With the increased breadth and length of available data and the reduced cost of storing it, companies around the globe have realized the potential of harnessing data to succeed. Digital giants like Google, LinkedIn, and Facebook are analyzing the data they collect to improve their products. Marketers on the other hand interpret data to get deeper consumer insights. Not just the corporate giants, but organizations of all sizes have come to understand the importance of data, when it comes to making important business decisions. This process of translating massive data into business insights and drawing meaningful conclusions is Data Science.
Wikipedia defines Data Science as “A practice of deriving valuable insights from data” and Data Science can also be called as ‘Data Mining’.
With vast availability of data, enterprises of almost every industry are exploring ways to make the best use of it and have a competitive advantage. In the past, firms had to employ teams of analysts and statisticians to mine the data manually. But the scene has changed today, as computers have become adept at performing broader and deeper data analyses. So, how is Data Science assisting in business lately? Read on.
- In any business, marketing plays a vital role and data mining techniques have extensive application in tasks like targeted marketing, online advertising and cross-selling.
- Data mining is applied to customer relationship management to analyze customer behaviour.
- Finance sectors use Data Science for credit scoring and trading. It is also used for fraud detection and workforce management.
- Retailers are the top players who make ample use of data science today. Major retailers apply data mining throughout their business, from supply chains to marketing activities to extracting data.
It doesn’t end here. There is more to this.
Making more money.
Data Science provides a complete report on the kind of projects handled by the businesses, range of products purchased by the customer in the past and so on. When businesses know what their customers want, they can customize their approaches and reach them effectively, which can result in serious cash.
Advancing Marketing and Branding.
Data reveals a number of things. For example: If a product company conducts a survey, they can easily capture variety of data like what customers are expecting from the product, to which competitive product it is compared to, are they satisfied with the quality and price, and most importantly do they know about the product already.
This kind of information is vital for businesses to take the right direction.
Tapping New Markets.
There are several firms which gather data and sell it for a price. Businesses can take advantage of this and get more information about potential customers and identify missing elements in their strategies.
So, Data Science has everything to make a business successful.
After all, Better data equals Better Information and Better Information equals Better Decisions!