8 Ways you can grow your Business using Data Science

Maruti Techlabs
Jul 31, 2017 · 4 min read
  1. 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.
  2. Increases the efficiency and commitment of staff in handling core tasks and issue
    By making employees aware of benefits of using the organization’s analytics product, data science can make them more efficient at their jobs. Working with a greater insight into company goals, these employees will be able to drive more action towards core tasks and issues at every stage. Hence, improving the overall operational efficiency of your business.
  3. Identifies and acts upon opportunities
    Data science is all about constantly looking for areas of improvement in the organizational workings. Also, by discovering inconsistencies with the help of Elasticsearch in the organizational processes and existing analytical systems, data scientists can introduce new ways of doing things. This, in turn, can drive innovation and allow new product development, opening profitable avenues for your company.
  4. Promotes low risk data-driven action plans
    Big data analytics has made it possible for small and big businesses to take actions based on quantifiable, data-driven evidence. Such a strategy can save a business from unnecessary tasks and sometimes foreshadow risks.
  5. Validates decisions
    Apart from allowing your business to base decisions on data, analytics also helps you test these decisions by introducing variable factors, to check for flexibility and scalability. Using data science and big data solutions, you can introduce favourable changes in your organizational structure and function.
  6. Helps in selecting target audience
    One of the key value props of big data analytics is how you can shape customer data to provide more insight into consumer preference and expectations. A deeper analysis of customer data can help companies in identifying and targeting audience with utmost precision using tailor-made products and services.
  7. Facilitates sensible recruitment of talent
    Human resource departments are constantly at work in companies to find talent that fits the prescribed criteria. Big data has made their task simpler by providing comprehensive data profiles on individuals by merging social media, corporate profiles and job search databases. Now your HR Department can process CVs much faster and recruit the right talent quickly and without compromises.

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Maruti Techlabs

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Professional team delivering enterprise software solutions — Bot development, Big Data Analytics, Web & Mobile Apps, and AI & ML integration.

The Mission

A network of business & tech podcasts designed to accelerate learning. Selected as “Best of 2018” by Apple. Mission.org