If you wonder whether data science and data analytics are the same, then let us catch a glimpse of the meaning of each before proceeding with the facts about data analytics driving and powering a business.
Data science is a broad term that includes data mining, machine learning, data analytics, and allied disciplines. A data scientist is expected to frame questions and forecast the future based on data patterns. In contrast, a data analyst will decipher or extract meaningful information and clues from a huge bulk of data and different data sources.
Importance of Data Science in Business
Today, we know that as much as 1.7 megabytes of data are generated per second. A large amount of data, known as the Big Data, has immensely increased the demand for data science training. According to the US Bureau of Labor Statistics, the employment rate in jobs related to data science is expected to escalate by 15% by 2029. In this brief write-up, let us see the role of data analytics in business.
The importance of data analytics cannot be undermined. Find out how it helps organizations.
Acquiring customers and their retention
Consumer data is helpful in the marketing efforts of organizations, which act on the current trends and can enhance customer satisfaction. This can be better understood with the help of examples. For instance, the personalization engines of Spotify, Netflix, and Amazon offer improved customer experience and improved brand loyalty.
With the help of big data analytics, you can get insights to make customers aware of products, development decisions, viability, measurement of progress, and seek steps for those measures that work best for the company.
Supply chain and channel analytics
The predictive analytical models can assist in preemptive replenishment, inventory management, B2B supplier networks, and route optimizations and notify the probable delays in deliveries.
Enhanced and better decision making
The insights that data analytics extract from the data can better help organizations make the right decisions.
Another application of data science in business is that new risks can be identified with the help of insights. These patterns and appropriate steps can also be taken so that breakdowns can be averted and the business can better work out its risk management strategies.
Aside from the above, the other benefits of applying data analytics in business include the following-
- Promptly analyzing a large volume of data from various sources. In different formats and different types.
- Cost savings that can result from efficiencies in various business processes and optimizations
- A better understanding of the customers’ needs, behavior, and sentiments. This will help work out the marketing solutions and determine the correct product development type.
The benefits are much more than mentioned above. The timely incorporation of these skilled applications can eventually take your business to a good place among your competitors.
Also Read: Is A Masters In Data Science Worth It?