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Data Science is apart from shaping business successes has given wings to many individual dreams. Tune with us for more Data Science updates!
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Learning Objectives • Introduction • Let's try to figure out why so much hype? • The Role of Data Science and Data Scientist • Advantages of Data Science to Businesses • More Informed Decisions • Identification of Market Trends • Increase in Efficiency • Designing Data-driven plans • Enhanced Audience Targeting • Conclusion
Introduction Data Science, is apart from shaping business successes has given wings to many individual dreams. All businesses which plan to do business in the future have to re-work on their data strategy. It is a major tech disruption which one cannot dare to ignore. A clear strategy, a highly skilled team, a motivating culture, and the heart to take risks will define your level of success.
Let's try to figure out why so much hype? • Why so much hype? • The innovations and technological breakthroughs which have turned around the way of doing business. • Datasphere basically is the total of all the points where the data is generated, collected, or replicated. • The hype is not unfounded and is backed by strong predictions and latest trends • The Data Age 2025 by IDC has clearly pointed there will be a data explosion in the global data by 2025, and it will swell to a gigantic figure of around 175 Zettabytes.
Role of Data Science and Scientist • PwC’s latest report states that by 2020, nearly 2.7 million jobs will be created for data science and analytics. • It better to explore how data science will and is already working wonders for businesses around the world. • The role of a data scientist is becoming more pivotal to even traditional organizations • Data scientists are often experts in technologies such as Hadoop, Pig, Python, and Java.
Advantages of Data Science Advantages of Data Science to Businesses
Decisions More Informed Decisions • Data analytics have emerged as the most trusted strategic advisor by the businesses. • It presents the top management some real-time insights • More informed business decisions are made based on real facts and figures. • Many businesses across the world have used these for bringing about business transformation and hence redefining customer experiences.
Market Trends Identification of Market Trends • This is one of the major uses of data science and analytics. • It draws patterns and enumerates trends hidden in large data sets. • This comes in very handy when you have to gauge the new market trends and design your moves accordingly. • Highly important for gaining a clear competitive edge as you can plan future product launches accordingly.
Efficiency Increase in Efficiency • Ability to significantly improve the operational effectiveness and the overall performance of the business. • It is by the inputs from various algorithms and figures the management can measure the overall effectiveness of the marketing efforts • Accurate and timely information helps save resources and reduce wastage of efforts.
Plan Designing Data-Driven Plans • Many favorable changes to the business structure and strategy are now possible due to data science. • The analytics presents various factors which allow for checking of scalability and flexibility in decision-making. • Businesses are now able to back their moves by quantifiable data evidence. • Businesses are now able to forecast the demand more precisely, especially for big supply chains and many large retail giants.
Audience Targeting Enhanced Audience Targeting • Data science algorithms and techniques help leverage customer information like their browsing histories, purchase behavior by giving actionable insights on these. • Every digital visit of your potential customer is full of insights which are not visible to the human eye and intelligence. • Based on the browsing data, many accurate predictions can be made by combining the existing data with many other data points. • Data science helps in recognizing patterns in raw customer data which enumerate very useful customer information.
Conclusion • Data Science is definitely going to dictate how businesses will be run and work will be conducted. • It will transform not just the business models but the general way of living for the common masses. • Data science is growing and for young start-ups • It does take a lot of time and effort to learn about all the nuances. • The time spent on the same is worth the effort as it can accelerate the pace of growth of your business. • you should not hesitate to get in touch with us and also refer to our website www.janbasktraining.com for more insights.
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