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Achieving full business potential with data science

by on August 30, 2019
 

For any business organization today data is very important. Be it increasing efficiency or solving complex business problems, only data has the perfect answer. But raw unstructured data is of no value and data science has the techniques required for leveraging data. As more and more data is collected, the importance of data science increases. With billions of Gigabytes of data available today, data science combines mathematics, statistics and advanced computer science to categorize the available raw data and extract actionable insights out of that. Business executives today are relying heavily on these insights to increase sales, undertake efficient marketing projects and recognize potential markets.

How businesses use data science?

  • Using Predictive Analytics

Predictive analytics is the use of data science techniques to accurately predict future outcomes based on given data sets. Enterprises use it for a variety of purposes- Predicting the efficiency of sales strategies, predicting customer needs, optimizing marketing projects, managing risks and preventing wastage.

Take the case of PepsiCo- The company took the help of Black Swan, a London based data science company to recognize exactly which flavors will be trending in future and based on that they developed their new ‘Sensations’ products. The predictions were so accurate that the new flavor scored very high score when tested and soon production was launched.

  • Using data science to increase sales

Analysis of available data can reveal interesting insights which then can be used for achieving business goals like increasing sales and revenue. For instance, providing a great shopping experience is key to success in e-Commerce. With multiple options available, retaining customers can be a tricky job for e-Commerce portals. However, if a company is able to provide rich online shopping experience with easy to use dashboards and cool recommendations, then not only that company will be able to retain existing customers but also add new. This is the reason behind the popularity of e-Commerce giants like Amazon.

Besides the aforementioned examples there are plenty of other ways businesses are driving growth by utilizing data science techniques. Interestingly, India is witnessing a rise in the number of companies utilizing data science and in the number of tech startups offering data science solutions. As a result talented individuals enrolled in a data science course or a Python training in Delhi, Chennai and Bangalore are getting big job offers!

A data science career in India?

Gone are the days when India lagged behind in the use of technology. Today India boasts a booming digital economy with fastest growing sectors like e-Commerce, ICT and M&E. The India government aims at developing India into a digitally empowered nation and is continuously promoting adaptation of digital technologies. With companies like Fractal Analytics, Deloitte, Amazon and Accenture investing on the Indian market, the country has emerged as one of the top recruiters of data science professionals. Python training in Delhi or SAS training in Bangalore can be very beneficial for individuals hoping to build a career in India.

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