Data science is about getting knowledge and insights from data. Professionals can use those insights to realize patterns, create models for predictions, and help in their decision making process.
So how can businesses benefit from data science? Here are a few ways:
1. Know what works
Numbers tell stories. Commonly, companies use data to monitor performance. They figure out what works and optimize those. They also try to know the patterns which drive the performance.
2. Know what doesn’t work
Numbers also tell the bad news. If something doesn’t work, companies can investigate why it happens and decide whether to continue doing the same thing or not.
3. Know the competition
The above focuses on knowing yourself (knowing your own company). Next is knowing about the enemy (not necessarily, more appropriate term is competitor).
The competition often drives the strategies of many companies. That’s because the field is dynamic. If someone takes an action, it can often affect how business is played. In addition, long-term plans are just guides. If something changes because of competition, those plans might be modified or completely replaced.
Data science has actually been around for decades. The tools and methods got sophisticated because of the technologies we have right now. As a result, we can learn more from data and use it to drive our decision making processes.