By Applaudo Studios

2021-11-05

Tags

Commercial

How data science can improve decision-making in your company?

Learn how data science can be a great asset for your business to optimize decision-making.

Nowadays, for a business to survive, having a data strategy serves as an essential asset to enable data-driven decision-making to reach and empower the organization’s business goals.  

Data science relies on methods, processes, algorithms, domain expertise, and systems to derive insights from data. Leveraging this data to make important decisions is a key practice for any business. As a business use case, not only does data science detect market trends, but it also forecasts and increases the possibilities of obtaining better and accurate results in different endeavors related to the domain.  

Faced with the current COVID-19 pandemic, many companies must adapt to different crises and redefine their business strategy. In this sense, the measurement and interpretation of data are essential to make good decisions and thus be able to optimize and generate business opportunities.   

Let’s take a look at why data-driven decision-making is valuable and how data science can be a competitive advantage for your business to help you attain optimal decision-making.   

Why is data-driven decision-making important for your business?  

Any organization that has a data strategy and also a good quality of their data can benefit from embracing an analytical approach focused on numbers, facts, and statistics. More and more organizations are tapping into the potential of data science to make evidence-based decisions and better understand their customers by using a descriptive, predictive, or prescriptive approach that ends in an array of insights that data science uncovers.   

Data analytics is increasingly becoming the most important skill set for making strategic business decisions. Analytics is a fundamentally changing view of data’s relevance, from enabling organizations to understand the path to building a team that has the end-to-end view of data. This team eventually will strategically work by the hand of the desired business outcomes. Once we have the team and the right data the organization can make consumer-driven decisions to assist in resolving crucial operational inefficiencies.   

Advanced statistical models are helping to achieve this goal by providing important insights from unusual data sets and allowing companies to venture into new business frontiers. The sections that follow delve into the broad range of opportunities that data and analytics offer to today’s businesses.   

  1. Quantifiable evidence leads to better decision-making.   

 Today, data must be at the fingertips of decision-makers in every company. Indeed, an organization can create predictive models by leveraging data science and extracting solid numbers and statistics.    

In this sense, companies would be equipped to know which solution to opt for in order to achieve the best result and at the same time improve the company’s performance. Tracking and evaluating performance metrics over time allows the company to be more accurate in making decisions based on recurring patterns.   

  1. Leveraging consumer patterns optimally:   

In the midst of a customer-centric age, the extraction of data interpreted into customer insights enables companies to stay competitive, as statistics help shape products, solutions, and consumer shopping experiences. According to McKinsey’s research, organizations that make strategic use of consumer behavioral data outperform their peers by 85% in sales growth margins and by more than 25% in gross margins. In this regard, it is a valuable asset for business leaders to gather consumer insights and encourage business analytics to gain competitive intelligence on the market, target consumers with greater accuracy, and optimize processes.   

  1. The use of data to fuel business performance and optimization:  

Data analytics can also be focused on improving a company’s productivity and performance. Indeed, data and analytics can be key tools in reducing inefficiencies and streamlining business operations. For measuring performance metrics across business areas, the use of data analytics can help solve complex business scenarios. For instance, in the supply chain area, putting analytics into practice can identify hidden inefficiencies within the structures in order to generate a greater amount of cost savings, analyze investments through modeling and risk assessments, and thereby make important decisions.    

  1. Addressing risk through analytics:    

Business risk analytics can help you leverage a better understanding of how to quantify, measure, and anticipate risk. Risk analytics should be considered as an enterprise-wide strategy by business management. Companies will be able to include risk concerns into their core strategic decision-making process and foresee likely scenarios by establishing a standard baseline for assessing and managing risk.   

Likewise, advanced data models will also make business risk decisions more reliable, enhance data quality, and deliver greater agility to address data requirements. Becoming more risk-savvy, leaders will be more adept at coping with uncertainty and more strategic in their decision-making.   

Get to know us

Investing in data science specialists or data science techniques can help your company deliver value in a wide range of ways.  

Our team at Applaudo integrates data analytics into your core strategy to streamline your internal business processes. We incorporate Data Engineering managed services in the decision-making and reporting areas by obtaining and cross-validating data from all systems and business processes of the company. Together with the BI department, we validate consistency, correctness, and usefulness to provide information through statistical analysis.

Furthermore, we have the end-to-end skills, from building the data pipeline by understanding the business needs and outcomes, using the right on-premise or cloud technologies to leverage AI/ML capabilities integrated with visualization skills that end up in continuous integration and delivery of insights.  

Schedule a call with us, and learn how to gain a competitive advantage and stay at the forefront of digital disruption. 


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