Throughout the business world, business and decision makers are in search of business- efficient methods for improving productivity and profit. On a daily basis, companies gather and save so much customer data, and for companies that work with a large customer base, this task can be burdensome and inherently overwhelming. How then can such data be managed appropriately using data science?
In the real sense, data analysis holds more value than data collection, and businesses which understand this early are bound to experience more return on investment. Of course, while machine learning and other aspects of artificial intelligence are already being applied to healthcare sectors, education, manufacturing industries, and transportation companies, attention is being turned to other real-world applications of data science.
In this post, we’ll discuss the potential of data science to solve real-world problems comprising maximizing the quantity and quality of data.
Key Aspects Where Modern Businesses Use Data Science
Thanks to technological advancements and the continual embrace of artificial intelligence, many businesses can now delegate smaller repetitive tasks to computers. Intelligent automation makes the management of large data efficient, cost-effective, and time-effective.
Through machine learning, companies and businesses–small scale or large can conveniently analyze complex customer data and produce successful data results. Let’s consider some sectors such as healthcare, law enforcement, and retail where this computational power is being applied and continually employed.
Businesses Which Maximize Data Science for Real Applications
Healthcare and Machine Learning
In the healthcare sector, customized treatments and diagnosis have become more accessible with the use of wearable technologies and other sensors which utilize data. These devices are capable of discovering health conditions even before they manifest in real-life.
For instance, medical professionals can use predictive analysis to enhance the level of care which they provide to patients. More so, it allows them to give a “demo-protection” against sickness, ultimately creating an improved service delivery. The consequence of this is that the health industry can save more lives in real time and maximize healthcare data better than before.
Retail Industry Shift Toward Intelligent Automation
Customer experience is at the heart of the retail industry. Every small or big company should be focused on improving their company’s relationship with both repeat customers and potential new clients.
Think of Wal-Mart. With the focus on producing technologies that have machine learning and artificial intelligence capabilities, this retail chain will continually hold its competitive edge for a long time.
With proper data analysis, big stores can collect, analyze, and reuse data to define the shopping list or preferences of individual customers. Also, ML technologies can further be encoded for targeting and discount offerings.
Law Enforcement and Automated Analysis
With automated intelligence, it has become increasingly stress-free for the police to identify fraud and tackle crime. Police departments in the U.S. now depend on technology to collect and compare data in a way that predicting various crimes has become a lot more streamlined.
Being able to access and interpret criminal data without hitches simplifies the process of keeping society safe from rampant terrorism and social vices.
Other Benefits of Data Science
No question, data science is a must-have for business owners and decision makers whose industries rely on data. If you use data to increase leads and optimize advertising or sales of products and services, here are just a few of the upsides you would benefit from.
Data-related decisions can boost business opportunities and improve overall performance and results. Interestingly, human decision making is insufficient in a world where machines can solve complex data-related problems in mere seconds. Many governments and organizations have turned to machine learning for tackling seemingly tricky issues.
Businesses can reduce the unproductive metrics trap of collecting so much data and doing little or nothing about it. Instead, you can pay closer attention to the specific and potential data which are capable of bringing your business closer to its strategic goals. Rather than burden yourself and your employees with less critical data, data science enables you to identify the specific concerns that your business needs to achieve more significant results.
For businesses which have limited time to engage in both data collection and data analysis, it’s better to focus on data analysis. Why? Data collection is a process which can run smoothly without interference. But the goal isn’t to just collect data. Businesses need to understand the information contained in the data to make proper decisions and affecting necessary changes. Data analysis makes this achievable.
Combining similar data allows for more effective and insightful improvement and ROI. When your business makes the right decisions and carries out the most significant changes, the cost spent on additional aspects of the company will be reduced. In essence, you can conveniently divert funds to more profitable areas or invest in more beneficial partnerships.
In the long run, whether it’s in banking, insurance, healthcare, sales forecasting or security, machine learning is changing the world. Businesses that fail to adopt the current changes may remain unnoticeable and eventually disappear from the market. But brands (big or small) which welcome the data science developments are guaranteed a level of success with advertising, customer experience, positive staff response, and a better competitive edge.
Want to learn more?
At the end of Q3 of 2018, we will be releasing the results of our industry study on how well for-profit, non-profit, and government organizations are actually able to apply data science for improving outcomes. The report will identify where the opportunities for improvement exist and helpful resources for your organization. If you work in a role that relies heavily on collecting data or finding insights from data, we invite you to take a quick 5 minute survey. In return, we will make our report available to you FREE!