One of the most sought after skills that companies hunt for these days is of a data scientist. And rightfully so. If data scientists make good use of their knowledge, they can bring about a great change in the way that businesses operate.
Being an analyst, I have analyzed various forms of data. From Spectrum Internet offers to the prices of various products kept at a superstore, I have done it all. So let’s get in some details to see the importance of data.
Why do You Need Data?
The present era is what you call the fourth industrial revolution. This age is all about Big Data and Artificial Intelligence. The gigantic explosion of data has resulted in the invention of not just smart products but also new technologies. If we talk about it in numbers, almost 2.5 exabytes of data are created every day.
The need for accumulation of data to analyze it to predict future patterns rose a great deal in the last decade. Hence, giving rise to the need for data science and data scientists. The filed is so crucial for businesses that it created new sectors within the IT industry.
If you ask data scientists or a statistician, he would say that data aids them in engineering the products that cater to the ultimate needs of the users. It is upon the data scientist to make sense of the numbers available and create something meaningful from all that is available.
How is Data Science Changing the World?
Better Marketing
Data Science is introducing changes in various industries. Marketing is one of the many sectors that is employing the use of data science to be able to perform better. Companies are employing the use of data science to come up with better marketing strategies than before. This aids them in creating better advertisements that can earn them more revenue as a result.
The use of data science is crucial in the world of marketing because companies often spend a tremendous amount of money on a marketing campaign. Only to realize later that it did not earn them the expected profit. However, data science helps companies to study their customers’ behavior online to come up with advertisements that can yield better results.
Apart from data, studying consumer behavior allows companies to modify their products so they reflect the customers’ expectations.
Customer Acquisition
Apart from coming up with good marketing strategies, data science also enables companies to acquire more customers. They do so by analyzing the customers’ needs after studying the data available to them. Companies can tailor their products that fit the customers’ expectations as well.
This shows just how crucial data is for companies when they want to study their existing and potential clients.
Innovation
When companies have access to huge amounts of data, they are in a better position to bring about innovation. Data Scientists help companies to innovate their products. They make use of conventional designs to analyze as well as create insights.
Part of the analyzing process is to make sense out of customer reviews, help the companies come up with the product that is similar to what the feedback and comments from the customers reflect. Hence, allowing companies to please their customers.
Enriching Lives
Data provided by the customers about their preferences, choices, and behavior, when studied helps to provide them with healthy living options as well. The healthcare industry is also employing the use of data science to aid the people in getting easy access to health-related facilities.
The use of data science in the healthcare sector concerns analyzing the personal data of a person apart from analyzing the health history of an individual. This then allows for the invention of medicines and products to treat medical problems.
Apart from all the ways discussed above, data science is also aiding the telecommunication sector. It is the use of data science and AI-powered robots that enable the use of chatbots by companies. I happened to call the Spectrum Customer support center recently only to realize later that I was greeted by a chatbot. You might not be able to differentiate a chatbot from a human being (just like I wasn’t) because the AI-powered chatbots have collected enough data to answer your queries just like a human would.
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