Businesses can reap real benefits from data science training
In today’s data-driven world, the effects of data science are evident in organisations and businesses across sectors all over the world. Our ever-increasing ability to process and analyse information represents a huge opportunity for organisations, but with one requirement: success depends on knowledgeable personnel who can harness this data and use it to guide decision-making.
One of the best ways to get your employees and team members up to speed in this area is through professional development training in data science. While this is certainly a significant investment of time and financial resources, it is an investment that pays off. In this blog post, we have a collected a few of the many use cases that demonstrate just how beneficial it can be to have a team with a strong data science foundation.
The Fundamentals of Data Science Help You Target Customers and Clients
Data science can be incredibly useful when it comes to closely identifying the characteristics and habits of your clients or consumers. This is in part because data science allows for the structuring of real-time analytics – not only do you have information about who is buying your product or service, but you also are able to gain insight into when and why they are likely to do so.
Help your employees zero in on your targeted customers with data science
For instance, Wal-Mart has fined-tuned its ability to predict which products are the most likely to sell at which location. The retail giant introduced company-wide Universal Product Code bar codes, which enable them to collect information in their database to forecast demands more efficiently. This kind of large-scale initiative demonstrates the power of predictive models that are fuelled by a broad and thorough data set.
By training your employees in the fundamentals of data science, you are giving your organisation the tools to better understand the needs and behaviour of those you are trying to reach, increasing your efficiency and customer satisfaction.
Data Science Training Can Enable Sentiment Analysis
While data science is a largely quantitative practice, it can also help organisations leverage insights that would otherwise only be possible through qualitative methods of analysis. One of the most striking examples of this is the process of sentiment analysis, also known as opinion mining, through which organisations can get a sense of their brand perception from text analysis and computational linguistics largely derived from social media. Real-time sentiment analysis can be incredibly useful for many organisations. For instance, a software provider could be alerted to a bug in their latest update by a drop in user sentiment.
With data science training, your team can better gauge brand reputation and customer sentiment
Alternatively, political figures have also been known to use sentiment analysis to adjust their messaging and tour track – in fact, many have suggested large-scale social analytics greatly contributed to Barack Obama’s victory in the 2012 US presidential election. If your employees are able to leverage data science, the value of your social channels and other audience monitoring can increase substantially.
A Team Equipped with Data Science Skills Can Manage Risk More Effectively
The digital age comes with its own unique security and risk concerns; however, a team well-versed in data science can greatly advance your organisation’s protection against such threats.
Data science can be particularly useful for preventing security breaches for customers. For example, by collecting and organising data on customer spending and account patterns, financial organisations can more accurately detect unusual activity and trigger safety mechanisms such as account freezing or customer notifications. The FICO Falcon fraud manager system is an example of this, using data-driven predictive analytics to reduce fraud and increase efficiency for clients.
Whether you want to better meet your customers’ needs, understand your brand, or protect your business, a data science flexible learning programme can equip your team to meet those goals.
With the Southampton Data Science Academy, your employees’ data science training doesn’t have to come at the cost of productivity.
Contact us to find out more about our flexible learning approach!