The increasing age is directly proportional to the sophistication of technological developments in various industrial sectors and business niches.
Evidently, currently the majority of companies have used data science as an important element in decision making. Because, the benefits of data science in helping and facilitating business processes are indeed very diverse.
This is because in the marketing 5.0 era as it is now, the majority of companies have carried out digital transformation (business digitization). This means that these companies use data analysis as a reference in the decision-making process.
The longer the time, the data they have will get bigger or we often call it big data.
Processing large amounts of data is what makes companies need data science to help facilitate computing. Because data science combines Artificial Intelligence (AI) and machine learning in the process, so it can produce faster and more accurate big data analysis.
With more accurate data analytics results, it will greatly assist the company in achieving business goals and targets. Namely, getting as much revenue and profit ratio as possible, minimizing risk (risk management), and experiencing rapid business growth to support business continuity in the future.
This is because data science will be very useful in supporting the right business decisions based on data. So that every aspect of the business process will be more focused and structured.
For example, more effective marketing operations, maximum sales process, more optimal product development, better customer service and CSR, until the achievement of TQM (Total Quality Management) within the company.
Benefits of Data Science for Business
The development of marketing technology in the era of Marketing 5.0 has inevitably forced companies to adapt.
As the initial concept, Marketing 5.0 itself is intended to integrate technology and human resources in order to create equality. This means that humans must be able to operate technology appropriately to support business success.
This is why, companies also need data science to maximize business performance and performance.
Data science is useful for processing, storing, processing data, analyzing it, and visualizing it (data visualization) according to company needs.
With data science, companies don’t need to waste a lot of time analyzing big data. The results of this data science will have a major influence on business decisions that the company will run next.
For example, to determine a more effective marketing campaign strategy and promotion strategy, to predict (make a business forecast) based on the data the company has, to determine the best business development strategy.
For more details, the following are some of the benefits of applying data science in business that you need to know
- More Accurate Analysis Results
benefit of data processing, of course, is to be able to produce more accurate and useful analysis for the company. If you use the results of the data analysis correctly, the company can create products or services that are in accordance with market orientation.
However, processing large amounts of data is certainly not a simple matter. Therefore, computational and analytical skills are needed to overcome this. This is where data science plays a role in facilitating the data management process and determining how accurate the analysis results from the data are to assist decision making.
- More Efficient and Save Time
The benefits of data science on this one are still related to the previous point. Where, its application can help companies to save more time in the big data processing process. In this way, the efficiency of business process management will also be achieved. Not only in terms of time.
Companies can also produce efficiencies in production systems and processes, employee performance, to minimize the total cost of production (cost of goods) and resources. This of course will be very useful to increase sales (sales growth) and company profits.
- Helping Understand Customers Better
The application of data science will also greatly help companies to understand market segments and customers better. Because companies can collect information related to the target market based on the customer data they have.
From this information, companies will get insights or knowledge about customer needs, customer pain points, consumer behavior (customer behavior), sentiment, and so on that are useful for determining market temperature.
In addition, this information can also be an important asset so that companies can create a more effective customer experience and user experience. So simply, through the use of data science, companies can perform a more accurate market analysis to reach a wider and targeted market share.
- Increasing Customer Satisfaction
With a good understanding, of course it will be easier for you to increase customer satisfaction, right? This one point relates to the previous benefits of data science. If you really understand customer demand and needs, then companies can also create quality products or services according to their wishes.
As a result, customers will be satisfied with the company’s products/services. You need to know that customer satisfaction is one of the main keys to business success. Because customers who are satisfied with the quality of a brand (brand value), tend not to hesitate to repurchase (repeat purchase).
As a result, brand loyalty and customer loyalty will be formed organically. With the formation of this loyalty, the company’s opportunity to increase customer retention, so that lead conversions will also increase significantly. In effect, the company will get more profit by acquiring more customers and sales leads.
- Minimizing Risk
No company wants to experience pure risk when running its business. Therefore, you can take advantage of data science to minimize this occurrence. Because data science can identify data, process, and analyze it based on certain patterns. If the data does not match, then the data scientist can eliminate or evaluate it.
An example is in the financial sector or corporate finance, where fraud and data manipulation are often found that cause losses.
- Creating Quality and Relevant Products
Another benefit of data science is that companies can create or develop quality and relevant products. Through data from market research, companies can make products according to customer needs.
An example is by understanding market trends, companies can develop products that are viral and popular with many people.
For example, the production of hand sanitizers has increased dramatically during the pandemic. In addition, data science can also help companies to analyze product positioning by conducting competitive analysis.
Thus, the company can find out the weaknesses and advantages of competitors’ products. With this, the company will be more alert in facing the threat of new entrants in the market.
That’s a review of the various benefits of data science in the business world. Of course, the application of data science will greatly help companies to develop and advance in this era of technological growth as it is today.
This is evidenced by the increasing need for professional data analysts and data scientists to help process company data.