Data Science for Business –
A most valuable asset in 2021!
Data Science for business is a very hot topic these days. Certainly, the reason can be the
tones of benefits it provides.
From FAANG(Facebook, Apple, Amazon, Netflix, and Google) Companies to Small and
Medium enterprises, everyone is entering into the domain of Data Science.
In fact, if you are entering into a business, firstly you need to focus on Data Science.
As we all know, With the rise of the Internet, there is a massive generation of data
regularly. This data is a valuable asset. This data directly tells you about the user or
customer’s decision-making.
However, this data is in the form of raw information. Thus, there is a need for expertise
that can deliver relevant things from this raw info.
To fulfill this need, We get Data Science as a subject or domain. It is one of the most
important and highly in-demand domains.
Whether a business wants to expand or survive in the marketplace, it is a must to be
aware of Data Science for Business.
Therefore, In this article, we will read and get in-depth knowledge about Data Science
for Business.
Introduction to Data Science for Business
To understand data science, we first have to understand Data. In simple terms, Data is
the information that is stored digitally to make businesses fully functional.
The data can be in multiple forms. From simple alphabets to How many times a
customer interacts with an app, data has different forms.
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Data Science for Business –
A most valuable asset in 2021!
In other words, data is a record of relevant information that someone might need again
and again.
Thus, Data Science is the study of Data that can help in several ways. It is the domain
that allows us to make better decisions in any context.
Data Science for business plays a crucial role. A business is nothing but decision-
making on the basis of past, present, and data in the future.
For example, when someone wants to establish a business, he or she might use data
science to gain insights into whether the product or service has a marketplace or not.
Furthermore, an existing business might use data science when they want to improve
the functionality in different aspects.
Data Science for established businesses also helps in deriving whether the previous
strategies are working or they need to implement a new strategy.
Let us now dive deep into examples of Data Science for businesses to understand the
deeper applications.
Our Daily Life Examples in Data Science for Business
Interestingly, we all are part of Data and indulge daily in Data Science. Let us
understand Data Science for Business Examples through the five cases.
Data Science in YouTube
We all must have used YouTube at least once. Well, do you know YouTube uses Data
Science for recommending the videos?
Yes! You read it right. YouTube uses algorithms that analyze our data such as recent
watch history, our age, our likes and dislikes, etc. to suggest videos.
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Data Science for Business –
A most valuable asset in 2021!
Data Science in Food Ordering on Zomato/Swiggy
Zomato and Swiggy are the two most common food delivering services in India. It is a
well-known fact that India has a huge population and most of them are active on the
internet.
Therefore, Zomato and Swiggy both use Data Science for their business model to make
their delivery services quicker.
Data Science in E-Commerce Sector
As we know, E-Commerce Business is on a hike in India. Therefore, E-Commerce
platforms need to improvise pricing and gain profits too.
To maximize the profits and sell the products at the right price E-Commerce Businesses
such as Amazon and Flipkart use data science.
The Data Scientists in the E-Commerce business develop algorithms that calculate the
ideal pricing for different customers.
These algorithms generally calculate the pricing on the basis of data collection in a
variety of characteristics. For instance, price flexibility, consumer geography, individual
customer buying behavior, and competitive pricing.
Marketing of Netflix
Another great example of Data Science for Business is Netflix. We all must have received
Emails from Netflix if we subscribed to their plans even once.
In simple words, Netflix uses Data Science for marketing purposes. For instance, they
record the data of our watch history and what we would like to watch depending on the
series or movies completed. Hence, they use this data to mail us offers when new
content is launched on the platform.
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Data Science for Business –
A most valuable asset in 2021!
Generating New Content and Customers on Spotify
Last but not least, we have Spotify’s use of Data Science. Spotify is using Data Science
to analyze the market and launching new products.
For instance, experts estimate that a wide audience from YouTube and radios are
shifting towards podcasts.
Hence, they considered it as a right opportunity and introduced podcasts too for their
app subscribers. Spotify analyzed the marketplace behavior and is asking YouTube or
other content creators to create podcasts on their platform.
This application as a result is bringing new customers to the app and profits to the
company.
Now, we have known the applications of Data Science through the most common
examples. Let us now look at the tools mostly used in Data Science for business.
Get to know more about Research Initiatives by the Indian Government
Tools in Data Science For Business
Tools are an integral part of Data Science for Business. In order to succeed at Data
Science Jobs, data scientists need to be well-versed with these. The most common
tools in Data Science for businesses are as follows.
SAS in Data Science for Business
SAS Business Intelligence is a cloud-based corporate analysis solution. It allows users to
manage interactive reports and monitor KPIs.
The platform’s features include a customized dashboard, marketing reports,
forecasting, data source connections, ad-hoc analysis, and more.
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Data Science for Business –
A most valuable asset in 2021!
Therefore, SAS can be beneficial and useful in innumerable ways. The most significant
ones are as follows.
Firstly, it allows access to Data in a variety of formats such as SAS tables, Excel
tables, etc.
Secondly, it allows you to manage and manipulate data as per the need of your
business.
Similarly, you can use SAS to analyze the existing data using various statistical
methods.
Lastly, SAS also allows you to communicate your research to stakeholders.
MATLAB Uses in Data Science for Business
MATLAB is simply a high-level programming language. It allows the algorithms that can
shape the outcomes of businesses. Furthermore, MATLAB allows users to access the
libraries ranging from signal and imaging processing to wireless communications.
Benefits of implementing Data Science in Business.
Data Science for business can help entrepreneurs or stakeholders in a significant
manner. This may include the following.
Data Science for Business allows better decision-making. The reason is Data
Science helps in evaluating the problems and then resolving them as per the
market’s requirements.
Similarly, Businesses can use data science to improvise products and services. Data
Science aids in understanding the flaws and analyzing the previously used
strategies.
Lastly, it also helps in making automated processes. With the help of Data Science
tools, businesses can reduce the time taken to complete a task by implementing
new algorithms.
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Data Science for Business –
A most valuable asset in 2021!
Summary
In final words, Data Science is a field that can significantly impact any business. Missing
out on Data Science can result in serious damage to the organizations. Hence, it is
important to understand data science for business at length so that you can survive in
this competitive world of trade.
Our Data Science Blog aims to educate and inform people around the globe about the
upcoming trends in Data Science.
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