The 20 data science projects at the core of every successful business
What do you get if you draw a map linking the thirteen key business functions…
Marketing, Customer Services, Sales, R&D, Purchasing, Production, Distribution, IT, HR, Legal, Finance, Senior Management and Operations.
… to the three key elements of any business?…
- the customer
- the product / service
- the package that links the customer to the product / service
Answer: The Data Science Business Map
By drawing this map, the core 20 data science projects emerge from the diagram.
These are, in no particular order:
- Behavioural Segmentation of customers
- Recommendation Engine suggesting products to customers
- Market Basket analysis suggesting new packages to sell
- Price Optimisation of packages
- Funnel Analysis / Lead Prioritisation of potential customers
- Attribution Modelling of marketing campaigns
- Text Mining of customer feedback
- Bots for customer services
- Churn Prediction
- Routing Optimisation
- Inventory Optimisation
- Scenario Simulation for production lines
- Negotiation Engine for purchasing
- Enhancing the product with Artificial Intelligence
- Improving Database Architecture
- Attrition Modelling of employees
- Fraud Detection
- Financial Forecasting
- Automation of existing processes
- Visualization of key metrics
In the diagram, the black text along each arrow describes the relationship between the two entities and the red text shows the data science project that make this relationship more profitable, efficient or optimal.
OK, I’ve printed it out and put it on the wall next to my data science team. Now what?
Check out our follow up post here:
The 24 essential data science projects that will transform your business
…and where to find them…
Stay tuned for more, and follow Applied Data Science.
If you have any suggestions for enhancing the map, or any projects you’d like to see us cover first, please leave feedback in the comments below.
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Applied Data Science is a London based consultancy that implements end to end data science solutions for businesses, that deliver measurable value. If you’re a business that wants to do more with your data, let’s talk.