7 Ways Data Science Can Benefit Your Business

As a business owner, one of the many skills you need to develop is to know when it is best to conduct tasks internally and when it is better to outsource

7 Ways Data Science Can Benefit Your Business

As a business owner, one of the many skills you need to develop is to know when it is best to conduct tasks internally and when it is better to outsource. Web design or SEO services are a prime example of this. As a small business owner, you can learn the basics and create a workable website or create SEO content. You have to ask yourself if that is the best use of your time and what's best for your company.

For every hour you spend on one task, you are not accomplishing another task. Keeping this in mind, you need to decide if your time is better spent on tasks that can't be outsourced and allow professional web designers and digital marketers to handle those tasks. While you will be paying for those services, you will be saving money in the long0run because they will be done correctly, and won't be wasting your valuable time.

Another way outsourcing benefits your business is in the areas of data science. A professional data scientist will be an expert in coding, databases, data lakes, distributed storage, data cleansing, data visualization, and reporting. Here are seven ways your business can benefit from a data scientist.

1. Build dashboards.

data scientist can build dashboards for your websites and internal systems to measure all of the metrics you are most interested in monitoring your company's performance. When created correctly, your dashboards will automatically glean the raw data and present it in a readable way.

2. Organize and analyzing data sets.

A data scientist can take all the raw data created by your sales, services, marketing efforts, online activities, and more and create and analyze data sets, so you can see exactly how your company is doing. You'll see what activities and efforts are getting results and where improvements need to be made.

3. Create reports.

The dashboards will collect needed information, organized into data sets, and then a report needs to be created. The report will interpret the data sets and provide valuable take-aways from the information. For example, after trying a new marketing promotion, you want to collect data on who responded to the new promotion, sales earned, and whether it attracted new customers or returning customers. This information will allow you to adjust and improve your marketing efforts moving forward.

4. Present effectively.

Data visualization is critical when reporting data to stakeholders and employees. A data scientist can take the report information and create a visual presentation utilizing graphs and charts. While the information is already organized, and the report can be read, data visualization makes it easier and faster to understand.

5. Create complex predictive models.

This benefit is enormous. With a strong background in math, statics, and coding, a data scientist can create predictive models that will predict future business outcomes based on your prior outcomes and changes made to the processes.

6. Use statistical tools.

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There are so many statistical tools available to you that you may not even be aware of, let alone know how to use them to serve your company best. A data scientist can look at your needs as a company and walk you through data analysis areas that you are lacking and where new statistical tools can improve your predictive analytics and insights.

7. Communicate to and convince decision-makers.

When it comes down to it, the greatest benefit is the culmination of the previous six benefits; communicating to and convince decision-makers. This could be convincing people to invest in your company, convincing a larger company to buy-in, convincing consumers to buy from you. It doesn't matter who the decision-makers are for your particular business. The key is finding ways to sway them your way, to build loyalty, investing, sales, etc.

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