Suppose you want to run a successful business these days. In that case, you need not only in-depth industry knowledge and awesome leadership skills but also advanced data science teams 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 seen the use of data science take off. 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 over the coming years.
Data Science and 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 positively impact a business?
#Mitigating risk
All businesses will face risks at some point in their journey; 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 can provide, means senior management can learn from past mistakes and create evidence-based plans for the future. Plans that will allow them to avoid, or be able to tackle better, similar problems as they are encountered.
This could be to do with organisational or strategic risks, which can be 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 in 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 aside and instead look at facts and figures to inform their decisions, thereby removing any bias and making the process much more accurate.
Decision-making accuracy is critical, as it saves time and money thanks to the removal of mistakes – and this can positively impact 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 undoubtedly see an even larger number of businesses investing in data science technologies as they realise the value of data-driven decision-making.
If you want to add more data scientists to your team, or you are a data scientist looking for the next step, then Agile Recruit can help. Look at our latest data science jobs or contact one of our expert consultants to find out more.
