As more companies turn towards data science and data consulting to help gain competitive advantage. We are getting more people asking us - Why should we start a data science team? We wanted to take a moment and write down some reasons why your company needs to start a data science team. It is not just a fad anymore, it is becoming a need!
Maintain Competitive Advantage
As more and more companies start integrating data science and better analytics into their day to day strategy. It will no longer be a competitive advantage to make data driven decisions. It will be a necessity. Executives will have to rely on accurate data and sustainable metrics to make constantly correct decisions. If your company moves based on the actual why, vs. the speculations and surface level problems, then they can make a greater and more effective impact internally and externally.
Better Understanding of Current and Possible New Customers
Data science helps give executives and managers a deeper understanding into why customers make the choices they do. Google has had the greatest opportunity as it has almost become a third lobe of some people’s brain. We tell it when we are happy, sad, looking for love, studying, etc. It knows what our questions are. However, Google is not the only one, other companies are beginning to realize that their customers have been telling them their opinions on multiple social platforms and blogs. They just need to go and look and see how to better hear from their customers data.
This is a great opportunity for corporations to seek out what their customers are feeling, about their products, about their companies image and what other stuff they are purchasing. Sometimes this may require purchasing third party data. Even then, this might be worth it depending on the projects being done.
Better Understanding of Internal Operations
Whether it is HR, finance, accounting or operations, data science is helping tie all these fields together and paint a better picture of what is happening in a company. Why are people leaving, why was there so much overtime, how can a company be better at utilizing resources, and so on. These questions can be answered by taking high quality data and blending it to find out the whys. This in turn will provide a better work place environment and increase resource efficiency.
Increases Performance Through Data Driven Decisions
Data science is still a relatively new field. Many companies are still figuring out how to properly implement data science solutions. However, those that do are seeing amazing results. Look no further than Amazon, or Uber. These companies are changing and have changed the way we view certain industries. Why, because they know what their customers want, they know what the industry is doing wrong, and they know how to charge the customer less, but give them more.
Overall, increasing data science and analytics proficiency allows for your executives to trust their data more and make clearer decisions. Consider looking into a team today!
We are a team of data scientists and network engineers who want to help your functional teams reach their full potential!