We cannot deny the fact that data is the gold mine of the modern world and the whole digital ecosystem around it. No businesses or company can ignore the fact that data has become the most crucial asset in the 21st century.
Today most of the companies or businesses are utilizing data science for its growth and development. Therefore data science plays a major role in modern day business.
For example companies like walmart, Amazon are using data science to manage logistics and to take better decisions for the development of the company.
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Table of Contents
What is data science ?
When we need to define data science, we can say that data science is an amalgamation of statistics, artificial intelligence, interpretation of data, and various scientific ways to churn out the data collected which is high in value. The person who is an expert of data science is called a data scientist.
Within the process of data science collection there are several steps to follow such as collecting, aggregation of data and manipulation of data to do a fruitful analysis of the collected raw data. Thereafter the data scientists, the people who are experts running several tools, take out the pattern in the data that can be used by the companies, businesses and governments for any meaningful purpose.
Important implementations of Data science in business
1. Customer insights
Data is an important tool when we use it to get the crucial insights of the customer. It gives us information about demography, hobbies, likes-dislikes, day timeline pattern, preferences and many other important information. With so many types of customers, behaviours that are mainly collected online can serve the purpose of drawing a person’s characteristics online in the most precise way.
For example if a person visits a shoe website and checks some specific shoes regularly that means he is interested in it . To engage the customer with the help of data science the shoe company offers some discount which might convert that potential customer into a buyer. This is just a simple example of how data science works for the business. Diceus is known for its client centric implementation of data science in business.
2. Smart decision
When we talk about the traditional form of business which is more rigid in nature and there is less scope of flexible nature into it. But with the addition of data science the game of business intelligence has transformed heavily. With the inclusion of data science a wide range of possibilities has unleashed in business intelligence. Compared with the traditional form we now have a huge amount of data collected and it can be only interpreted with the help of data scientists to analyse the raw data and take meaningful information out of it. With the thorough and precise analysis we can get the right information that can help to run businesses smoothly and aids massive in taking smart decisions. It has proved itself multiple times by analysis of the raw data collected and making the most important decisions out of it.
3. Better services and products
In this highly competitive business environment it is mandatory to make your product and services attractive. All business strategists want their product to be the most attractive. In order to achieve that they need to upgrade and develop their products that suit best for the customers and give the most satisfactory results. That is why the companies require accurate data to design and develop their product and services.
In this process companies do a whole analysis of the customer reviews, run product improvement programmes, online data behaviour, etc. with the help of data analytics tools. Data scientists derive the best suited informative data or services that can be seen in the final product or services. We can see the change in the form of design, aesthetics, fit , finish, colour , material, policy changes, cost etc several small but important tweaks.
4. Predictive analysis
The prediction of the forthcoming growth or development of the product of services can be predicted pretty accurately with the help of data analytics tools of data science. In business it proves to be resourceful for running the analytics and predicting the businesses. It uses data science with modern It solutions such as artificial intelligence, machine learning, to get the crucial analysis for the prediction in business for products or services. It highly reduces the risk factor and limited resources wastage for the organisation.