Many companies are coerced into going digital in the hope that the trend will increase revenues. In a survey conducted by McKinney and Co, this year, the report found that only 12% of the respondent CEOs felt any change in profits after going virtual. What have they missed outon this disruptive journey to counter competition, increase revenues and simultaneously keep business ops running? One probable reason could be that they did not invest in data science consulting which is a key metric to sort out technical problems in migration to the virtual platform. Being out of touch and having no idea about how business could be influenced positively by experts handling data metrics, could have killed the performances on various fronts.
Benefits come only when assessments are done with right tools and integration methods connected to data science. A few tricks and tips could change financial figures on the excel sheet. The information below is indispensable to read and think about to re-strategize and bounce back with business AI.
A few points to ponder…
Have you understood which parts of your company’s business could be influenced by digitization? If you would have invested in the following areas, the levels of success would have shown better results. Of course, it is not too late to adapt a system that performs better.
- A positive customer experience is crucial if you belong to the aggressive service industry.
- Employee interaction and their engagement with digitization –such as, were they really trained before being asked to use the online platforms? Without training and familiarization, they are like a sea of donkeys, just working hard with no tangible results.
- Financial performances and costing involved in organizing the internal processes, play another role in the digitization process.
- Were you aware of the past and current data strategy that could be used?
- Is your IT admin empowered to upgrade or make changes required for a digital experience?
- Has the IT division used cloud-based technologies to solve problems for employees and customers? Cloud-based solutions are quite cost-effective
All the above areas are fraught with potential human errors that derail profitability via digitization due to ignorance. There are few tricks to integrate data science consulting ideas to make the system automated enough to cut human errors coupled with good business practices.
Understanding business through DSC
Business AI is used extensively in retail & sales, finance, healthcare, energy, media, and manufacturing industries. When combined with data science consulting (DSC), it can transform business practices in big ways. There are certain skills prominent data scientists have and become unicorns or professionals guiding many business sectors. Each company will need to check the necessary skills of the service provider before hiring for consultations. These are the following knowledge and experience required for a data scientist to navigate the migration to the virtual world with the least amount of loss to human resources and business practices. They include technical analytics and computer science and non-technical qualifications.
Analytics Technical skills
- Education– A Masters degree or PhD. A thorough knowledge of maths and statistics is essential. Engineering and computer science add to the value to the qualifications.
- SAS/ R– Deep learning in these analytical tools is beneficial. It helps the company to hire such a qualified data scientist.
Computer Science Skills
Today, DSC offers diverse tools for analysis and companies need to apply them for better digitization. Data will remain lifeless unless used by skilled people. Both, government and private sector enterprises need to discuss consumer queries through this medium. It is not just bookkeeping or tracking but the benefits range from crop rotations for a farmer to manage large-scale operations in a manufacturing plant. The payoffs include a boost of productivity and hence optimization is essential. The main principles of data science consulting are varied and can be customized for agriculture, financial, energy, commerce, and insurance sectors. A qualified professional can handle human resources available to the company, supply chain management, sales & marketing, customer relations, and retail stores. Data can also stay safe and secure as the DSC team works closely with the IT admin to give alerts on time, illegal usage and overall functioning.
Are you now willing to add this crucial part toprotect your business interests?