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Data science, analytics, and business intelligence are the building blocks for a successful business. According to a report by IDC, the amount of digital data created around the world will cross 160 zettabytes (163 billion terabytes). Of this, nearly 60% will be generated by enterprise organizations but a staggering 40% of this will be generated by small businesses and startups.
Not being able to convert this massive deluge of data into actionable insights would be borderline criminal (sike!) and this also showcases the importance of data science and business intelligence today.
So how can data science help your business grow faster?
There are many ways in which data science can help your business grow faster than ever before. Here are our top pics:
Cost-cutting
All businesses love to cut operational costs. These might be related to inventory, employees or even plain ole strategy. Data science can help you make informed business decisions and cut costs where you need to. As data science and informed insights help you invest in manpower modeling and staffing forecasts better, even small businesses can know how to cut down overheads and utilize resources better to maximize ROI.
Customer service
In the digital age, actionable insights into the key problems of your customers and finding innovative solutions to them can make the difference between market leadership or obscurity. Data science can help you generate meaningful reports that will add the superpowers your customer support team needs to excel in. This will ensure that your customers are happier and your products are better than the competition.
Business Inefficiency
Removing inefficiencies in a business is important—so much so that just an informed, intelligent analysis of your organization can help you weed out the problematic bits and increase employee productivity by up to 50%! This can be done by analyzing processes and methods that inhibit efficiency, adding tools that boost productivity, and modifying your work culture to maximize productivity and minimize inefficiency-driven losses.
Hiring better talent
Recruitment is exhaustive, but with the power of data science, you can make this process seamless and accurate. Leveraging analytical methods to find the right candidate for the right job will automatically improve employee efficiency, boost morale, and increase ROI for your company.
Building relevant products
The best products come from companies that listen to their customers. If your company collates data about how your products are being used, you can use data science to model customer usage patterns and behaviours, which will help you find gripes and pain points that can be leveraged into your brainstorming iterations to help build better products. Remember—you are only as successful as your customer is while using your products.
Training your employees
Finding better talent is not the end of the game. Like plants, your employees need constant nurturing and grooming to ensure that they stay up-to-date with the latest trends and technologies, and perform better.
Reaching the right audience
Many products fail due to inaccurate market analysis, which causes them to be targeted to the wrong audience or at the wrong time. This causes a reduction in ROI, wasted efforts, and inhibits business growth. Data science can ensure that all customer touchpoints are analyzed to ensure that the right product is launched to the right audience at the right time.
Improved business decisions
Most businesses falter due to decisions made without leveraging the power of data. Informed data-driven decisions can significantly enhance your business returns and ensure the reduction of risk.
Testing the waters
Launching a product without proper analysis can make or break a company. As businesses use the power of big data and data science to create demand and supply models, they can use these models to create future market projections and launch products when the time is right.
Enhance inventory, supply chain, and fulfillment
Inventory management, supply chain management, and fulfillment management are three major factors every business grapples with. Historical data analysis can help a business make informed decisions that can reduce over-purchasing in their inventory, stream supply chains, and ensure order fulfillment, reducing extra spending, enhancing customer experience, and boosting business growth.
Data analytics has the power to change the way you do business today. Making an informed decision will boost business growth, help you retain capital in your business, and hire employees that deliver when you want them to. All of this can significantly help you tide through these trying times and build a stronger business. Experienced companies such as Volumetree can help you leverage the power of data science to turn your business around. Give them a shout to find out more today.
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