Data is the oil
Firstly, we are living in a world where advancement in technologies is something we can’t run away from but to embrace it with both hands due to its unlimited benefits in business. Imagine 10, 20 years ago how this field was, how it is today? and how will it be in the future? As businesses embrace technology, big data is on the rise and you will find many businesses have gigabytes of data but teasing it for insight is something many of them are missing.
Data is the oil
Secondly, Most of the big data in businesses/organizations are usually unstructured, and that why many of them don’t understand the aspect of “Data is the oil”. To realize the power of data, businesses/organizations should have Data Scientist and Data Engineer working in tandem to bring the realization.
Data Scientists
Some will ask, why should we have Data Scientists and how will they impact my business? Day by day, data processing, data analysis, machine learning, and artificial intelligence are done to drive the market. That has created the demand for professional Data Scientists. Who can torture the data to reveal actionable insights that provide the landscape of the business by;
- Personalizing customer experience: Having a deeper understanding of your customer behaviors in order to have planned Digital marketing, SEO, and customized sales based on their purchasing patterns.
- Mitigating risks and frauds: Data Scientists are qualified to identify any anomalies from your business daily activities, create statistical predictive models that can provide opportune alerts in case there are unusual activities from the data.
- Dispensing pertinent products and /or services: Above all, each business would want to know where who, and how much of their products and/or services are used. Data Scientists will help them know that. Therefore, get managed production and distribution.
You need the right Data
Businesses that have Data Scientists have testified how these resourceful professions have added values in their business. Some of the key outstanding points were:
- They have helped to identify opportunities.
- Through actionable insights from the data, they have helped in defining achievable goals.
- They have contributed to decision making using quantifiable data-driven substantiations.
- Enabled management and officers to make informed decisions.
- Understand the business target audience and refining their needs.
- They have helped to set up informed priorities on issues that matter most in the business.
- Data Scientists have been critical in testing the decision made.
In Conclusion
Making a decision help the business to withstand the storms from the competitors, but making data-driven decision help the business to out-shine the storms. I would recommend modern businesses regardless of their size to work in close contact with Data Scientists. This will help them understand their value.