Here is an overview of the role of statistical data in the development of companies’ strategies.
In a modern society where everything is constantly changing, any type of business included, the role of data is critical. Ignoring such a principle or failing to value it can be a real burden for a company.
From the moment a business is born, it needs targeted actions to get off on the right foot in its target industry, such as amarket analysis andcompetitive analysis. Starting a business blindly without focusing on these aspects, or curating them at the business plan stage and then shelving them later-not giving them proper weight-can have the same effect as searching for treasure without an X on the map.
But is data analytics that important? It may seem obvious to many, but it is not, so let’s try to understand what data science is and how it can be leveraged to improve business prospects.
Data science: what it is.
Data science is that whole set of techniques, tools and principles that deal with the collection and study of data with the aim of developing precise and detailed knowledge about any subject. It is, of course, an extension of statistics, making special use of computer tools, which includes several distinct stages during its operational process.
This field also stars in courses of study at top universities, such as Bocconi University in Milan.
Nowadays, talking about market research inherent in any industry in which you operate means talking about networking. Indeed, in the age of the Internet there is a great advantage for companies over the past, namely the huge amount of data present online thanks to search engines, archives, social media, etc.
The amount of data available moreover is continually growing, and there is one eloquent figure that testifies to this and helps to understand how important this phenomenon is: an estimate of current data indicates that 90 percent of it has been generated in recent years.
Leveraging this information to keep your business strategies constantly updated and in step with market needs is a huge advantage. Not only that. Not having a clear picture risks inexorably leading to a decline in turnover as you leave the fate of your business to chance.
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Here’s how data science affects business.
Monitoring big data constantly and developing strategies with it in mind allows a company to travel to its destination in a safer and better performing vehicle. This is why the figure of the data analyst is so important. Having a data expert to analyze it within context, filter it and convert it into a resource for future development of operational plans enables a company to create new opportunities all the time.
Let’s look at some examples of how this knowledge can be exploited.
With reference to the logistics industry, a number of factors can make a company realize how to perfect its service and remedy any flaws in the system. The same can happen in marketing, where it is possible to understand, for example, the volume of customers who abandon a service, understand why they do so, and consequently study a retention plan.
Even in the field of medicine, data science can help to improve the efficiency and speed of diagnosis based on the results of clinical data analysis, as well as to optimize research based on the needs emerging from statistics or the needs highlighted by social or forums.
Or think of those who work in marketing. How valuable can it be for a company that produces and sells a product to have a timely account of sales volumes, customer satisfaction, any complaints, and comparisons with similar products? The answer is that the value of this information is invaluable, as it allows you to systematically monitor the progress of your business and put it back on track at the slightest hint of a lurch.
Another area where big data is pure oxygen is in finance, where algorithms enable analysis of stock market performance and forecasting.
A striking recent example of how data insight affects business strategies concerns the world of sports. A few weeks ago, the announcement by some European clubs of the formation of a private league, disengaged from the historic soccer institutions Uefa and Fifa, caused a stir.
Following an avalanche of negative reactions from fans, former players and insiders, within a couple of days this hypothetical Superleague crumbled. But would the decisions by these clubs have been the same if this news had been met with enthusiasm and approval? The answer seems obvious, NO!
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How to capture the benefits of data science in your company.
Of course, in order to have useful, correct, and spot-analyzed data, it is important to rely on professionals in the field, and therefore contact amarket research and data analysisagency.
The skills needed to produce useful business results require years of study, preparation and continuous updating, and in this regard Central Marketing Intelligence is structured and equipped to offer the best to its clients.
If you want to know exactly how your business can develop by leveraging data science click here.
