It is possible to build a brand’s buyer persona, know the customers’ favorite product, or plan delivery routes to shorten shipping times through data science supported by Artificial Intelligence. This relatively recent science – first heard of in a 1962 article “The Future of Data Analytics” – is capturing the attention of companies because of the growth seen in businesses that have implemented it.
This is how businesses seek to implement Data Science in their processes to increase their income in this information era. The characteristic that stands out is that thanks to it, companies will have the necessary insights to make decisions based on previously analyzed numbers.
“Data science and AI have become a requirement for business growth. The technology has advanced enough to predict customer choices and meet their needs.”
How does data science currently help businesses?
Data science analyzes large volumes of specific data to extract information. Obtaining this information generates certainty, for example: when implementing new products, optimizing operations, joining trends, and resolving possible obstacles that block companies’ progress, all in favor of business growth.
According to a report by NVP (New Vantage Partners) in 2021, 96% of organizations that invested in Big Data and AI to improve their processes have achieved successful results. And according to a report by Forbes, data-driven companies are 23 times more likely to win customers and 19 times more likely to be profitable.
96% of organizations that invested in Big Data and AI to improve their processes have achieved successful results.
What should you consider for integrating data science in your company?
Among other aspects, the coordinated work of the company’s different departments will allow the correct integration of the information found by the data scientist in the respective areas.
If the company decides to implement data science as a department, the scientist qualified to work there will also need access to open source tools such as Spark, SQL, Tableau, and SAS, to name a few. But if you don’t want to create a new department, some organizations offer data processing as a service.
But of course, for this tool to be helpful, you need experts who know the big picture and how to convert and communicate the numbers into accurate knowledge for decision making. At XalDigital, we use Data Science to find solutions that will bring value to your business.