How Can Data Science Add Value to Your Business

How Can Data Science Add Value to Your Business?

Posted on March 15, 2018

Frankly, Big Data isn’t anything without the involvement of professional skills that help turn cutting-edge technologies into actionable insights. While media, education, healthcare, securities, all have taken the advantage of big data, financial industry too has started opening its doors to it. By unlocking the power of Big Data, they have also raised the worth of a data scientist that knows how to push the worth of a high amount of data which currently exists within an organization.

There’s no doubt in the fact that the modern business arena is bombarded with data. As per a report in the year gone by, McKinsey estimated that “big data initiatives in the healthcare industry of the US could account for as much as $450 billion in decreased health-care expenditure or up to 17 percent of the $2.6 trillion touchstones of the cost of US health-care”. It is important to note here that bad data costs the US approximately $3.1 trillion annually.

Therefore, the value of analyzing and processing of data is highly evident. And this is exactly where the spotlight comes on a data scientist. While most professionals are aware of how hot big data science is, they are still unknown to the value that a data scientist holds within a company.

What is the Role of Data Scientist?

Data scientists are highly qualified people with advanced degrees in statistics, mathematics, and computer science. Their expertise also involves data visualization, mining, and management. Their previous expertise might include infrastructure design, cloud computing, and data warehousing.

So How Can Data Science Add Value to Your Business?

  1. Empowering officials and management to make better choices

    An experienced data scientist will function as an advisor and strategic partner to the institution and will help the staff optimize their analytics’ abilities. He/she will convey and demonstrate the worth of the organization’s analytics product in order to provide a better procedure of decision making across different departments via the modes of measuring, monitoring, and documenting performance.

  2. Directing the activities based on tendencies which in turn assist in establishing goals

    The job of a Data Scientist is to examine and investigate the organization’s information, after which they will recommend the plan of action that will eventually help improve the performance of an organization in terms of profitability and customer engagement.

  3. Challenge the team to embrace best practices and concentrate on issues which matter

    Among the several responsibilities of a data scientist, another aspect of being a data scientist is ascertaining that the staff is comfortable and well-versed with all the company’s analytics product. Data scientists prepare the team to achieve together by inducing actions. When the team knows the product capacities, their attention can change to addressing the crucial business challenges.

  4. Identifying opportunities

    Throughout their interaction with the organization’s present analytics program, data scientists enquire about the present procedures and assumptions in order to create new approaches and analytical calculations or algorithms. Their job requires them to constantly improve the company’s worth from data received.

  5. Decision making with data-driven proofs

    With the advent of data science, data collecting and assessing from several platforms and channels have helped rule out any possible dangers.

  6. Testing these choices

    Half of the struggle of data scientists involves making the right decisions and implementing these changes. The other half includes the influence of these decisions on the business. It is worth to get somebody who can quantify the essential metrics that are linked to significant modifications and measurement of achievement.

  7. Identification and refining of target viewers

    Google Analytics, surveys, whatever source of accumulation of data is, if not utilized well, it is of no use. A data scientist can aid with the identification and comprehensive evaluation of disparate sources of information. With this comprehensive understanding, organizations can customize services to clients and gain profit.

  8. Recruiting the Proper Fit for the organization

    Going through resumes and CVs is a daily task for any recruiter, however, with the introduction of big data, the quantity of information out there on social networking, company databases, and job search sites can work their way through. All thanks to Data Scientists! Recruitment will no longer be an exhausting and time-consuming procedure!

Thus, data science can be of high to any organization and insights coming from data can actually be a game changer.

Partner with the Best in the Data Science Domain

Flatworld Solutions is a leading provider of Data Science Services. We have a long list of satisfied customers and are known for providing customized solutions. Some of the technologies we leverage include big data platform like Hadoop, licensed OCR tool, Django Framework, Google Map integration using APIs, route optimization algorithm, open source software like Python, etc. We are involved in every possible industry including healthcare, retail, automobile, logistics, marketing, finance, recruitment, etc. For any of your queries/questions drop in your comments in the comment box and we will connect with you ASAP.

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