While a huge percentage of businesses, both small and large scale, are thinking about implementing data science these days, not all of them are fully aware of the abilities of a data scientist and how he/she can benefit their companies. If you’re also planning to open up your doors to big data and leverage its full potential, you’d need to hire a data scientist who’ll derive actionable insights from a massive amount of data. And thus, it makes sense for you to be fully aware of data science benefits. Keep on reading as we’ve jotted down the most important ones among them.
What Are The Benefits Of Dealing With Data Science?
Guiding actions based on trends
One of the key responsibilities of a data scientist is to examine and explore the data captured by the organization. Once these processes are done, he/she can recommend different types of actions which bring a huge scope of improvement in the business performance of the company. And after these improvements are made, it can leave a significant impact on the organization in terms of increased profit.
Informed decision making
With the help of a data scientist, it has become possible for business owners to predict effective measures and different trends for the success of their businesses. One of the biggest data science benefits is that it has eliminated the possibilities of upper-level risks. By reviewing different types of models created by data scientists based on already existing data, business owners can easily understand which road will lead them to success.
Testing the decisions
Once you’ve implemented the changes based on the insights discovered by a data scientist, it’s time to observe how these changes are impacting your business. And this is exactly where the expertise of a data scientist becomes evident again. He/she would be able to measure the key metrics which are related to those changes and quantify their true impact.
Once there was a time when marketers used to collect the info about their consumers in bulk after every campaign and analyze that information to track the progress of the campaign. But the emergence of data science has opened up a whole new field of digital marketing. Now you can build your present and future digital marketing campaigns based on real-time data, which means you don’t need to analyze distant past behavior anymore. Instead, you can focus on the present market patterns to make your campaigns highly effective. A data scientist can tell you everything about your target market trends, customer response, their buying patterns, the effectiveness of timing, and much more, helping you target your consumer base at the right time.
Surprising data science benefits
Regardless of industries or companies, adoption of technology has a multitude of positive impacts on business growth as it paves the path to gain profit. It impacts every aspect of a business – from operations and effectiveness to future growth. Today, data is being collected by businesses as well as organizations through every possible way. From digital clicks and mobile app usage to interactions on social media – everything leaves a data fingerprint that’s completely unique to its creator.
In today’s competitive business landscape, consumer social norms have changed a lot and as a result, expectations too have escalated. It compels businesses to leverage their biggest asset i.e. data to rise above the competition, which is the reason behind data science being employed continuously. It has already become clear that data science benefits are simply not possible to overlook for a business or an organization that wants to grow. If you’re new to data science field, you may be wondering what are the other data science benefits for which businesses are constantly looking for data science professionals and offering them a fat pay packets.
Here, we’ve put together seven such benefits to help you get a clear understanding.
7 Surprising benefits of data science
It has become a globally accepted truth that businesses can tremendously benefit from the appropriate use of data and analytics when it comes to driving positive outcomes for expanding and improving various aspects of business. However, there’re also some other aspects where data science benefits can be leveraged to a great extent. Let’s have a look at them.
Redefined customer success
You’re probably aware that data is being heavily used to identify opportunities, modify marketing strategies, and design marketing campaigns, among others. But did you know that predictive power of data sometimes remains where businesses don’t expect it? It may sound a little different but it does and that’s one of the most surprising data science benefits.
Sometimes, information lies in data beyond what businesses can target and exercise. For, example, data-driven companies usually heavily rely on their audience performance to define marketing messaging in order to maximize results. Sometimes, the attributes are made limited by those companies based on what they consider crucial for defining customer success. In this case, crucial actionable insights can remain beyond those attributes and employing the power of data science methodologies can help more customer attributes to be leveraged and put to use.
You may not be able to believe it immediately, but the agricultural sector is yet another aspect that can reap data science benefits. Farmers use this technology to decide on the amount of fertilizer, water, and other inputs that are required to grow the best crop.
Another surprising thing is that farmers take advantage of solutions to plant the right amount of seeds so that they can gain maximum benefit out of them, even before they start growing the crops. In addition, they also depend on the weather forecast to a good extent just like us. While we use the information to decide what we’ll wear tomorrow, farmers interpret that information to understand whether it’ll affect their harvests’ quality and act accordingly.
