Data is everywhere, from websites, devices, apps, emails, and it all adds up. Companies today, big or small, are faced with an avalanche of data scattered across their organisations. Yet data is critical to businesses if handled correctly and leveraged well. Companies can harness the insights hiding within it, derive more value from the information and make it useful to their business.
Businesses need to make sense of their data. They also need an efficient way to collect, store, measure and use data. Thus organisations began embracing data science. Data science helps companies use the data they collect to reveal new opportunities – to better serve their customers, grow their businesses, and increase their revenues.
According to a report published by Allied Market Research, the global big data and business analytics market generated $198.08 billion in 2020 and is expected to generate $684.12 billion by 2030, witnessing a Compound Annual Growth Rate of 13.5% from 2021 to 2030. Predictive analytics plays a large role in this growth.
Data science is a key modern trend in all industries. It allows companies to get the best from the data to reveal new opportunities. However, big data is only as useful as the opportunities your organisation can leverage from it. If you want to get the most value from your data, then it’s important to understand what data science is and how it can help you.
Data science refers to the process of extracting knowledge or insights from data in various forms. In a business context, data science is all about the use of various tools, models and software solutions to get the most from your data. This is done using algorithms, statistical analysis, and visualisation methods. Bays data scientists use programming languages such as Python, R, C++ among others. They also apply advanced algorithms for machine learning and deep learning. With these skills in hand, our team helps to create numerical models that can be used to strategically plan and make better decisions regarding important business functions.
Our innovative product, Meeting The Need, is a cloud-based portal which makes use of data science and statistical analysis techniques to access the latest socio-economic data of an area, and predict the socio-economic changes to keep you accurately informed about the changing face of your market, help you make smarter decisions in these challenging times.
Predictive analytics helps companies identify potential revenue sources, allowing them to increase their sales and profit margins. This is critical for management in making their future business plan.
Marketing teams today collect a wealth of information on their current and potential customers, but how much of it can be converted into increased revenue? There are various applications of predictive analytics in marketing such as customer segmentation, risk assessment, sales forecasting, and market analysis. With predictive analytics, organisations have an edge over others as they are able to foresee future market events and take appropriate measures in respect to it; develop better strategies and serve their clients better.
For many marketers, data plays an integral role in how they execute their jobs. It shows them what worked and what didn’t. It gives them ideas on how to improve their campaigns and grow their businesses.
Another area of business that benefits from data science is HR, in terms of the recruiting process. Data science has been used for CV screening to pick the most suitable candidate from hundreds of applications. This makes the process more efficient and effective. Furthermore, companies can study the right trends and analyse potential applicants for the job. This allows them to reach out to candidates and have an in-depth insight into the job-seeker market.
Data science combines statistics and computer science skills to solve business problems quickly. At Bays Consulting, we have been helping businesses from a variety of industries put their data to work for them. Our accessible and effective solutions can be tailored to any operation and any goal. If you’re ready to make the most of your data, please get in touch, we’re ready to get started.