When you work for any business, efficiency is a word that is often tossed around. How can we make our processes more efficient? How can we more easily and efficiently reach our target audiences? How can we streamline our project management practices to become more efficient? There is a solution to easily make your company more efficient and it lies in the field of data science. Data is something that can seem very daunting. People associate data collection with math, number, and complex statistical calculations. While data science can be very complex, it can also be quite simple and through the adoption of a data management methodology, you will discover simple ways to increase your transparency, make better more streamlined business decisions based on real-time information, and yes, increase overall efficiency of your company.
How exactly can data science and adopting data management practices make your business more efficient? We’ve talked to some experts and some analytics consulting firms to get an experts opinion on what data can do for your business.
“There’s a data superhighway out there,” says a senior data analyst we spoke to during our research. “Tapping into that and implementing a methodology to analyze and use that data can be the key to success for many businesses, it can truly take your business to the next level” he continued to explain.
You see, with all of the information that is available today, you can learn pretty much anything in real time. You can gather data on the demographics of your clients, information on your competitors, stay current on trends, know what types of grants are getting funded. This type of insight is invaluable to businesses.
“In today’s business environment, not utilizing data to inform decision making is like doing business blind, there is so much information available and people are only hurting themselves by not taking advantage of it.”
And businesses are beginning to catch on, in fact, there is a whole field emerging around data science consulting. One company we explored during our research was Mosaic Data Science. This company exists simply to work with businesses to implement and improve data management practices. They offer a variety of service for different business types from their ‘rent a data scientist’ program, to helping businesses assess risk and conducting trainings on data management.
We came away from our research with a much clearer understanding of data and its importance for any business. Data does not have to be something that only scientists can deal with, and many businesses are already collecting and analyzing data without even realizing they’re doing so. Any act where you are collecting information to help make better decisions is technically a type of data mining. Things as simple as asking for customer feedback, gathering zip codes to determine where you customers come from, or sending out surveys is a data management technique. The movement today is to take these small things and develop a more comprehensive strategy in which real time data can be used to ensure that you are making the best and most efficient and effective business decisions.