Hiring A Data Scientist At Your Business Pays for ItselfBlog, Business Tools, General Topics, Uncategorized - December 10, 2016 admin 0 comments
Did you ever think about hiring a data scientist for your business? Probably not, however an individual with a qualification in data science could pay for themselves and here’s how:
1. Monetize Your Data
Facebook monetizes the data collected from its subscribers and so can you. For example, many retail sites have a feature called “Customers Who Bought This Item Also Bought.” This feature shows items in the hope that it will increase sales. It’s this type of creative analysis that allows you to improve your business’ revenue.
2. Mitigate the Company Risk
One task data scientists are charged with analyzing client churn patterns. This allows you to react proactively, not reactively if you notice a customer trend which favors your competitors over you. To win back your customers, you can send discounts, like teaser deals. This can thwart the fleeing customer shift.
Data scientists can also evaluate data for businesses you may want to partner with. This can help minimize your risk. For example, you can have information provided by a third-party payment processor for a potential partner. The data scientist can create an analysis to determine a company’s creditworthiness. This can help you determine the best companies to do business with.
3. Understand Your Customers Better
Your customer’s behavior will change over time. It’s hard to monitor changes without using a data scientist. For example, the Airbnb website helps hosts rent and travelers find affordable lodgings. They reviewed customer website search behavior and revamped the website’s algorithm engine to allow for more customized search results. This change led to an increase in reservations and bookings. This is a glimpse into the sort of information a data scientist can uncover about your customer base, which can improve your current business model.
4. Receive Unique Insights
Let’s say a grocer wanted to know which foods would sell well during a winter snowstorm. A scientist through an effective analysis of data discovers a correlation between winter snowstorms and the sale of Cocoa Krispies. The grocer can strategically place Cocos Krispies in its retail locations during the next snowstorm, to increase sales. It would be hard, if not improbable that you could determine this correlation on your own. A data scientist’s information can fit strategy perfectly – see this piece from Harnham to see what a data scientist does.
5. Get Business Expansion Assistance
With a data scientist, you can uncover potential new markets for your product or service. While you may already have a solid advertising campaign for your business, a data scientist can review it to find the type of new customer that can be gained by tweaking future campaigns. Data science can also be used to find new trends and determine which of your inventory items can have a more immediate effect on your revenues. This can help you get more out of a particular initiative.
6. Improve Forecasting
Mining company data through neural networks and with the use of machine learning has been used for some time to predict future results. Many data scientist is skilled in both of these areas. For example, a car repair business might want to analyze spikes in their customer visits over the past several years. They can use thing information to create a more efficient employee schedule
7. Receive Objective Business Decisions
A business’ data speaks for itself. You can help objective decisions, taking precedence and emotions, out of the equation by using verifiable data. If your efforts are hampered every year because of emotions, ego, or doing things the same way, a data scientist can help you. You can use data to help you make better decisions.
Finding a data scientist is challenging. A current staff member with a solid IT acumen may understand your data science software. They may be able to manage your data science needs. You can also post available positions on Kaggle or Indeed. Kaggle is a website that targets data scientists. Make sure you’re discerning so that you get a competently and significantly improve a business.