https://www.datatobiz.com/blog/data-science-process-solve-business-problem/
Whether you run an empire or a small enterprise, every business faces certain common problems and hitches. The questions like, How do I improve my sales? What is my organization lacking? What to do when old customers are not purchasing my product? What ought to be done with a specific end goal to pull in more clients?
And much more such, often boggle a business owner’s mind. If this is the case with you as well, then there is definitely a path that can offer you a cutting edge over the others and it doesn’t take much effort in guessing what it is. Yes, I am talking about “data science” something that is taking over the corporate world with its capability to make complex things simple.
To understand the applications in a better way, you may look at the working model of big tycoons like Amazon, Uber, Netflix, Starbucks, etc. They all utilize Big data analytics to refine their marketing, manage their finances, predict frauds, evaluate the viewing habits of millions of clients, etc.
This is how Uber is able to provide the easy-to-book cab service and Starbucks does not suffer losses even after having three shops at the same location. Isn’t it mesmerizing as to what all data science can do?
The next question coming to your mind would be how to incorporate the data science process into your particular business module? Or how is this prediction even possible?
Do not worry, all your queries will be answered. But before moving ahead we must understand the basic concept of data science and the fields it merges together.
A data scientist combines concepts of, statistics, analytics, data processing, machine learning, predictive analysis, basic mathematics and computer science, to bring out the desired outcome that can benefit your business.
Do you run a business or work with the management closely? Have you ever thought about why sales numbers are going down? Is your operational cost going up? Why is it becoming harder day by day to retain clients? Why are customers flocking for competitors’ products? – In case you’ve ever been bothered with any of these types of questions, then you do understand the importance of data.
With the technology revolution, the operational aspect of businesses has changed drastically. Data is the new gold. He who knows how to churn out the insights and intel will beat all the competition. Data Science is the methodology for retrieving valuable information from the stockpile of data.
2. What happens when you decide
to incorporate data science
process into your business?
3. The transactional & customer engagement data taken at various points from the
customers such as the feedback on products, services, etc. helps the data scientists to
predict the return on investment for the company.
Also, this data helps the company design products according to the demand pattern of
the customers, hence improving the customer base. The marketing analytics designed
with the use of predictive analysis is further able to attract valuable clients.
Increase in The Number Of Customers
4. The customer demographical data is paired with the product he/she buys and is
recorded for future reference. This type of data helps understand the type of customers
a business must look forward to attracting.
Also, when the customers are presented with other products, their interest in any
particular product is recorded, so that demand can be anticipated. Recommendation
engines can help in up-selling other products to increase business revenue &
recommendations also works as customer delight.
Better Customer Service
5. Apart from improving the sales and customer demands, the company itself needs to
function properly. It necessitates ensuring that all the equipment installed in its facilities
is working efficiently.
The industries that deal with perishable goods need to make sure that they do not have
extra stock in their warehouses. Data Science can help business owners in inventory
optimization. The idea here is to predict the problem before it actually appears so that it
can be avoided by hampering the efficient working of a company.
Improved Efficiency
6. How can data science be used to
solve business problems?
7. Innovation is the key to surviving and sustaining in the business world. But
understanding the pulse of the customers is even more important to know which
upgrades and improvements to the existing products/services will be accepted by them
and which will be pushed aside.
It’s been the biggest secret that organizations are trying to hack every day. Complete
understanding of consumer behavior is nearly impossible, but data science can shed
light on this matter with a great level of accuracy. The right set of improvements done as
per customers’ feedback can make the product/ service widely acceptable in the
market within a short span.
1. Upgrades and Improvements
8. Having an idea is nothing till it gets executed properly. Even if the idea gets executed, it
needs to match the customers’ expectations and should be able to solve their pain
points. A great example would be streaming company Netflix, which started as an
alternative to movie renting but has exponentially grown to become an integral part of
every household. From movies to series to games, it dovetails into the vast pile of data of
customers’ sentiment and behavior and brings the best insights out of it. Every
successful product/service company does the same.
2. New Product or Service Development
9. Those days are long gone where manual security used to suffice the protection
measures. Machine learning algorithms merged with AI can enhance security
parameters to global standards. From fraud detection to data scanning, it can be
leveraged widely in security use cases. Multiple companies are going through the vast
set of data for finding patterns and ensuring no security issue is left unchecked. More the
cases are backed by data, the easier it is for the security personnel to verify, validate
and fix it.
3. Security enhancement
10. Identifying the next market trend can be the pivotal key for bringing a revolution in
business. What customers would need in the future, being able to predict that, is nothing
less than a superpower. Companies that stay ahead of the curve, have always been
leveraging the data to understand and predict the next big thing in their respective
industry. For example, a Nielsen study found out that a whopping 81% of the customers
want companies to take environmental sustainability seriously. Clothing retailer
Patagonia considered that and launched a worn-wear site, which helped their
customers to recycle used products, and in return, brand loyalty improved drastically.
4. Future market trend prediction
11. Read the full article
https://www.datatobiz.com/blog/data-science-process-solve-
business-problem/
