Data Science for Business Professionals
The world creates, on average, about 2.5 EXABYTES of data daily. That’s 2,500,000 terabytes, or 2,500,000,000 gigabytes of data. Every. Single. Day.
And that’s just right now. Who knows how much we’ll be making in the next year, let alone in the next ten years.
So what is your company doing with all that data?
As a product manager, VP, CEO, etc. in today’s business world, it’s imperative that you not only understand the importance or abilities of data science, but the basics of how to harness the power within your organization as well.
So what is this data science thing?
To put it simply, data science uses processes, algorithms, systems and scientific methods to obtain knowledge from data, and find ways to leverage that data to make business decisions. More and more companies are investing in and utilizing data science to improve the way they build products and do business.
Data science organizes, analyzes and utilizes Big Data
—a general term for large quantities of a wide variety of data. Think about all of your transactional data from all product purchases, or the data from your marketing campaigns. Even the information on how visitors search and view your site is data that you can use to make business decisions.
So how do I get at all this great data?
First off, you need someone who has a deep understanding (and hopefully a love) of data science. Since the majority of all data is unstructured (and by majority, we mean about 80% of it) you need the right tools to help you make the best use of it.
Depending on the size of your business and the amount of data you can access, there are a number of different kinds of software that can comb through your data and pull relevant information for you. You probably already have some of these software programs in use already—like your website analytics, your social media analytics and your email analytics. But finding new ways to interpret this information, and find other sources of data, might require an expert.
A data scientist is someone who is skilled at creating programs and understanding data to find you opportunities you may have missed.
And what can we do with data science?
Make better decisions, of course. Data gives you facts and evidence to make better decisions with regards to many (if not all) aspects of your business.
You can use your new data to improve your product. Use data to compare your product to your competitors. Use it to analyze your market and find the right places and times to promote your product. Find target audiences and markets you had never considered before. You can even use it to listen to the market’s problems and find opportunities to build new features and solutions to take your product to the next level. And that’s just the start of data’s capabilities (keep a lookout for more detailed information on these topics, coming soon).
Or how about using data to improve your HR departments? Recruit quality talent faster with data. Discover what your current employees want from their benefits. Or use data science to uncover the areas your employees need to be trained on to ensure things are running smoothly. Having facts and figures on your side helps to make important decisions easier, since you already have the right answer at your fingertips.
So what do I do now?
Make sure you’ve got data on your side.
If data science is still a bit of a foreign concept to your organization, and you want to ensure you’re getting the most of it for your business, check out Pragmatic Institute’s The Business of Data Science. Our data experts will give you the tools you need to understand, pilot and implement data science in your organization.
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