Data science is an umbrella term for various duties that involve making sense of large data sets in an actionable way. Most positions require a solid background in mathematics, statistics and even machine learning. A recent piece in Inc. stated that soon we will be wondering which activity sectors don’t need a data scientist. This is a huge marketplace, estimated to surpass $ 200 billion by 2020.
Enhance your organization
Data is ubiquitous, and making sense of it is like having a map, a compass, and a flashlight in an unknown city at night. There are several ways in which a data scientist can turn numbers into growth for your company; here we’ll list the most popular five.
1. Learn more about your clients
Most organizations have relevant logs about transactions, customer profiles or leads’ interactions with the company. Also, the current rise of social media has created zettabytes of user-generated data in the form of pictures, reviews and comments. It’s the data scientist’s job to convert this info into answers to the common marketing questions of:
- What makes our accidental clients become regulars?
- What determines how a lead will become a customer?
- What made clients switch to the competition’s offer?
A shocking but relevant finding could even show that your current business proposition is not satisfying your most profitable client group.
2. Evaluate risks
The financial industry has foreseen the applications of data science in measuring and mitigating risks. Mathematical models based on probabilities are appropriate tools for assessing the risks related to bankruptcy, investing in a new market or hiring more team members. Starting with survival analysis models, a data scientist can compute client churn rates and employee turnover rates.
3. Expand your business strategically
Data is like a rough diamond waiting to be polished. This means that by applying the right analysis tools, it can show significant Read More Here