How Data Science Can Improve Your Business

With an ever-increasing volume of data and information underlying most operations, Data Science has become an evolving and rapidly maturing aspect of each organization’s day-to-day work. For those organizations early in their journey, there are a few important areas of consideration for where to invest your efforts.

How Data Science Can Influence Your Business 

• It can help you identify financial opportunities: Data science can illuminate issues affecting the finances and profitability of a company. By analyzing pricing, financial terms, raw material costs, labor and resource allocation, etc., data specialists can recommend changes to solve under-utilization of facilities and talent while also maximizing profits and other KPIs.
• It makes marketing more impactful: Using data acquired from web visits, ad clicks, email campaigns, social media, customer surveys, etc., Data Scientists will recommend targeted advertising and marketing campaigns and the appropriate audiences. This targeted approach can help you answer the questions of what is working and what isn’t with your marketing investment.
• It makes operations and logistics more efficient: From operating warehouses to managing a small office, data analytics can help any organization improve their processes and solve bottlenecks. Rather than repeated trial and error which disrupts production and damages morale, data scientists can run tests to predict what changes will have what impacts.
• It improves quality control: Data analysis can give you unprecedented insight to determine how to enhance the quality of a product or what new products to take to market. One way it does this is by quickly aggregating client feedback and reviews. By using AI, you can reduce the amount of time spent on quality checks, or even anticipate production issues based on customer service tickets, customer returns or decreased renewals. Data science can help isolate where problems are occurring and recommend improvements.
• It helps you identify and maintain talent: Data science is a tool that you can use to minimize bias when hiring. Predictive HR analytics will help you identify the best fit quickly, depending on the needs of your business. Data analytics is also critical for identifying skills gaps and succession planning. Data analytics can help you prepare your talent pipeline so they are ready with new skills when the business needs them.

Recruiting Data Scientists

Knowing how to match data talent to your specific needs can be challenging, especially if you are not a data specialist yourself. Generally, roles fall into the following categories:

• Data Engineering, including Extraction, Warehousing, and Modeling Operations
• Analytics and Data Science, including machine learning and artificial intelligence
• Data Visualization and Report Design

Within these, there are technologies, languages, and tools specific to the task at hand. It’s best to work with a partner who truly understands both the business problems you are trying to solve and the data skills and requirements to get the job done. Most recruiting offices don’t have this level of expertise. That’s where Chisel Analytics can make a difference.

Data science is having a permanent impact on how business takes place. It’s not a matter of “if,” but rather “when.” Chisel Analytics can help you get started, find talent, or augment your team. It can also help you bring order to the projects already in place.