How data scientists can help your business
Data science is the buzzword these days, but how do you leverage it to help your business? A data scientist could be your next new hire as this professional could make sense of data coming in at you from multiple channels. Here are eight ways a data scientist can help you optimize your benefits from data.
1. Improved decision-making
Maximizing your organization's analytics capabilities can facilitate improved decision-making processes across the board. Your data scientist can measure, track and record performance metrics, and package them for ease of understanding by your stakeholders. According to Harvard Business Review, convincing upper management of their results is the hardest part of a data scientist's job.
2. Next best actions
As they examine and explore your organization's data, your data scientist can identify trends and recommend certain actions that will help improve your company's performance, bottom line and ability to engage with consumers.
3. Empowered staff
Your data scientist will ensure that your staff experiences a demonstration of effective use of analytics so they can understand and bring that knowledge to bear on your company's key business challenges.
4. Improved processes
Your existing analytics system can be picked apart, improved on and stabilized by an in-house data scientist, who is capable of bringing great advances to your organization by increasing accuracy and developing new use cases.
5. Predictive analytics
One of the biggest things a data scientist can do for you is implement machine learning and artificial intelligence to help your company develop predictive analytics, these insights can inform critical business decisions. According to Robert Half, good candidates for the role include those with a background in statistics and data modeling.
6. Metrics measurement
Once a course of action is decided on, its success or failure can be determined by your data scientist. They will be tracking metrics and assigning value to key performance indicators. This allows your approach to be refined over time.
7. Audience targeting
Your data scientist can also apply analytics to demographic data, to build customer profiles and even determine the best time and place to extend an offer they can't refuse. This type of precise audience targeting can significantly increase conversion.
8. Enhanced recruitment
Analytics and profile building can also be of use in the recruitment sphere. Your data scientist can be an asset to HR as you source the best talent for your organization.
Consider hiring a data scientist to help you parse and leverage your data streams. Need more server capacity to hold all that data? Contact Perle today.