Why Embrace Data Science?
Originally Published Aug 31, 2020
Data Science helped find the secret sauce behind Physio Inq’s business success and growth. Now, you can learn the lessons Physio Inq failed, and why data-science can help give you an advantage when growing your business.
Keep reading to find out what Data Science is, how to conduct Data Science and how it can help your business go from strength to strength!
What is data science?
In simple terms, data science is well… the science of raw data. Using algorithms and the principles of machine learning, data science is all about finding hidden patterns within raw data.
What does that mean? Simply put, a Data Scientist can look at all your data and find correlations between variables. For example, Data Science can help in finding out all the characteristics that can make up your most profitable customers.
It’s clear straight away that data science proves to be a powerful tool when it comes to making decisions for your business. It could make a big difference to your bottom line and how you communicate with customers and stakeholders.
From marketing strategy to CRMs, data science is a massively underrated tool for many small business owners.
What do data scientists do?
So, what’s the difference between a Data Scientist and a Data Analyst?
While analytics are obviously useful in many areas of business, Data Science takes things one step further. Instead of simply analysing the data you receive from your clients and customers, Data Scientists use machine learning and other algorithms to actually predict future events.
To be honest, a Data Scientists’ job is pretty complicated, and we won’t bore you with all the details. Just understand that it’s an impressive blend of communication, statistics, programming, and business.
Why should you consider hiring a data scientist?
There are a few reasons you might consider hiring a Data Scientist. The most obvious being that if you want to truly understand the data about your customers, clients, stakeholders, or staff, you’ll need one.
While we’re focused on the day-to-day operations of our companies, Data Scientists have a more bird’s eye view of what’s happening in your business. Sure, we can use analytics ourselves to make decisions, but it’s not always clear how to best understand those analytics.
For example, you might use data analytics to decide on a particular marketing strategy based on what you think the numbers are telling you. However, Data Scientists can show you clear correlations that may actually surprise you and can inform an entirely different business strategy for a particular niche.
Data Scientists use raw data to help uncover your hidden biases and set you on a trajectory toward more objective decision-making. Long story short, Data Science helps give your customers what you didn’t know they wanted.
Especially if you’re new to owning a business, a data scientist will use data to help you avoid potential pitfalls. We all have biases about our customers and data science can help you make predictions based on the actual numbers, not what you think they mean.
What can data science tell you about your business?
The truth is, we don’t always know our customers and our audience as well as we think we do. Data Science gives us, not only the numbers but also helps us make the connections between those numbers.
In other words, Data Scientists can help us make predictions instead of trying to decipher data analytics ourselves.
A few examples of what a Data Scientist can tell you about your business include:
- Better understand your customers and clients
- Predict the effectiveness of a new marketing approach
- Find patterns in your audience you may not have noticed
- Detect anomalies in your business strategy
Overall, Data Science can help business owners get out of their own way and use the numbers to make better strategic decisions. By taking analytics one step further, data scientists are truly the secret sauce to any small business plan.
Think you have what it takes to be an amazing business owner? Check out our Pinq Partnership options here or contact our Pinq Partnership Team on (03) 9001 6612 or email us at email@example.com.
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The information provided on this blog is intended for educational and informational purposes only. It is not intended to be a substitute for professional advice or treatment. Always seek the advice of a qualified professional with any questions you may have regarding a medical condition. Never disregard professional medical advice or delay in seeking it because of something you have read on this blog.