Data Science. Often thought of as a shiny-new fancy buzzword for analytics. There is a lot confusion around what a data scientist actually does as opposed to a web or a data analyst.
Data scientists can bring a fresh perspective that can help businesses view their data in whole new way—as well as overturn many of the long-held assumptions and organisational folklore that drive gut-based decision making. It is often the case that in many companies, the people responsible for data hardly ever interact with those who are running the business. Big mistake, but one that a data scientist can help fix. Here are some other ways a data scientist can help you utilise the power of data!
1. Monetise Your Data
Companies who employ data scientists are often effective at monetising data it collects from its customers. For example, a lot of online retailers have the feature ‘Customers Who Bought This Item Also Bought’ which shows items that are likely to increase sales. Creative analysis like this can easily lead to improved revenues and commercial returns.
2. Reducing the Risk
Data scientists are tasked with analysing consumer behavioural patterns, which allows companies to strategise ahead of time and react proactively rather than reactively. For example, a data scientist will be able to spot a trend that might be potentially damaging to your revenues a lot quicker than other team members. To win back customers, a business could send out discounts or offers as a form of damage limitation.
A data scientist can also use data held by third parties to determine the potential benefits or drawbacks of entering into a partnership with another business that might end up being financially harmful to your company.
3. Gain a Better Understanding of Your Customers
Customer behaviours change over time, and it can be difficult to monitor those changes without the use of a data scientist. For example, rentals website Airbnb recently reviewed consumer behaviour during website searches and revamped its algorithm engine to provide more customized results. As a result, both bookings and reservations increased. It is this kind of insight into the actions of your customer base that a data scientist can uncover in order to improve your business model.
4. Improve Forecasting
Mining your company data through the use of machine learning and neural networks have been employed for quite some time to predict results in the future, and many data scientists have skills in both areas. Data science can massively help you improve your decision making.
5. Head Ruling the Heart
You can’t argue with facts. Data is black and white and will always speak for itself. Having solid, verifiable data on-hand can help you make decisions based on objectivity, taking emotions and instinct out of the equation. If egos, emotion, or a tendency to do things the same way year after year have hampered your efforts in the past, a data scientist can help.
What’s stopping you from hiring a data scientist at your business? Data scientists can add an unbelievable amount of value and many businesses in the travel sector are beginning to realise this, embracing the change and the demand for Data Science professionals has never been higher. Here at Gail Kenny Recruitment we are working on a number of Data Science vacancies and are in contact with a host of quality Data Scientists from a variety of backgrounds and seniorities. Why don’t you give us a call to find out more?
Matthew Delaney, Digital Recruiter