Whether your business is a small, medium, or a big one, it will always need data insights to get effective feedback about the service or product it sells. Data is important – now more than ever. Data science is taking the tech industry by storm and it is forecasted that the Hadoop will grow at a rate of 58% annually and will cross $1 billion valuations by 2020. Isn’t that just amazing how quickly big data is picking up the pace? Why should you lag behind when your competitors are aggressively using the data science to get ahead you? Here are the top 6 ways by which Big data can boost the growth rate of your business:
1. Generate Greater Conversion Ratio with the Help of Predictive Analytics
Predictive analytics is an analysis of historical data sets, based on which a set of predictions are generated for future outcomes. Predictive index is one of the major names that has been working and has mastered this area of expertise. From fraud detection to taking steps for improved operations, predictive analytics helps in all forefronts. All you need is a set of fetchable and readable data collected through your website, sales figures, marketing estimations and you can run the numbers to get a data-based prediction for your business.
2. Data Science Can Improve The Service Delivery Efficiency of Your Company
Royal Bank of Scotland’s customer conversion increased by 20% when it used the data science to analyze their customer behavior and then streamlined their mobile app according to the user experience. Data science has enabled companies to measure valuable matrices like the best season to sell your product, the optimal time to make a public announcement, conversion ratio dynamics, and much more. These factors were tough to integrate with business models before the introduction of data science. From the moment Big Data has come into the picture, all these complex factors have suddenly become easy to analyze and integrate with the business models, thus increasing the efficiency of a business.
3. Hiring A Date Scientist Enables You To Let Loose Multiple Entities From Bench Strength
If you have a big company under you, you pretty much know that you have kept some non-performing employees. Data science not only understand numbers but can communicate in terms of numbers which really transpires solid business understanding. By hiring a data scientist, you can let go of those bunch of file keepers, and unwanted staff who are just there to do minimal work on a payroll. A data scientist can not only give you growth projections, product trends, conversion projections but also can help you with marketing strategies and data-driven ad campaigns. Just imagine how efficient your company’s work becomes with one end solution to your data needs.
4. Data Science Helps in Identifying Optimal Business Opportunities
With the help of data analytics, a business can identify the proper time, place, and way to act on otherwise-hidden opportunities. Not only at the consumer end, data science also helps in improving the efficiency of in-house work culture. Also, if a company has taken up analytics seriously in their ecosystem, the employees get the opportunities to work on analytical tools and it helps them to align themselves with the business goals.
5. With the Help of Predictive Analytics, More Accurate Low-Risks Areas get Discovered
There are some data based predictive models which are specifically designed to mine out low-risk areas to do business. Data science is all about getting quantifiable data, analyze them with different variables, and give data-driven evidence of growth areas. When I say evidence, I mean it. Data science has transformed the business sector into a data-driven approach seeker from informal guesses driven approach taker.
6. Helps You Identify Your Target Audiences Effectively
With the help of big data, a capable data scientist can identify your target audiences based on the user behavior, demographics, customer preferences, and other factors. An accurate set of the target audience can make a huge impact on your marketing campaigns. An ad campaign can be 40% more effective if the target audience becomes more accurate. Identification of your potential buyers is one of the toughest jobs in the world but a data scientist can do that within a matter of small time.
These were the 6 different ways by which data science can effectively boost the growth rate of your business.