Impact of Data Science
Marketing and business at first glance seem to be simply a strategic activity, however, when you investigate them in-depth, you will notice that it requires several disciplines and knowledge that will require that you expand your comprehension of these kinds of topics, that is why it is suggested to broaden these skills with resources such as master degrees in business. On the other hand, you will find that it has a number of terms, including the word “Data Science”, so have you heard of Data Science?
A summary of this word is that it focuses on analyzing databases in order to gather information, in addition, you will be able to identify what is trending among your target which will essentially help you make decisions for your business and how your audience will react to certain stimuli or creating products or services that will satisfy people’s need.
However, this practice needs additional knowledge and disciplines such as programming, artificial intelligence, predictive analytics, and even Machine Learning algorithm. As you can see, this activity should be done by a specialist called “Data Scientist”. Nevertheless, in this article, you will receive a brief overview of their use.
How Does Data Science Work?
Before applying Data Science, it is important to understand how it works. As has been mentioned before, a Data Scientist must possess certain skills and knowledge to apply this methodology. These competencies allow you to implement strategies that suit your audience and your business.
To follow this process, you must understand what is your business about and who your customers are, in short, the identity of your enterprise. With this information clear, you will be able to know what data is important and begin to investigate:
1. Data Acquisition
First, you must obtain useful information from a variety of sources, then, this data must be acquired and stored in a Data Warehouse such as Google, SAP, IBM, or Oracle.
2. Data Cleaning
When you have collected the necessary material, it needs to be cleaned up and organized for analysis. Also, get rid of all the information you do not consider relevant or assist you in making decisions for your investigation.
3. Data Processing
Once all the necessary information has been processed, it is necessary to find relevant characteristics that will help you not only to solve the problems or interests of the clients but also to solve the specific problem you have set yourself; this means, it helps you to answer questions such as why did one product sell more than another?
4. Data Modeling
After the analysis process has been completed, modeling can begin. This process is carried out by means of either mathematical processes or predictive analysis that must be trained to comprehend the information provided.
When the model is ready, which implies that you have collected all the necessary data, it is sent to be developed for making decisions.
Here is a tip. Keep in mind that it should always be constantly monitored, as trends and issues will always change, trends can be an opportunity for success, but they can also cause that success to wane.
The Use of Data Science
As you may have noticed, its use is used to make it easier to take commercial decisions for companies, improving its cost-effectiveness and operational efficiency, but it is also great support for other activities:
Many companies use them for segmentation and personalized marketing. The model is based on users’ searches, analyzing keywords, giving an answer to what they are looking for, or suggesting a product or content based on recent searches that have been performed in a search engine.
Data Science will help you identify opportunities and risks that may or may not benefit you and your employees, on the other side, you can identify behaviors and thus, offer your customers products or services that are of real interest to them.
Furthermore, Data Science is not an exclusive topic of business and marketing, it can also help Human Resources during the recruitment of staff.
In-house processing of applications and data-driven aptitude tests and games can help an organization’s human resources team to make faster and more accurate selections during the recruitment process. Gaming and data-driven testing can help your company’s human resources department make faster and more accurate selections when hiring.
Data Science can be applied for various purposes depending on a person’s needs and interests, facilitating processes and can even help you reduce costs and make better financial decisions.
This field of marketing was born out of the need to better understand how consumers work, combining other disciplines that require logical thinking, such as statistics, computer science, and mathematics, in order to understand, analyze and predict the behavior of data to use it to one’s advantage.