By Mario Chao*
In a world where every interaction on social networks, any purchase or click generates information, the data science It has become a very valuable resource for businesses. However, despite its potential, many companies still do not fully take advantage of this lever, which could make the difference between those that lead the market and those that are beginning to fall behind.
Contrary to what some tend to think, data science is not exclusive to technology giants. It is a tool that allows any organization, from a startup to a multinational, transform its databases into intelligent decisions and these, in turn, into tangible results.
But what exactly is data science? It consists of analyzing large volumes of information to identify patterns, generate predictions and present strategic solutions; combining statistics, programming and data analysis to answer key questions for organizations.
Delving into the positive aspects of data science, I would like to highlight some of its main benefits for business. Firstly, it allows companies to have a deep understanding of their customers, identifying preferences and needs from purchasing patterns or online interaction; as is the case of streaming platforms, which use data science to personalize content recommendations for their customers. Every suggestion, every premiere, every genre that appears when entering the main menu of one of these platforms has a structure based on data science behind it. Can you imagine applying it for your business for the type of product most searched for in your ecommerce?
Secondly, this advanced data processing can help optimize resources in operations, since thanks to the analysis of workflows and internal processes, companies can identify areas for improvement. A logistics company, for example, can analyze the transportation routes used and determine which are the most efficient in terms of time and costs. In this way, they not only optimize their fuel consumption, but also reduce delivery times, which has a positive impact on customer satisfaction.
Another advantage that can have a potential impact on several areas of a business is that through data science it is possible to identify emerging trends in consumer behavior or market dynamics. An example is supermarkets, in which, by identifying an increase in purchasing preferences for certain types of foods or products, the offer can be expanded to satisfy that emerging demand.
Although implementing data-driven solutions offers great benefits, it also presents challenges. One of them is to guarantee the quality of the data collected, since if it is inaccurate or incomplete, the decisions made based on it may turn out to be wrong. Likewise, the ethical and transparent management of information is crucial to avoid legal problems and continue to maintain consumer trust.
In an increasingly competitive business environment, the true power of data science lies in its ability to drive business value and stay relevant. The key is not only to collect data, but to know how to use it, ethically and strategically, to turn it into tangible results. It is still an arduous task and if you do not know how to manage it, it can even be overwhelming. However, if a business has already taken the first step towards data collection through well-structured processes, this is the next natural step to be able to exploit all the applications. business and even to explore new lines of business. At this point, the question that every leader should ask themselves is how prepared is their business to take the step towards this transformation?
Contact:
*Mario Chao, CEO of NTT Data Mexico
The opinions expressed are solely the responsibility of their authors and are completely independent of the position and editorial line of Forbes Mexico.
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