Five Key Business Applications of Data Science
Graph taken from Google Trends
There’s no denying the growth in the uptake and interest in data science over the last few years, exemplified by the graph above. But, whilst there’s now no escaping the term, do you really understand what it means? And what it means for your business?
The potential data science can hold for any business is staggering and, more often than not, difficult for decision makers to fully understand. That’s why we’ve decided to highlight just some of the questions data science could explore to turbocharge your organisation’s data-driven decisions.
- Is your business likely to meet its budget plan? If not, how can you adapt?
- Are you acquiring the right type of staff with the right knowledge and skills for the job?
- Are your work schedules under or over-utilising your staff, causing wastage or burnout?
- What is causing the loss of customers and how can this be overcome?
- What steps can you take to maximise customer retention, rather than just focusing on gaining new customers?
- Which KPIs should we be measuring to maximise insight?
- What impact do certain events have on my business’ KPIs?
- What characteristics and traits can be identified amongst the key customer groups?
- What are the key behaviours of my potential customers? How can I work with these to maximise conversions?
- What are the dynamics of my key customer segments?
Simulation and optimisation:
- What-if analysis – if I make a particular modification to my pricing strategy, what implications could this have on my business?
- How can I best assign resources to maximise efficiency and profitability organisation-wide?
- What changes have there been in the market environment that should be considered to inform my own business strategy? What would any modifications to my strategy result in?
There are so many data science buzzwords that are currently flying around the industry. It’s important not to feel overwhelmed by these or to get bogged down in the complexities. Data science, machine learning, structured and unstructured data analysis, IoT and AI are all just talking about how to access the full value hidden within your data. The implementation of these solutions and processes will answer your business-critical questions to help you get ahead of the competition, generate greater revenue or realise significant savings.
Amadeus has a new way of making your data work harder for you to generate insights more quickly and cheaply than ever before - Data Science as a Service