Without data scientists and machine learning engineers turning raw data into actionable insights, data is just data sitting in silos providing zero value. Today, more and more business organizations are considering adopting and apply data science and machine learning for their business to unlock the huge potential values and benefit those technologies offer. This also increase the value of data scientist who can help extract valuable insights out of the colossal amount of data.
As mentioned in previous blog posts, it’s an undeniable fact that businesses are drowning themselves with data. Thus, It’s becoming clear that businesses need to process and analyze those data in order unlock the valuable powerful insights.
In this article, we explore how data scientists can help companies to leverage the powerful capacity of data science to drive growth and the benefits it can bring together to businesses.
What Does a Data Scientist Do?
Most data scientists have a solid academic background and advanced training in mathematics, statistics and computer science. Additionally, they are also experienced in other areas of data science such as data mining, information system, and data warehouse.
Here are some of the ways data scientist can help transform and improve your businesses processes:
- Analytics: With the advancement of technology and exponential growth of digital-online activities, business data is becoming bigger and bigger, day by day, which makes it difficult to process and maintenance. Businesses data is central to many business that looking to transform and improve their business using data, thus effectively manage and analyze data at a cost-effective manner is critical. Data scientists can help companies to incorporate big data analytic tools to collect, process, and analyze huge volume of data to identify potential opportunities or solving existing business process problems streamlining process and maximize profitability.
- Reducing risks and frauds: data scientist can analyze large amount of data and discover hidden patterns that stand out in some way. Data scientist applies statistical, network, path, and other methodologies to create predictive fraud susceptibility models. Those models can effectively flag any unusual data pattern and sends alerts for businesses to timely responses to such potential frauds.
- Relevancy to boost customers retention: One of the most popular use case of data science is to help business offers personalized experience to their customers, especially when it comes to retail or e-commerce businesses. Together with machine learning technologies, data scientists can help companies predict customers’ preferences and provides personalized recommendations on the products that customers are most likely to by, maximizing conversion. Additionally, offering a highly personalized experience to customers help companies stand out among competitors, keeping customers come back for more, ultimately increase customer retention rate.
- And more
Benefits of Hiring Data Scientists for Business
Overall, team of data scientists can communicate and demonstrate the importance of business data as a valueable assets in the digital age to companies employees including management team and key decisions makers, providing actionable insights to help companies improve decision-making processes across the entire businesses, through measuring, tracking, and recoding metrics on the performances of new businesses processes.
Collect and manage the right data required of businesses
Team of data scientists can help organizations explores the organization’s data requirements and assess data quality, after that they can recommend the appropriate course of actions to help organization’s achieve their data requirements as well as implementing data science initiatives to help companies solving key business issues, achieve businesses goals, ultimately increase profitability.
Increase adoption rate on analytics tools and technologies
Data science and analytics wouldn’t amount to any benefits if employees do not adopt the analytics product or intelligence insights into businesses. One area that data scientists can help companies is to train their employees to be well-versed in the organization’s analytics product, effectively using the system to derive insights and take actions. And once employees can fully comprehend the product capabilities, they can now apply data analytics tools to address key business challenges.
Identifying new opportunities for improvement
By discussing and closely interacting with company’s existing analytics tools and platforms, data scientists can help evaluating the current methodologies and assumptions in order to offer enhancement of analytics models and algorithm or developing a new ones. This helps companies to continuously improve and develop their data-driven operations for better business results.
Improve decision making based on quantifiable data insights
As mentioned previously, data scientists can help companies to capture and analyze huge amount of data effectively to derive insights. Here, data scientists create models using historical data that simulate various course of potential actions. With actionable business insights, in the form of quantified, data-driven information businesses are more likely to make better business decision, effectively reducing the risks associated with such decisions.
Business results tracking and measurement
Following the action of choosing the best possible decision to make, businesses need to measure how the decisions have affected the companies. Data scientists can continue to monitor the key metrics that are related to the changes and quantify such changes to see how effectively the decision was made.
Hiring the right candidates for the organization
Additionally, data scientists can also improve the hiring process for companies thanks to the advancement of Big Data. With large amount of data and information available on potential candidates from multiples sources including recruiters database, social media – data scientists can extract the data metrics on industries, skills, experience, certifications, previous job titles, etc. allowing recruiters to have a comprehensive views on candidates, effectively scoring those data and compare those metrics to job descriptions.
Scanning a resumes for keywords alone might not provide enough insights to make the right recruitment decision, particularly considering the positions that might attract thousands of candidates. Thus, applying a data –driven methodology can help companies, specifically recruitment, make a more accurate hiring decision.
Data science can definitely transform and enhance business processes brining extra value to companies who know how to effectively integrate and apply it across their business. From statistics and discovering hidden insights, to human resources management, and more, data science enables management teams and leaderships to make better informed business decision, overall helping companies staying competitive and thrive in the digital age.
Looking to Hire Data Scientists in Vietnam?
TP&P Technology is a leading software development company in Vietnam providing Data Science and Machine Learning development consulting services. From R programming to Analytics, Hadoop and Spark our team of data scientists and machine learning engineers can help with your data science requirements, ultimately improve profitability for your businesses.