Data Scientists have become game-changers in today’s business world. If you need proof, look no further than a recent study that was released by McKinsey Global Institute – big data has the potential to improve gross domestic retail by as much as $325 billion by the end of the decade. Businesses that utilise data scientists are far more likely to tap into this huge revenue stream. They are experts in managing large data sets and helping businesses extract important information.
Here are several ways that data scientists have become game-changers.
Data Scientists Helps Businesses Monetise Data
Businesses like Facebook are the best in the world at monetising data from their subscribers. Data scientists help other businesses so exactly the same thing. Amazon is another prime example. They use powerful, fully automated features to collect data about a shopper, compile it, and then provide recommendations. Amazon even sends out automated emails based on that information. Who do you think it is that sets up these types of systems? Data scientists can utilise their creative, unique skillset to boost revenue in a business.
Create Better Risk Management Plans
One of the tasks that data scientists are charged with is analysing client patterns. This allows businesses to be able to act proactively to behaviour rather than always having to be reactive to trends. Companies that are proactive create the trends. Data scientists are able to help you evaluate past trends to create Risk Management Plans for making important decisions. There are risks involved in all forms of business. It’s the companies that create the best risk management plans that see the highest levels of success.
Businesses Can Learn More About Customers
Data scientists provide valuable insight into customers. Factors like customer behaviour are in a constant state of flux so it’s difficult to monitor those changes without having a data scientist on board. The super popular app, Airbnb recently had their team of data scientists review customer behaviour when using their search feature and made some changes to its algorithm. They experienced fantastic results as their bookings increased. That sort of glimpse into customer behaviour can provide a huge boost for businesses of all sizes.
Data Scientists Provide Unique Insights
Some insights are easy to spot but it’s the subtle ones that often lead to the biggest rewards. Big data can reveal insights that simply cannot be found any other way. For example, we all know that the biggest shopping day in the U.S. is Black Friday and Cyber Monday, but I wonder how many small business owners know about Green Monday. Green Monday is the second Monday in December and in 2017, big ecommerce retailers like Amazon saw this as a huge opportunity and raked in $1.62 billion. My point is that data scientists can drive big decisions by using insights, providing multiple windows for opportunity.
Get Help with Business Expansion
Data scientists can be the one key piece that helps small businesses break through the glass ceiling. They help discover new markets that might be interested in your products or services. Even though you might have a pretty solid marketing plan, a data scientist can take it to the next level. This is usually the area where small businesses hit the glass ceiling. Expansion requires a business to spread into new markets. Without the right insight, finding additional markets can be almost impossible.
Finding a data scientist can be challenging for small businesses. Fortunately, there are services that make it so that you don’t have to bring on a full-time team member. You can outsource this important endeavor so that your business can move to the next level.
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