WHY IS DATA SCIENCE GROWING IN SIGNIFICANCE?
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Learning Objectives
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Introduction Let's try to figure out why so much hype? The Role of Data Science and Data Scientist Advantages of Data Science to Businesses More Informed Decisions Identification of Market Trends Increase in Efficiency Designing Data-driven plans Enhanced Audience Targeting Conclusion
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Introduction
Data Science, is apart from shaping business successes has given wings to many individual dreams. All businesses which plan to do business in the future have to re-work on their data strategy. It is a major tech disruption which one cannot dare to ignore. A clear strategy, a highly skilled team, a motivating culture, and the heart to take risks will define your level of success.
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Let's try to figure out why so much hype?
Why so much hype? ▪ The innovations and technological breakthroughs which have turned around the way of doing business.
▪ Datasphere basically is the total of all the points where the data is generated, collected, or replicated. ▪ The hype is not unfounded and is backed by strong predictions and latest trends ▪ The Data Age 2025 by IDC has clearly pointed there will be a data explosion in the global data by 2025, and it will swell to a gigantic figure of around 175 Zettabytes.
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Role of Data Science and Scientist
▪ PwC’s latest report states that by 2020, nearly 2.7 million jobs will be created for data science and analytics.
▪ It better to explore how data science will and is already working wonders for businesses around the world. ▪ The role of a data scientist is becoming more pivotal to even traditional organizations ▪ Data scientists are often experts in technologies such as Hadoop, Pig, Python, and Java.
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Advantages of Data Science Advantages of Data Science to Businesses
More Informed Decisions
Identification of Market Trends
Designing Data-driven plans
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Increase in Efficiency
Enhanced Audience Targeting
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Decisions More Informed Decisions ▪ Data analytics have emerged as the most trusted strategic advisor by the businesses. ▪ It presents the top management some real-time insights ▪ More informed business decisions are made based on real facts and figures. ▪ Many businesses across the world have used these for bringing about business transformation and hence redefining customer experiences.
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Market Trends Identification of Market Trends ▪ This is one of the major uses of data science and analytics. ▪ It draws patterns and enumerates trends hidden in large data sets. ▪ This comes in very handy when you have to gauge the new market trends and design your moves accordingly. ▪ Highly important for gaining a clear competitive edge as you can plan future product launches accordingly.
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Efficiency Increase in Efficiency ▪ Ability to significantly improve the operational effectiveness and the overall performance of the business. ▪ It is by the inputs from various algorithms and figures the management can measure the overall effectiveness of the marketing efforts ▪ Accurate and timely information helps save resources and reduce wastage of efforts.
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Plan Designing Data-Driven Plans ▪ Many favorable changes to the business structure and strategy are now possible due to data science. ▪ The analytics presents various factors which allow for checking of scalability and flexibility in decision-making. ▪ Businesses are now able to back their moves by quantifiable data evidence. ▪ Businesses are now able to forecast the demand more precisely, especially for big supply chains and many large retail giants.
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Audience Targeting Enhanced Audience Targeting ▪ Data science algorithms and techniques help leverage customer information like their browsing histories, purchase behavior by giving actionable insights on these. ▪ Every digital visit of your potential customer is full of insights which are not visible to the human eye and intelligence. ▪ Based on the browsing data, many accurate predictions can be made by combining the existing data with many other data points. ▪ Data science helps in recognizing patterns in raw customer data which enumerate very useful customer information.
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Conclusion
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Data Science is definitely going to dictate how businesses will be run and work will be conducted. It will transform not just the business models but the general way of living for the common masses. Data science is growing and for young start-ups It does take a lot of time and effort to learn about all the nuances. The time spent on the same is worth the effort as it can accelerate the pace of growth of your business. you should not hesitate to get in touch with us and also refer to our website www.janbasktraining.com for more insights.
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Thank you Happy learning
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