Having a Competitive Edge using Data Science

Many IT or operations managers are expected to provide data and analytics to help their organizations achieve and keep a competitive edge. Yet not all in these roles have the range of skills required or hands-on experience with data science. In addition, they don’t have the budget for training their team or the time to develop or implement essential tools to keep projects on track.

Promote Innovation in Your Industry

One of the key ways that organizations stay competitive is through innovation. These days, the priority of using data in any new initiative is a given. Knowledge and skills around data science are required in order to isolate problems and to identify new opportunities.

Use data analytics to:

1. Identify Gaps in Your Business
   Business processes and product improvement rely heavily on data science. Analyzing resource allocation in a manufacturing plant, for example, opens up avenues for production line or supply chain improvements. You can test the constraints in undesirable scenarios and recommend mitigation measures.

   Or, perhaps your business has experienced a sharp decline in sales or an increase in negative reviews. Analytics help you determine the root cause of these issues. To remain competitive – you want to identify the issues before your competitor does.

2. Evaluate Transformative Data Trends
   Data science allows you to sift through data and explore patterns that promote revenue growth and that are impacting the broader market. Studies indicate that 79% of companies that fail to embrace Big Data will lose their competitive position. Having a data scientist who knows your industry, or better, your organization, can accelerate the impact of their findings.

   For example, at a credit institution, you can use the data in your records plus broader market indicators to predict the risk of defaults in a busy lending quarter, and recommend updates to the underwriting process.

3. Promote Cohesive Departments
   One of the hardest challenges for IT [and operations] managers is to link up different departments data-wise, especially in large organizations. The disconnect leads to low productivity, miscommunication, and a waste of resources. For example, a disconnect between the procurement department and the production team can lead to either a shortage of raw materials or a flooding of products, requiring more warehouse space.

   Collaborating with a data scientist offers you the ability to work with the teams to improve data capture, measurement and analysis. By showing how data science can help people do their jobs better will encourage support and buy-in from them.

4. Assess Real-Time Advertising and Competitors
   Information technology is a crucial facet in marketing and advertising. As the IT manager, you want to build the relationship with the marketing and sales teams to help them create the most effective strategy to drive revenues.

   While most marketing and advertising tools have built-in data collection and reporting tools, most practitioners do not have advanced data analytics training to maximize the interpretation of the data, nor do they have access to data stored in other parts of the organization. You can bridge the gap to bring a more comprehensive analysis to these key metrics.

Advancing Your Own Career

Whether you are at the start of your career, mid-way through or looking to just consult while travelling the globe, the opportunities and challenges of data analytics continues to develop. New challenges arise and you need to find creative solutions to solve business problems.

• Assert yourself as an asset
  Developing a certain comfort in data science, alongside your IT knowledge, allows you to use the available industry or company data to answer business questions, then communicate the answers for use to other teams in the company.

  IT departments which incorporate data analytics increase their influence throughout the organization. No longer in a support role, you gain a seat at the table to have real influence on major business decisions to gain a competitive edge. And in so doing, you personally gain a competitive edge.

• Varied Specialization Options
  Data science has many specializations, of which as the IT Manager, you are not expected to be an expert in any, let alone all of them.

  Still, you are expected to manage the efforts of the data scientists on your team, to mentor them and to support adoption of data analytics throughout the organization. You need to find resources you can trust which keep you abreast of critical developments. In addition, with your busy schedule, you should bookmark sources which recommend data analytics projects and project plans. Staying current with trends in data science will contribute to your own professional development and advancement.

We get it. We’ve been in the trenches ourselves. These challenges are why we exist. Chisel Analytics promises to support you, to help you gain a competitive edge for the company while advancing your career and building your resume.