5 Ways to Incorporate Data Science into Business Operations

The field of data science has been making plenty of waves, having been credited with many of the advancements in medicine, software, computing, and artificial intelligence. In fact, this ubiquitous field of science seems to now be having an impact on almost every industry, as intelligent entrepreneurs and business managers recognize the need to make data-based decisions while conducting everyday operations and setting long-term goals. With that said, here are five ways businesses can incorporate data science into their operations to enhance functionality and improve strategic planning.

1. Utilizing Competitive Analysis

Any business that operates in a highly competitive niche should be benefiting from competitive analysis, which is essentially just a more straightforward term for using data science to outdo the competition. Thus, if someone wanted to strengthen their skills in competitive analysis it would be wise to take a course in data science. You can even earn the fields highest level degree in the field by studying for a Master’s of Data Science online.  In addition to gaining valuable business analysis skills, you’d also gain a shiny credential for your resume.

2. Using Software that Relies on Data Science

Most businesses are already using software that is capable of facilitating data analysis. Any program that can generate reports or export data can be used as a source for data analysis and interpretation. Thus, company leaders and data specialists should strive to become highly proficient at generating and analyzing specific statistical reports using their company’s most essential software applications.

3. Conducting Keyword and Topic Research

Every business should be looking to expand its web presence, and doing so typically involves creating and distributing content that spreads brand awareness and attracts traffic to your official site.  Having a thorough understanding of data science will help you effectively use keyword research and trend tracking tools.

4. Preventing Past Mistakes

Since history often repeats itself, one of the best ways to prevent future mistakes is to assess and analyze the mistakes of the past. Unfortunately, some oversights and missteps aren’t so obvious until you look at the entire situation in retrospect, which is where data science comes into play.

5. Strengthening Board Room Meetings and Conferences

With comprehensive reporting and analysis capabilities, a company will a have much more to address during each weekly or monthly board meeting/conference. It’s particularly important to have at least one team member that is capable of creating data-driven presentations, as you want to be able to view and comprehend the data in all possible forms, from charts to lists and graphs. The more ways you can flip the data to extract meaning from it, the more likely you are to spot a crucial insight that could lead to a game-changing thought process.

Basing Decisions on Data is the Safest Way to Success

Ultimately, basing mission-critical decisions and software on data is the most sensible thing for a company to do, especially when you compare it to the alternative of relying on hunches and simple analysis. Although a good brainstorming session can go a long way, it can go much further when you have access to useful stats and you’re capable of extracting insight and guidance from that information.

Do You and Your Organization Speak Data?

Speaking two languages makes you bilingual, and speaking three makes you trilingual. Any more than that, and you are a polyglot. In today’s data-driven business world, you are a data scientist if you can “speak data”.

Our world is becoming more and more about the data it generates. As pressure mounts, people who can analyze, visualize, and interpret data are becoming indispensable, much like a well-versed polyglot who can interpret and translate multiple languages with ease.

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About the Author

Anteneh Ayanso is an Associate Professor of Information Systems at Brock University’s Goodman School of Business. He is certified in Production and Inventory Management (CPIM) by APICS and teaches and researches in the areas of data management, business analytics, electronic commerce, and electronic government. Anteneh Ayanso can be contacted at (905) 688-5550 x 3498 or [email protected]

Why Your Business Needs To Start Monetizing Its Data

Why Your Business Needs To Start Monetizing Its Data

Because of the digital age that we live in, most people know of and even understand what data is. They say that information is power. In the business world, that is quite right! Firms of all shapes and sizes have and deal with a lot of data on a daily basis.

Data examples include contact details and even the way customers pay for their goods and services. It’s a well-known fact that running a business is tougher than ever these days. But, the sad truth is that organizations aren’t using the data they have to make some money!

Data monetization is a lucrative market. The sector is large, but it could be bigger if more firms used the information they hold to increase their revenue.

If you’re still not convinced, keep reading to learn why your business needs to start monetizing its data today!

Why Your Business Needs To Start Monetizing Its DataPhoto courtesy of Sean Ellis

You learn more about your customer spending habits

Let’s face it, we all have uniquely personal spending habits. Some of us lead an extravagant lifestyle and are happy to pay for high-end products. Others prefer to count the pennies and only buy things we need rather than all those things we want.

Customer loyalty cards are one of the best ways of gaining insights into how people spend their money. It’s a classic way of fostering data monetization. Why? Because you can target specific promotions to individual customer groups.

Let’s say that you own a retail store. People will sign up for loyalty cards if they know they can enjoy special offers and deals that are applicable to them. Yes, you can offer targeted promotions to loyalty card holders.

But it’s also a good way of learning which products are best-sellers and which ones are nothing better than loss leaders.

Work with other firms to cross-promote products and services

If you run an ISP business, you could work with retailers that sell computers to offer your services to their customers. Likewise, you could offer discounted rates to people leaving particular competitors.

Sharing data is always a neat idea for two sets of organizations that can complement each other’s wares. There’s no point trying to go solo if there’s an opportunity to work with someone else. At least on an opportunity that is mutually beneficial of course!

Sell anonymous data to relevant organizations

No one likes the idea of companies selling their personal details to other people. But, did you know that you can sell anonymous data to third parties without it being controversial?

For instance, let’s say that you are a commercial property developer. And you own a shopping mall. Market research firms may wish to buy data from you like the following:

  • Number of shoppers per day, week, month or year;
  • Average store occupancy rates;
  • Shopper spending habits (e.g. Do they spend most of their cash on clothing, food, or electronics?).

As you can see from this example, anonymous data can be attractive to third party organizations. And because you aren’t selling any personal details, you won’t fall afoul of the law.