The term ‘Big Data’ doesn’t even begin to describe the current growth rate of data being created. Back in 2017, it was reported by IBM Marketing Cloud that around 90% of the data in existence had been generated in just the previous two years prior to the report. Now consider that data growth has exponentially increased since then.
In fact, data scientists are now predicting the total amount of data in the world will reach 175 zettabytes by 2025. One zettabyte is 1,000,000,000,000,000,000,000 bytes of data, so just another 175 of those!
As the data grows and grows, so should our ability to understand it and gain actionable insights from it. Businesses especially should be looking to take advantage of the Big Data explosion, so let’s look at the aspects of business where data science can provide serious benefits.
Use Data Science for Customer Analytics
Gathering and then analyzing the data of their customers provides businesses with valuable insights about the interests and behavior of the people interested in their products or services. These insights can then inform marketing strategies using personalized recommendations to customers. They can also help developers design websites and apps to increase conversion rates by identifying customer pain points.
Digitizing Business with Data Science
Most businesses are becoming more and more digital in the modern age, and the data science process is what can help the process be seamless and successful. By applying data science to study the analytics, the process of digital transformation will identify the areas of a business that will most benefit from digitization. This prevents wasted resources and ensures the business gains all the possible benefits of digitization.
Data Science Can Optimize Processes
Every business operation will have its strengths and weaknesses, and data science can identify all of them, so a company can reinforce its strong points while improving its weaker elements. There might be some inefficient processes that can be redesigned to be more productive, others that use up unnecessary amounts of time or some that can be eliminated altogether to streamline the business operations.
Benefits of Outsourcing Data Science
There are some good reasons why outsourcing data science tasks to a specialist firm might be the best solution for a business.
The primary reason will of course be the access to talented data scientists who have the necessary skills and expertise for the job. As it is quite a specific field, data scientists are not usually out and about in the job market looking for work, with most of the best already working in their niche at a specialist tech firm. Thankfully for businesses large and small, there are IT outsourcing firms brimming with such talent ready to partner with businesses for data science projects.
Outsourcing such projects also gives you great flexibility with your operations, with the ability to quickly upscale your operations without investing in new permanent employees. With the economy remaining in a somewhat volatile condition, the ability to easily downscale without laying off numerous members of staff is also worth keeping in mind.
Other reasons include the cost-effectiveness of outsourcing, as opposed to permanent hires or getting left behind by the competition.
If you would like to know more about data science and how your business can use it, please call our team on +1 800 974 7219 ext. 202 or by completing our online form here.