The biggest tool of an organization is data. Nowadays, every organization collects data in all the possible ways, whether in the form of digital clicks, mobile usage, or interaction with social media. The organization collects every piece of data. These data are further used to face the competition and increase the growth of an organization. The primary key to handle and manage this data is Data Science.
Here are some reasons why data science has become an essential part of the industry and organization today:
- With the help of data analytics and processing, a business can frame marketing strategies for the better advertisement of their product. Companies like Netflix and Flipkart, collect data from various other online and offline sources, and then create a marketing strategy and do promotion related activities. Many times, companies spend a significant amount on marketing their products, which sometimes not yield the expected results. Hence, by studying and analyzing customer feedback on the product and analyzing customer behavior, online companies can create better advertisements.
- Data Science helps in discovering the patterns and trends in data. The present patterns are then matched with the patterns of the past to find any reoccurrence of the event. This pattern discovery is mainly used in the field of Weather Forecasting.
- Data Science helps in solving business problems by studying the data. This helps in decision making in the long run and enables companies to create opportunities for new business, predict future trends, more revenue generation, and expanding the business.
- Data Science helps you detect fraud using its advanced machine learning algorithms and can perform various analyses to find customer brand loyalty.
- Artificial Intelligence is considered as the future of Data Science because it helps in automating transportation and creating Robots. Speech Recognition (E.g., Siri, and Amazon- Alexa) has also made it possible to reduce the human effort in technical work.
- Data Science also helps you to suggest the right product to the right customer to increase the business, which in turn helps in increasing the number of customers and serving the customers in a better and efficient form. Cost-cutting technology is also preferred to reduce unnecessary costs and ignoring the cost overheads. It also helps you to prevent any significant monetary losses.
- Data Science helps the company to acquire customers by analyzing their needs and then tailor products, which are best suited for the requirements of their customers as per their needs.Â
- Data Science helps in the innovation of new products by analyzing customer needs and conventional designs. It helps in analyzing customer reviews and helps the companies create products that fit with the reviews and feedback of the customer.
- Data Science also plays a significant role in healthcare industries by using the data available to help their customers in their everyday life problems. It helps in detecting diseases like tumors in their early stage. Data Science analyzes the personal data, health history of the customers and creates products that tackle the problems faced by the customers.
- By using data science, brands can connect with their customers in a practical, personalized manner and thereby providing better brand power and engagement.
- It helps in solving complex problems in IT, HR (Human Resource), Resource Management (both material and non-material).
- Findings and results of Data Science can be applied to almost every sector like travel, education, healthcare, etc.
Data science has also influenced the retail industries. For example, earlier, the people used to have fantastic interaction with the local sellers, and the sellers were also capable of fulfilling the requirements of the clients in a personalized way. Now due to the emergence and increase of supermarkets, this attention got lost. However, with the help of data analytics, it is possible for the sellers to understand their clients.
