Data Scientist was called the sexiest job of the year at the beginning of the last decade, as a new field that enabled companies to mine treasured information about customers and market trends out of piles of seemingly impenetrable facts and figures. it’ important not to confuse data science with data analytics; while data analytics looks at past trends and data to give a person or company insight into what trends have been or who past demographics have been made up of, data science uses data to predict upcoming trends in the market or in the company’ future. This is an incredibly useful tool, which can inform everything from a marketing strategy to the ordering of supplies.
Much of the work data scientists used to do is now automated and left to various software programs; so what are some examples of data science solutions?
Supply Chain Optimisation
One thing that data science can be used for is to gather information on strong and weak spots in your supply chain, predicting where you are likely to run into problems because things are falling through the cracks; it will also be able to tell you how much your profits could increase if you were to re-evaluate and optimise your supply chain.
Sick of hoping for the best when ordering your supplies because you don’t actually know how much you will sell in the coming quarter? Data science can help by predicting the rise and fall of the demand for your products, helping you maximise profits and minimise costs by ordering the right supplies for the job.
Risk Operations Analysis
If you’re looking to invest your money with a third party, then you’re going to wand to know as much as you can about them. This is where data science for risk operations comes in; data science will be able to predict the safety and security of the third party you’re looking into working with over the next few quarters, so you will know whether it’s wise to invest your money with them.
Digitally Transform Your Business
Using data science Digital Transformation Solutions will allow you to completely overhaul the way you use data to inform your business decision making, and help you to maximise your profits and even expand in the right direction with a minimal risk from the unknown.
Data science is part of the new normal operations of businesses, and it isn’t something you can afford to miss out on – whether you’re wondering how to proceed with your social media strategy or curious as to whether you can expect to move a lot of product over the next couple of months, data science solutions have the answers.