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5 Ways Data Science Defines the Way We Do Business Today

BY: SGI|11 December 2019
BLOG| Evolving world of work

As The Economist boldly declared, the most valuable resource in the world is no longer oil, but data. The surrounding science – including the extraction, analysis, and application – is one of the fastest growing industries in the world, and corporations are scrambling to stake their claim and gather their share of information in order to reap the benefits.

 

This interest is not surprising at all, considering the impact data science has on the way we do business today:

 

1. Smarter Decision-Making

Great decision-making is based on understanding the challenge and the context in which it presents itself and the options available, as well as the ability to assess the decision during and after implementation. Data science provides the ability to do just that by collecting and analysing all information available and extracting invaluable insights.

 

2. Improved Products

Better products mean improved business performance. After all, your customers are the ones that drive the success of your business. Data science provides the ability to collect and analyse customer sentiment surrounding your product, including customer reviews, allowing you to extract insights on which features your customers like, do not like, or desire.

 

3. More Efficient Business Management

Data science allows you to evaluate the health of your business, make more informed decisions, and even create outcome scenarios for various strategic approaches, allowing you to manage resources better and drive the business more confidently towards its goals. Download our Big Data eBook to read more about this. 

 

4. The Ability to More Accurately Predict Outcomes

A large part of this discipline is not only harvesting existing information, but also extracting insights and patterns from this information. Patterns and insights allow us to formulate more accurate outcome models, which means that the future results of strategies and decisions can be more accurately predicted.

 

5. Enhanced Recruitment Processes

Data science has had a huge impact on the automation of repetitive processes by recognising important information points and patterns. One such application is the screening of potential candidates, allowing businesses to scan a large group of talent to find the ones who are most likely to be a great fit for their business.

 

Data science can be a daunting subject for business managers, but it does not have to be. The Stellenbosch Graduate Institute offers a short course that will assist managers to clearly understand the applications, technicalities, and limits of this discipline without getting caught up in unnecessary details. Give yourself the competitive edge in the business world with the Stellenbosch Graduate Institute – contact us today to find out more and to sign up to start your upskilling journey. Read Data science online courses now available with SGI.

 

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