We live in a world driven by decisions, from the biggest white collar setup to the lowest blue chip setup. We depend on data for better efficiency in our decision making though as much as we do have data, we never explored the best part about using it as we normally had a dependency on historical or cold storage data to make real time decisions making any prediction modelling a very hard task.
In today's world, data holds the highest currency. Companies are paying millions, if not billions, for data. You might ask why they need this data. To guarantee proper customer satisfaction, companies in the social media space would love to learn everything there is to know about their consumers. This helps them make models that resonate more with their audience, target ads better, and make sure algorithms show the right content.
Let me give you an example of a data analysis process that has shaped the fast food business. The case study on this infographic below shows exactly how, using data, this fast food store was able to increase its efficiency and predict its future locations for prospective expansions.
Some of the other benefits of data science and analytics are;
Predicting industry disruption with forecasting tools
Through the proper use of data, the future can be forecasted in various scenarios by using trends and figures present at the moment. Analysis of possible scenarios enables businesses to more accurately predict internal and external occurrences.
Enhancing data protection
Data management and collection have a number of risks inherent within them that require to be attended to so that the data is being used ethically. Investments in data science can help make data practice handling within an organization safer so that practices internal to it come in compliance with regulations and standards of the industry.
These and many more uses effectively show the transformation data offers to the current market. Stay tuned for more articles coming your way.
