How Data Science Can Help Grow Your Business Posted on : Oct 18 - 2017

Today, the advent of the Internet of Things and the development of AI technology has simplified implementation of big data solutions to the degree that even medium to small-scale businesses are benefiting from it. Using big data analytics, businesses can make informed decisions and better their operational efficiency in a number of ways.

Without professional expertise that will turn cutting-edge technology into actionable insights, Big Data is nothing. Today, a lot more organizations and institutions in the financial sector as well, are opening up their doors to big data and unlocking its power, thus increasing the value of a data scientist who knows how to drive the value of a large amount of information that already exists inside an institution.

Last year, McKinsey estimated that big data initiatives in the US healthcare system “could account for $300 billion to $450 billion in reduced health-care spending or 12 to 17 percent of the $2.6 trillion baselines in US health-care costs”. This is enough news to attract business owners to make use of the value that they already have.

Here is the list of 8 ways Data Science can help your business:

Empowers management to make better decisions

Big data analytics acts as a trusted advisor for an organization’s strategic planning. It helps your management and staff in enhancing their analytical abilities and thereby improving their overall decision-making skills. Measuring, recording and tracking performance metrics then allow the upper management to set new goals.

Helps identify trends to stay competitive

As mentioned earlier in this post, one of data analytics’ primary objectives is to determine patterns within large data sets. This is particularly useful for identifying new and emerging market trends. Once identified, these trends could become the key to gaining a competitive advantage by introducing new products and services. View More