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Data Science and How Data Scientists Adds Value to Business

Data science is a broad field that employs processes, concepts, tools, theories and technologies to enable the extraction and analysis of valuable data to obtain knowledge and information. Crucial decisions are made in business by using the managed data efficiently. A data scientist practices data science. The techniques involved in data science are data mining, data extraction, data analysis and data retrieval. The concepts are derived from programming, social engineering, statistics, machine learning, and data warehousing. A data scientist can add value to any business in the following ways.

EMPOWERING MANAGEMENT TO MAKE WISER DECISIONS

A data scientist is like a trusted advisor or strategic partner to an organization's management. They communicate with the organization and educate them on the value of the organization's data to improve the decisions made by the upper management. By making good data-based decisions, the organization can grow and improve its performance, leading to an increase in the profit earned.

FINDING TRENDS AND DEFINING GOALS

Using the historical data, the data scientists measure, track and record the performance of the organization after which they recommend the steps the organization has to take in order to increase the profitability. The company will also find better ways to engage with customers and improve their performance.

ADOPT BEST PRACTICES AND PAY ATTENTION TO CRITICAL ISSUES

The data scientists ensure that the staff can handle the analytical products of the organization. They aid the staff with demonstrations of the effective use of the product to obtain insightful data. Once the staff gets familiar with the system, they begin to handle the key business challenges.

IDENTIFY GOOD OPPORTUNITIES

The data scientists have to keep improving the value of the data obtained from the company's analytical system and question the existing process for the purpose of developing more methods and analytical tools. The various opportunities are simulated and discussed with the upper management to implement them in the organization.

DECISION-MAKING USING DATA-DRIVEN EVIDENCE

Companies can cross out taking high stake risks. Data scientists gather and analyze data which can be used to create models and simulate a variety of smart actions. By doing so, the company can understand which path gives better results. No company making decisions based on this will ever operate at a loss.

IDENTIFY AND REFINE CUSTOMERS

Many companies will have sources for collecting customer data. If they are not used well, the data will be labeled useless. A data scientist takes the existing data and merges it with other that is not useful on its own to get insights which the company can use to get information about its audience. All the likes, dislikes, suggestions etc. of the customers can be understood and the company's services and products can be tailor to provide satisfaction to the target groups. This can help the profits of the organization flourish.

RECRUITMENT OF THE RIGHT TALENT

Going through seasons of candidates is a tiring work in a recruiter's life. This can be changed with the help of data. Using social media, databases, job search results, enormous amount of data can be collected. Data scientists can use it to find suitable candidates for the company.



Source by Shalini M

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