Money drives the business world – this is an undeniable fact, but today it’s “DATA” that oils its wheels. Do you know much data people and organizations create every single day? It’s 2.5 Quintillion Bytes Of Data. This indeed is information or what we call “Big Data” – But, considering its raw format, size, and dispersion among numerous platforms and of course the silos – it’s nothing but a wasted asset.
Let’s face it, without the precise skills and expertise of Data Science professionals who can interrogate raw data into actionable insights – the power of Big Data is zero.
Today, an increasing number of businesses realize the value of big data and are making efforts to unlock its power – this has increased the value of a data scientist who knows how to deal with gigabytes of data. Yet amid all this, the role of Data Scientist in the modern businesses is much more talked about than understood. Building on this, let’s understand what data scientists do and what should organizations expect from them, but before that, it’s important we understand:
Who Is A Data Scientist?
In simple terms, Data scientists are experts who are in charge of analyzing silos of structured and unstructured data and squeeze out meaningful insights which could be helpful in meeting specific business needs or goals. Their role is becoming increasingly significant because more than 90 percent of businesses are relying heavily on data analytics to gain greater insights and drive business decision-making.
Data Scientists – What They Do & What To Expect
The main objective of a data scientist’s is to analyze and organize hefty amounts of data; they carry out their task by using software’s that are explicitly designed for this job. The ultimate outcome of their analysis needs to be easy to understand for all the invested stakeholders – especially for those occupied outside of IT.
Most data scientists have advanced training in math, statistics, and computer science – these skills are central to this role. Their experience isn’t limited to number crunching, but also extends to information management, data visualization, and data mining. It is quite common for them to have prior experience in cloud computing, infrastructure design, and data warehousing.
In addition to this, Data Scientists need to have a good understanding of the different domains in which their valuable insights would be applied. Hence, good knowledge of high-level knowledge of supply chain, logistics, finance, human resource, or other lines of business is a must.
How Do They Add Value To An Enterprise?
In business, knowledge is power – and Data is the fuel that creates it. By 2020, it is estimated that data volume will touch 44 trillion gigabytes. If you aren’t ready to reap the power of this data for your business, be sure to be left behind.
Data science involves scientific methods, technologies, processes, systems, and algorithms, to extract knowledge from data. Leveraging this data to make the right business decisions is key to success. Hence, investing in a data science expert can begin to add value to your business. Thinking how? Read on!
- Acts As Your Reliable Advisor
One of the major roles of a data scientist is to become a reliable advisor to the upper management of a business. By ensuring the entity that they are allied with a reliable advisor maximizes its analytical capabilities.
- Helps Defining Business Goals
Based on the data analyzed, a data scientist can suggest which direction a company should move in. In simple terms, a data scientist explores and examines the data assets of a company, after the scrutinization they prescribe and recommend necessary actions which may help in improving the business performance, increase profitability and enhance customers experience and engagement.
- Better Decision Making
A skilled data scientist acts as a strategic planner and a trusted adviser to the organization’s management. By towing numbers and statistics through data science, a data scientist can create predictive models that simulate a variety of possibilities. With such insights, the upper management of a business can learn which solution to choose for the best results and the best-case scenario actions to enhance business performance.
- Improving The Relevance Of Your Product
The methodologies in Data science can explore historical data, analyze the market, and make comparisons to competition; ultimately make recommendations of when or where the chances to sell product/service is profitable. This helps a business understand if their product is solving a relevant issue or fulfilling the consumers need, ultimately improving the relevance of a business product.
- Identifying New Opportunities
The job of a Data Scientist is not something that is one time. Instead, it’s an ongoing process, they must recurrently question and analyze the current analytics system to develop additional algorithms and methods. Their job demands persistent and recurrent efforts to improve the value derived from the business data.
- Testing Hypothesis or Results
Suggesting and implementing changes is just one part of the story, what stands in the next part is even more important. Knowing how the decisions have affected business is crucial, another area where the role of data scientist becomes indispensable. A data scientist can measure the key metrics which are related to significant changes and enumerate its success.
- Spotting Your Target Audience
From online campaigns to Google Analytics, most businesses have at least one source of customer data which is being constantly updated. But many businesses do not put it to use. A data scientist can help the organization identify key groups by examining different sources of data. With this valuable knowledge, they can tailor their product/service to those customer groups where profit margins have higher chances to grow.
- Recruiting Talent
Recruitment is one frightening task and demands a lot of time and efforts in screening multiple portals and CV’s. A data scientist can help the business in the process of scanning through social media, corporate databases, and job search websites and spot the best talent.
- Mitigate risk And Fraud
Data scientists’ professionals are trained to recognize data which stands out in some of the other ways. They can create models for predictive fraud propensity using statistical, path, network, and big data methodologies. These models can be used for creating alerts which can aid in ensuring timely responses when rare data is known.
- Personalized Customer Experiences
One of the most important ways in which data scientist can help is imparting a better understanding of the audience on a very granular level to the marketing and sales team. When equipped with this knowledge, an organization can generate finest customer experiences.
Data Science was a luxury once upon a time – but that concept is no longer relevant. Today, the role of a data scientist is becoming more pivotal even in traditional organizations who never planned to invest their budgets into technology. Big data is transforming the way organizations (big or small) conduct business and manage marketing, and the data scientists are at the center of this transformation.
Data scientists can be real change-makers for an organization, contributing insight which can likely illuminate the company’s route toward its ultimate business goals. While their role is a vast horizon and extends to every corner of an organization, we hope this blog did give you an understanding of what you can expect from them!