Let’s begin by addressing the elephant in the room. Technology is growing at a rapid pace and all businesses need to invest in it one way or the other to make a profit. Technology can add value to business and nearly every CEO knows the importance of adding in new infrastructure to their operations to increase performance leading up to a better year for the brand. Almost every business model works with a company offering a product/service to potential clients/customers for a transaction. In any case, the point I am trying to make is that the end goal depends on the customer and not the brand. No matter how good the company you work for is, there is nothing it can do to succeed unless the customer paying the cash wills it.
But the problem is that Customers are unpredictable. They are exceedingly unreliable and one simple action can lead them to have a positive or super negative perception of your offerings. I added the super with negative because when perception falls, it falls really hard and then it’s a mountain task to bring it back up again to a level where the customer might think about going back to you. So, what do you do? Go to where your target market is. Study each and every individual/group/company on habits, interests, needs and desires and then maybe use your exceptional skills in providing them what they want and it works. At least until your customers remain below 10. The point I am trying to make is that companies have adopted the above-mentioned strategy to acquire a share in the market and Big Data really isn’t all that new. Its how you use a phenomenon called Data Science that actually makes a difference on a large scale.
Tools, analytics and algorithms done by a really smart machine after a few simple commands using the large amount of data on your server. Gone are the days when one had to hire unpaid interns to browse out which color shoes were the top most desired in your store or what time potential clients visited the brands website. Its all automatic now and besides saving time, Its efficient as well. If you don’t believe me, look up Google and Facebook. But besides the obvious reason, I will list down some key benefits of Data Science below. If you came here for the title, then I am sure your eyes must have diverted to the BOLD points below but if you are still reading this, then the author must give you one piece of important advice.
6 Major Data Science Benefits for your Business:
No matter how good a system is, it still needs a team of hardworking individuals to get the brand to the top. Just like your office chairs and laptops, it also needs maintenance so don’t cut costs on your investment. Companies such as Reactive Space are Pros when it comes to setting up a proper Data Science setup for potential clients (Shameless plug). We have done it before with exceedingly amazing results so we can probably do it again.
Helping Management make better choices based on customer profiles
With every transaction that takes place within the operations of a company, there is data being collected. With larger scale companies, more data is collected and even if a 100 interns or highly skilled arithmeticians, it would take a very ling time and integration to go through all that. On the other hand, a data science tool and you will the result in mere seconds.
Identifying current trends and defining goals
Humans work on emotions and can sometimes be swayed through personal preferences. A computer working on Data Science shows facts. The perfect software can scour all resources and give the best answer in a matter of minutes. Data does not lie (Lee Baker).
Creating new opportunities through product development
What to do when met with a very hard choice. Should the color of the new iPhone be Black or Red? Is it a good idea for Pepsi to produce more Pepsi original or Cherry? Should the company invest in adding data science into its existing software’s? The answers to these questions are as follows; Apple went with multi colored phones and they were a big hit. Pepsi diversified into Pepsi Cherry and it worked. And should a company invest in Data Science? The answer is always yes.
Personalized Customer experience (If you find the change you wanted in that café you frequently visit, it’s not a fluke)
After every meal or purchase, brands give you a feedback form. Imagine a 100 feedback forms from customers in a day, multiply that by 30 days in a month and you get 3000 forms with different answers. Online deliveries and pre purchase surveys are already bringing about a revolution in terms of customization and companies are cashing on it. How is this possible? Through the power of data science.
Recognizing and refining of target audiences
All brands want to sell as much of their offerings as possible. However, we know from logic that you cannot sell investment plans to children in a toy shop. Data Science can accommodate all previous owners and their purchases to combine them into one to make perfect customer personas. This will allow companies to plan ahead on effective targeting and ultimately succeed.
Decision making using data driven analytics
We all know that Data is quite important in the grand scheme of things and these days, losing data is equivalent to losing your money. Sometimes even worse. If there is one company that has taken full advantage of Data science and utilized it very well, its Facebook. How do they know who to target or what ads you will like? How does Netflix know which shows to recommend? It all works on data science. But it also means that these big companies are noting down everything you do online. The overall point is that it works. Customers have an easy time dealing with recommended choices and companies investing in Data science benefit hugely from the satisfied customers.
All in all, there are multiple more uses of Data Science and software’s relating to Data Science are a must have for any company looking to add an extra zero to their potential clienteles. If you are the CEO or a high-ranking official who actually cares about making a difference in the company you work for, then trust this random author on the internet. Data Science is the way to go and if you are thinking about learning more on this high potential technology, give Reactive Space a shout. Not only can you find the best customized answers to all your questions, you can also make your ideas come to life through their advanced solutions.