Have you ever heard of something like “Data-Driven Journalism” or “Data Journalism”? If you haven’t, it has become a popular trend and is considered as one of the unexpected data science benefits. Here, data heavily influences the jobs of journalists and the entire workflow is being driven by data – from data analysis and visualization to storytelling.
This data-driven approach is being used by media houses to evaluate journalists’ and their articles’ performance by considering likes, click through rates, shares on social media etc to incentivize journalists to develop content completely targeted to the readership of the website, newspaper, or magazine for which they’re writing.
This is one of those data science benefits that may sound futuristic and a bit unusual to many people, but it isn’t. Today, educational institutes are all set to screen applicants with the help of analytic insights. There’re some universities that not only utilize analytics to evaluate students but are also inclined toward developing marketing strategies to enroll a greater number of eligible students.
Implementation of data science has made them enable to make calculated decisions about student admissions based on prospective students’ digital footprints. Advantages such as lower drop out and higher enrollment ratio, which have been made possible with the help of data science, cannot be overlooked.
One of the surprising data science benefits can be experienced in the airline industry. Across the globe, this industry is known to experience heavy losses. Except for a couple of service providers, most of them are struggling to maintain their operating profits and occupancy ratio.
The situation has worsened in the recent times because of certain factors like steadily increasing air fuel prices and heavy discounts offered to flyers. However, the situation has started to change as the airline companies have decided to employ data science to identify areas of improvements. With the help of this technology, airline service providers can enjoy a multitude of benefits including predicting flight delay, deciding on the class of airplanes to buy, identifying whether to take one or multiple halts or go direct etc.
Image and speech recognition
You’re most probably familiar with this thing but may not know that this is another of the many surprising data science benefits. You upload an image on a social media platform and start getting recommendations to tag your friends. This feature uses face recognition algorithm.
When it comes to speech recognition, some of the finest examples can be Google Voice, Cortana, Siri etc. Even if you’re not in a position to type something, you can use speech recognition to get the job done. All you need to do is speak out our message and it’ll be converted to text. However, speech recognition may not be able to perform accurately, at times.
You’re probably aware of healthcare providers taking the help of data science to predict patient admission rates but you’ll be surprised to know that doctors also get benefitted from this technology. For example, with the help of data science, doctors can diagnose patients quickly and more accurately, and hence, make faster decisions that play a crucial role in saving lives.
Data science has also helped greatly in the emergence of applications and wearables that can monitor patients on a constant basis to help prevent potential health problems. It also plays a crucial role in the progress of pharmaceutical research when it comes to finding a cure. Here, machine learning algorithms are used to extract and analyze biological samples from patients to develop cures.
What’s in it for you?
The above mentioned ones are just some of the key unconventional data science benefits. There’re lots of other benefits that data science has brought to us. In light of the above, it can be said that this is probably the best time to step into the data science field, if you haven’t already.
As modern businesses are getting flooded with data, data science professionals are experiencing a high demand across industries. It has become a universal truth that without the expertise of these professionals who can use cutting-edge technology to turn the gathered data into valuable insights, big data is of no use. That’s why more and more companies are coming up with positions for data science professionals or they’re applying for data science corporate training programs to educate their employees.
If the above read has motivated you enough, there’s a wide range of courses available in the field of data science that can help you take your career to the next level. Just keep in mind that you need to carefully select the institute from where you’ll be pursuing a course or tow to fast-track your data science career. Consider everything from curriculum, cost, and faculty to success rate and post-program guidance prior to getting enrolled to make the most out of your investment in terms of money, time. and effort.
Considering the above data science benefits, it can be said that this technology is transforming the way organizations or businesses think, execute, and perform. Today, it has become an almost inherent part of one’s daily life – whether we realize it or not. When it comes to data science, many people may only think of corporate offices, where data science professionals work to deliver solutions to critical business problems. While this is completely true, it’s also a fact that data science comes with far wider reach and is being embraced across industries for a large number of unconventional advantages. Data has been there with companies for a long time. It’s the emergence of data science and advanced technologies and tools in the field that have entirely transformed the entire scenario.
So, if you’re geeky at heart, and love to work with data and face the related challenges, data science is the field you should jump into. Data science has already started transforming the global business landscape and it’ll do so in a much bigger aspect in the future, when we’ll be seeing more advanced technologies and tools in the field. So, once again, this is the ideal to time to put your best foot forward and prepare yourself to join the coveted league of data science professionals.