources could include social media trends or search engine queries that help companies with “what’s next?”
While there are numerous business applications of AI or data science, these points cover multiple aspects of multiple industries. The changing times need solutions that are automated and smart enough to carry out the task independently. This is where data science plays the chief role.