{"id":27397,"date":"2020-01-16T13:45:01","date_gmt":"2020-01-16T11:45:01","guid":{"rendered":"https:\/\/www.euruni.edu\/blog\/?p=27397"},"modified":"2020-01-22T12:04:27","modified_gmt":"2020-01-22T10:04:27","slug":"data-science-impacts-business","status":"publish","type":"post","link":"https:\/\/www.euruni.edu\/blog\/data-science-impacts-business\/","title":{"rendered":"How Data Science Impacts Business: 6 Key Points"},"content":{"rendered":"\n

By 2025, it\u2019s expected that 463 exabytes of data<\/a> will be created every single day. That\u2019s equivalent to 116 billion movies. <\/p>\n\n\n\n

The world is drowning in data. And businesses\nare eager to use all those kilobytes and megabytes to drive sales and\nprofit. By drawing on a range of disciplines, including statistics,\nbusiness management, and computer science, data scientists are able to mine\nlarge sets of data and generate practical insights. <\/p>\n\n\n\n

In this post, you\u2019ll learn six key points about\nthis emerging industry and its impact on business. <\/p>\n\n\n\n

What Is Data Science?<\/strong><\/h2>\n\n\n\n

In a nutshell, \u2018data science\u2019 refers to the process of organizing and understanding large amounts of data with a view to \u201cdrawing out\u201d practical insights. As a subject, data science integrates an array of disciplines, including computer programming, statistics, business analytics, mathematics, and more<\/strong>. <\/p>\n\n\n\n

Because data has many business uses, companies\nare increasingly creating dedicated roles for data scientists. These\nindividuals are able to gather data from across a company and use it to inform\nfuture decisions. <\/p>\n\n\n\n

Here are the main ways that data science boosts business performance.<\/p>\n\n\n\n

1. Reduces Inefficiencies<\/h2>\n\n\n\n

Inefficiencies often cost businesses up to 30%\nof their revenue. Data scientists track a range of company-wide metrics –\nfactory production times, delivery expenditure, employee productivity, and\nmore – and pinpoint areas for improvement. <\/p>\n\n\n\n

By limiting wasted resources, it\u2019s possible to lower overall costs and boost return-on-investment.<\/strong> It\u2019s expected, for example, that big data will reduce healthcare costs<\/a> in the US by 20%. <\/p>\n\n\n\n

2. Predicts Trends and Customer Behavior <\/h2>\n\n\n\n
\"\"<\/figure>\n\n\n\n

Predictive models are essential business tools. Data scientists organize huge swathes of historical data and utilize it to inform planning processes, thus helping businesses make informed decisions about the future. <\/p>\n\n\n\n

On a practical level, data-based predictions have an array of applications. It\u2019s possible, for example, to determine peak customer shopping times and adjust staff levels accordingly<\/strong>, or to identify early buyer trends and implement appropriate promotional campaigns.<\/p>\n\n\n\n

3. Enables Competitor Research<\/h2>\n\n\n\n

As much as companies value data that helps them\nunderstand their customers and internal processes, they\u2019re also eager to gain\nan edge over their competitors. <\/p>\n\n\n\n

Data scientists are responsible for understanding and gleaning insights from data about competitors.<\/strong> Effective competitor research helps businesses make competitive pricing decisions, reach new markets, and stay up to date with changes in consumer behavior. <\/p>\n\n\n\n

4. Allows Testing of Business Initiatives<\/h2>\n\n\n\n

Consistent, long-term testing enables companies to drive incremental revenue gains. Data scientists are responsible for conducting extensive tests to guarantee successful marketing campaigns, product launches, employee satisfaction, website optimization, and more. <\/strong><\/p>\n\n\n\n

Testing is one of the most exciting areas of data science. New, innovative alternatives are posed against existing features, often with unexpected results. What\u2019s more, businesses like Amazon adopt an indefinite approach to testing, trialing new changes and implementing them as part of a long-term strategy, rather than \u2018one-off\u2019 optimization campaigns. <\/p>\n\n\n\n

5. Develops Market Understanding<\/h2>\n\n\n\n

By ensuring a ready stream of actionable insights about customer psychology, behavior, and satisfaction, data science enables businesses to consistently reshape their products and services to fit with a shifting marketplace.<\/strong><\/p>\n\n\n\n

Data about customers is available from a variety of sources, and mining information from third-party platforms, like social media, search engines, and purchased datasets, presents a unique challenge. <\/p>\n\n\n\n

