Using data science for business decisions

Written on April 19, 2021 by Jonathon Webley

If you want to run a successful business these days, you not only need in-depth industry knowledge and awesome leadership skills but also advanced data science teams in order to ensure your decision-making is well informed.

While data has been available to companies for many years, it is only in the past five years or so that we have really seen the use of data science take off. In fact, research has shown that the demand for big data has increased from 17% to 59% in just three years. And this demand looks set to continue to grow more over the coming years as well.

Data Science, and Data Analytics, are crucial to businesses of all shapes and sizes. Data can not only assist you with looking into any potential obstacles to your business’s success but it can also help you to make future predictions, which can be the making of a business if you can plan for things in advance.

So, precisely how does data science have a positive impact on a business?

#Mitigating risk

All businesses will face risks at some point in their journey, and some of these can be catastrophic if they are not managed properly. Having a great data science team in place, and using the information they are able to provide, means senior management can learn from mistakes of the past and create evidence-based plans for the future. Plans that will allow them to avoid, or be able to better tackle, similar problems as they are encountered.

This could be to do with organisational or strategic risks, which can both be really damaging if you are not prepared for them.

  • Organisational risks – problems that occur with daily business tasks such as data loss, equipment and IT issues, fraud or staff resignations
  • Strategic risks – events that cannot be planned for in advance, such as the recent COVID-19 pandemic

# Removes bias and increases accuracy

Human beings are renowned for being susceptible to bias, whether consciously or subconsciously, which can be a huge hindrance when it comes to decision making. Good business decisions not only need to be informed but they should always be impartial as well. Data science allows business leaders to put their own opinions to one side, and instead look at facts and figures to inform their decisions, thereby removing any bias and making the process a much more accurate one.

Accuracy in decision making is critical, as it saves time and money thanks to the removal of mistakes – and this can have a really positive impact on your business’s bottom line.

As you can see, data science has now become a key driver in the evolution of many businesses on a global scale. As we continue to move forward, we will no doubt continue to see an even larger number of businesses investing in data science technologies as they begin to realise the value relating to data-driven decision making.

If you are looking to add more data scientists to your team, or you are a data scientist who is looking for the next step, then Agile Recruit can help. Have a look at our latest data science jobs or get in touch with one of our expert consultants to find out more.