Data is increasing at an unsustainable pace. According to recent data, our total data volume is expected to exceed 44 trillion gigabytes by 2020. Currently, the average human output of data on a daily basis is estimated to be at 2.5 billion GBs of data per day. Keep in mind that this does not account for the staggering amount of data that’s collected from us as customers – around 2.5 petabytes of data on an hourly basis. It’s beyond clichéd now to say that data is the new oil. But yes, as any expert in Managed IT Services will tell you, data will be the driving force behind business transformations for the next decade or more. A report from MicroStrategy validates this by showing that 90% of participating business users considered data and analytics to be at the core of their organization’s digital transformation initiatives.
Top 6 ways you can grow your business using data science
- Evidence-based decision-making leads to better business outcomes
Traditional ways of growing a business has been a game of grit and high stakes risk. But with data science at your disposal, you have nearly endless streams of data at your disposal with the capacity to analyze for highly actionable insights that can drive predictable outcomes. Thanks to the help of intelligent modeling by data scientists, an organization can use its existing data to simulate outcomes from a variety of potential course of actions and determine the one that can lead them to the highest probability of desired business outcomes. This means data accumulation, sorting, filtering and more needs to be at the core of every company’s decision-making process. However, this often proves challenging with 80% or more of data remaining unstructured and requiring predictive analytic tools to turn the random streams into actionable business insights. This process is reiterative which means your company can refine both the modeling strategies and decision making to continuously fine-tune and becoming more efficient at making better and more intuitive decisions based on trends.
- Managing Businesses Efficiently
With data science, businesses can potentially unlock the ‘unreadable’ silos of behaviors of customers and markets to unearth actionable insights from their data streams and grow the business along predictable paths. Data Science is the metaphorical magic wand that can discover trends and patterns sitting embedded deep within the data to help businesses make meaningful analysis and at least, have a considerable inkling or prediction of events to come. With the help of data science, businesses can render processes, workflows, and even intangible behaviors more transparent and thus, more manageable. Data scientists can enable you to assess the health of your business and even be able to anticipate the success rate of their various business strategies. Most importantly, they will render every aspect of the business quantifiable by devising key metrics and analyzing relevant data to track business performance. Beyond management, data science can also help companies assess the talents and suitability of potential candidates and help hone leaders by tracking performance, success rate, and relevant factors. This can also potentially usher in a new era of transparency and accountability in employee management across the organization.
- Directing Actions Based on Data Trends and Evidence
The job of a data scientist I to plumb the depths of an organization’s data. This can help them understand the current state of affairs, thanks to insights drawn from existing data through which they can study and analyze trends. This, in turn, will help them to devise plan of action and recommend course correction strategies for better performance, increase in conversion and retention rates, improved efficiency, and profitability. Consider reaching out to an 24/7 IT Support provider for guidance on implementing data analytics in your business today.
- Increased innovation for better business offerings
Companies are starting to increasingly employ AI-enabled analytics tools to assess and improve their offerings and even create entirely new lines of products. A survey from MIT Sloan Management Review showed 54% of businesses using AI to improve time-to-market. Data analytics allows businesses to put together sets of different sets of data strands, such as, buying behavior, consumer sentiment, demographics and more to help understand customer sentiment at a deeper level than ever before. This can help businesses brainstorm to solve pre-existing customer pain points and evolving needs with time. This can help businesses keep their offerings fresh over time. For larger organizations, AI and ML-enabled tools can help sort through potentially hundreds of test scenarios to determine the best possible course of action for maximum efficiency, performance or, productivity benefits. Data analytics also has the ability to discover unknown variables that is beyond the perception or capability of humans to discern on their own due to the sheer enormity of the data. would have never identified on their own. For example, IBM’s Watson was able to sift through digital records to identify six new cancer suppressors within two months. That amount of work would have taken researchers years.
- More efficient talent management for the organization
No need to plod through resumes anymore with big data-enabled head hunting. Now it’s easy for data scientists to sort through the entire compendium of information available on potential candidates including social media, corporate databases, and job search websites to find the most relevant fit for the organization. They are able to use various analytical algorithms like clustering and classification to sift through vast amounts of data and arrive at the right conclusion. The right IT Consulting Company can help you implement data science-driven talent management quickly and efficiently.
- Assessing Business Decisions
With data analytics, companies are empowered to take decisions based on predicted outcomes. The next logical step, of course, is to assess them through several hypothesis-testing tools. After decisions are taken and implemented, companies need to understand exactly how they will impact their performance and growth. It is possible for decisions to throw up unperceived negative outcomes, in which case they need to mitigated or managed swiftly. Businesses stand to save and even make a great deal of money just by not having to go through the ‘trial and error’ phase of non-evidence based decisions and being able to take the most optimal path to growth and profitability.
Nora Erspamer is the Director of Digital Marketing at New Charter Technologies, a group of companies specializing in 24/7 IT support services. She is an experienced marketer and sales strategist with a demonstrated history of working in various technology industries. Skilled in strategic campaign development, lead generation, and marketing automation software. Her blog can be found at https://newchartertech.com/blog/.