As of June 2024, estimates suggest that 402.74 million terabytes of data are created daily. With so much data being produced, the ability to process data is necessary to produce useful insights.
The vast amount of data is also known as big data, or can also be referred to as large and complex data collections that are difficult to manage and analyze. This data can be structured, semi-structured, or unstructured, including low-density data like Twitter feeds.
Anyone who has access to big data and can process it can take advantage of it, such as providing product recommendations that are in someone’s needs and making a business policy based on data. one of the people who can process big data is a data scientist.
What are data scientists?
Data scientists who collect, clean, manage, and analyze big data to solve a business problem and develop actionable insights. Data is all around us. But, how are businesses using data in their daily operations?
What a data science person does:
- Collect and manage data
- Maintain data quality
- Cleaning data
- Conduct experiments from the data
- Perform data visualisation
- Present data findings to stakeholders
What does data science do for your business?
Data science can be instrumental in optimising a company’s performance, such as conducting market research, sentiment analysis on a topic, and optimising stock in a warehouse. In addition, data science can also be used in the field:
Business Planning
You have a business that is doing well, but when you want to grow your business, you can’t wait months to do a regular business evaluation. You will run out of momentum and the chances of your business growing will be reduced.
Using data science can provide recommendations faster and also provide risk mitigation faster. If your company is too small to collect enough data you can use existing free data such as trade data provided by government authorities, using this data you can make better decisions.
Uncover the unseen
Data science dapat membuka sebuah trend yang tersembunyi, sehingga sebuah perushaan dapat bergerak lebih cepat dibandingkan dengan competitor. This unique insight allows you to make decisions faster. For example, in a region your customers need a product that is not yet provided by competitors, you can invest more in that product. So you have a greater chance of winning the market.
Make it easier for HR to find high-quality talent
HR teams can collaborate with data science to simplify the recruitment process, so that the time used to carry out the recruitment process becomes less. Data science tools can provide suitable candidates so that HR can more easily select candidates who are suitable for the jobs needed.
If you enjoyed this post on How data science can benefit your business decisions? feel free to get in touch with me (Febrian Nur Alam) regarding any thoughts or queries!
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