What data scientists can do for you? They can let you make quick and better decisions so that you remain not just relevant but at the top in your niche. Let’s explore this article further to understand the reasons why we need to hire data scientists in our organization.
A data scientist understands how to manage large data that is generated in the business & how to go about extracting meaningful insights from such complex sets of data. They utilize novel statistical, mathematical and machine learning techniques to come up with conclusions. These conclusions are adept at transforming the raw data that your business collects into valuable data assets; your business can benefit from in a number of ways.
A recent report released by McKinsey Global Institute states that the successful analysis of data has the power to aggravate the GDP or Gross Domestic Product by $325 bn by the close of this decade. Successful data analysis especially in manufacturing & retail establishments can potentially transform the economies of the world! Data scientist comes with specific skill sets to bring in the transformation into your organization.
Data Scientist are new breed of experts in analytics. These roles have found prominence in the light of the rise of big data. They are able to read, understand and interpret complex data to solve business problems in a jiffy! They identify what issues need to be addressed in the first place.
A Data scientist is partly statistician, partly programmer and partly analyst. They are experts in their domain. They collate huge data sets to come up with meaningful predictions for your business and its value proposition.
Though their job is to analyse complex data problems however they do much more than this. Data scientist can perform what your software can’t. They are experts who can read in between the lines. Once they perform a certain specific programming to get to the meaningful data, they then use a whole world of intuitive tools and strategies to gain meaningful information. Data Scientist know the statistical techniques that’ll work, tools and their implications and how to use the resulting data in gaining meaningful insights for the business.
They understand the pulse of the consumers. They understand market and industry behaviour. They support business expansion by aiding decision making and forecasting through scientific information. Business is able to act promptly to industry, consumer demands and trends. They provide insights to marketing and other areas of business decision making. They can deliver new perspectives, bringing about conversations around data and information.
Today data is arguably the most valued resources that we have. A data scientist knows how to use this properly. There was a time when data was just an afterthought within organizations, however gone are those days! Digital world has brought in immense transformation and now is the age of data and information. The world is slowly transforming to data culture where every decision is based upon relevant data. Data is required to make decisions. It is the analysis, creative intervention and specific skills of data scientists that could revolutionize the way businesses are being operated.
Your business will drive an understanding of what data is relevant for you however it may include every data point starting from consumer behaviour to complex polls and scans. Data scientist have the prowess to work magic with the data to take organizations to the next level.
Another responsibility of data scientist is to analyze the data of other businesses that you are possibly partnering with. This will minimize the risk many folds. Data scientist can analyze the information that is shared by third party vendors, you are considering teaming up with. This analysis can help you understand the credit worthiness of their business.
Albeit all the reasons as to why businesses are inclined to hire data scientists, it is integral for us to hire the right Data Scientist.
There are two types of data scientists, the creative thinkers and the analysts. Some data scientists do very well with analysing the data in-depth and coming up with insightful detailed reports. These reports empower key decision makers in the organization to make informed decisions. While the other set of data scientists are the driving force behind the decisions with their data centric knowledge and creative thought process to suggest innovation. What qualities are you looking for in your data scientist depends hugely on your business goals and company dynamics.
However, there are some common traits that you can look out for.
We are living in a data driven world. Isn’t the reason enough for organizations to hire data scientists! If you look around, what do you think you’ll first notice or something that’s everywhere no matter national or global boundaries? Computers, Tablets, Laptops, Smart Phones and all the fancy gadgets! By using all of these devices we are generating enormous chunk of data every day.
While we tweet or share a post on Instagram, we are creating huge data we aren’t aware of. This data is the big data in its complex form. Data Scientists harness the power of data and use it to identify newer opportunities. Even if you are not making data driven decisions right now, you’ll however choose to do that in future. This is simply because that’s how our technology world functions and to stay relevant, we need to keep up with the shifting demands of our times. With the intel that data scientist equips organizations with, we are able to make smarter business moves, generate higher revenues, set up efficient processes and have more happier customers. Explore more about data science with GrowExx. You can talk to us or explore some of our blogs to gain clarity.