Data science is spreading across all industries and sectors. There is an enormous amount of data which is produced on an everyday basis. What is done with all such data?
Data in raw form can be of no use and one can miss on many opportunities. That is why data in today’s world is given such huge importance and is worked upon relentlessly to find answers for various questions. Data science is a complex form of the interdisciplinary subject where mathematics, statistics, programming, and business knowledge is needed. It includes a data cycle where data is collected and stored, cleaned, explored, visualized and then interpreted to the management. All these activities, though sound simple, involves many tools, techniques, and highly skilled experts.
BENEFITS OF DATA SCIENCE
Data science has great application in all forms of business and organizations. Its major help is that it discovers hidden truths in the data collected and help in understanding market relevant issues. Some of the general benefits of data science are:
- Increase business value by optimizing profitability, workflows, operational efficiency, workforce performance etc.
- Better analysis of industry trends and risks by analyzing suppliers and customers and get updated on news and social media feeds.
- Knowing one’s customer by their preferences, demographics, demands etc and tailor products and services according to it.
- Helps in recruitment by sorting numerous applications in lesser time and select according to the needs of the organizations.
DATA SCIENCE AND MARKETING
Every business organization has marketing at their core and depends on it. They have some kind of product or service to market and sell for earning revenue. Now that data science is such an up and coming tool for businesses, marketing is not far from using it.
Market trends and demands are changing with inexplicable speed and the companies need to keep up with the changing environment or it can lead to losses and become obsolete. Ways data science is helping marketing are:
- Demand forecasting: using predictive analytics one can predict the future demand volume. This helps businesses to be prepared for the future, either by heightening the demand if predicted low or increase production if predicted high.
- Targeting and segmentation: this is done through statistical analysis and data clustering. Usually, businesses have many segments of customers and segmenting can help in increasing the value of the product and also targeting become cost-efficient. Creating micro-segmentation strategies and targeting improves marketing efficiency.
- Digital advertising: today digital media helps a lot in advertising to the targeted customers, so the product information reaches the one who is a potential customer. This also reduces advertising costs.
- Increases marketing performance and speed: analytics keep on analyzing data sets and decides which marketing campaign is working and to what extent. This helps save money and time from getting wasted on campaigns which are not fruitful.
- Customer satisfaction and feedback: analytics keep a continuous check on customer feedback and reviews, which in turn helps in improving the product and customer service.
From product designing, production to advertising, campaigning, delivery, and payments every data is analyzed by data experts. They can understand the entire customer journey and even their feedback and use it for better understanding and improving marketing standards.