6. Informs Hiring Decisions<\/h2>\n\n\n\n

One of the big problems faced by businesses when searching for new employees is the disconnect between prospects that look good on paper and perform well in practice. Data science seeks to bridge this gap by using evidence to improve hiring practices. <\/strong><\/p>\n\n\n\n

By combining and analyzing a variety of\ndata-points about candidates, it\u2019s possible to move towards an ideal \u2018company-employee\nfit\u2019. <\/p>\n\n\n\n

Are You Considering a Career in Data Science?<\/strong><\/h2>\n\n\n\n

Data science is an exciting and fast-growing\nindustry. Data scientists leverage a multi-disciplinary approach to generate\nactionable insights and drive informed business decisions. <\/p>\n\n\n\n

Careers in data science boast high starting salaries<\/a>, an attractive package of bonuses, and excellent job satisfaction. <\/p>\n\n\n\n

At EU Business School, we understand the importance of staying ahead of the latest trends in business. This is why we ensure that our programs are aligned with global industry trends while taking future forecasts into careful consideration. Our offering of innovative bachelor\u2019s, master\u2019s and MBA<\/a> programs ensure that our students are prepared to be gamechangers in the international business arena. <\/p>\n\n\n\n

\"data<\/figure>\n\n\n\n
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By 2025, it\u2019s expected that 463 exabytes of data will be created every single day. That\u2019s equivalent to 116 billion movies.  The world is drowning in data. And businesses are eager to use all those kilobytes and megabytes to drive sales and profit. By drawing on a range of disciplines, including statistics, business management, and computer science, data scientists are able to mine large sets of data and generate practical insights.  In this post, you\u2019ll learn six key points about this emerging industry and its impact on business.  What Is Data Science? In a nutshell, \u2018data science\u2019 refers to the process […]<\/p>\n","protected":false},"author":2,"featured_media":27399,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[1771,1770],"tags":[1462,1741,983,1783],"class_list":["post-27397","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-trends","category-career-development","tag-analytics","tag-big-data","tag-careers","tag-trends","post--single"],"yoast_head":"\r\nHow Data Science Impacts Business: 6 Key Points | EU Business School<\/title>\r\n<meta name=\"description\" content=\"Data science integrates programming, statistics, analytics, mathematics and more. Learn key points about this emerging industry and its impact on business.\" \/>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.euruni.edu\/blog\/data-science-impacts-business\/\" \/>\r\n<meta name=\"author\" content=\"EU Business School\" \/>\r\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.euruni.edu\\\/blog\\\/data-science-impacts-business\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"EU Blog\",\"item\":\"https:\\\/\\\/www.euruni.edu\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Business Trends\",\"item\":\"https:\\\/\\\/www.euruni.edu\\\/blog\\\/category\\\/business-trends\\\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"How Data Science Impacts Business: 6 Key Points\"}]}]}<\/script>\r\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"How Data Science Impacts Business: 6 Key Points | EU Business School","description":"Data science integrates programming, statistics, analytics, mathematics and more. Learn key points about this emerging industry and its impact on business.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.euruni.edu\/blog\/data-science-impacts-business\/","author":"EU Business School","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"BreadcrumbList","@id":"https:\/\/www.euruni.edu\/blog\/data-science-impacts-business\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"EU Blog","item":"https:\/\/www.euruni.edu\/blog\/"},{"@type":"ListItem","position":2,"name":"Business Trends","item":"https:\/\/www.euruni.edu\/blog\/category\/business-trends\/"},{"@type":"ListItem","position":3,"name":"How Data Science Impacts Business: 6 Key Points"}]}]}},"_links":{"self":[{"href":"https:\/\/www.euruni.edu\/blog\/wp-json\/wp\/v2\/posts\/27397","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.euruni.edu\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.euruni.edu\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.euruni.edu\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.euruni.edu\/blog\/wp-json\/wp\/v2\/comments?post=27397"}],"version-history":[{"count":14,"href":"https:\/\/www.euruni.edu\/blog\/wp-json\/wp\/v2\/posts\/27397\/revisions"}],"predecessor-version":[{"id":27439,"href":"https:\/\/www.euruni.edu\/blog\/wp-json\/wp\/v2\/posts\/27397\/revisions\/27439"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.euruni.edu\/blog\/wp-json\/wp\/v2\/media\/27399"}],"wp:attachment":[{"href":"https:\/\/www.euruni.edu\/blog\/wp-json\/wp\/v2\/media?parent=27397"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.euruni.edu\/blog\/wp-json\/wp\/v2\/categories?post=27397"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.euruni.edu\/blog\/wp-json\/wp\/v2\/tags?post=27397"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}