It is now well versed fact that data science has indeed revolutionized the world and has enabled us to achieve automation in various tasks. This has decreased the human intervention and the efforts human have to put into various tasks and hence caused a huge development in both science and technology. Data science is not only useful for various information technology companies, but also is useful for various small or established business firms. In this article we will see how data science can benefit various small business firms which are yet to flourish and make their name in the market. The business firms can make use of Big Data Analytics, which is a very important side of data science. Now let’s see how big data can be useful for small companies.
To increase efficiency of operations
It is very obvious that companies need business analytics in order to figure out what the people will like and what they will not. Data Analytics is very important because nowadays there is a lot of data with business firms that needs to be analyzed. By studying from this data, the business firms get to know what are the demands of their users or customers. This can thereby also help companies to improve their decision making process. Companies related to business may analyze trends of the past and various current reforms to predict future outcomes.
Understanding the market to be targeted
By this, it is meant that data analysis can be proved to be very useful for business companies to understand the market that they are targeting. By understanding we mean knowing the general demands and the likes and dislikes of the customers in that market. Using data analysis, companies can keep a track of the general products the users like or dislike and in what numbers. This can help the companies form a general idea of what they have to manufacture or what services they have to provide and what changes they have to make.
In earlier times people used to visit the shops of the competitors in order to see their business strategies and the services or the products that they offer. But those were the old days. Those times are gone now. Nowadays you can get the information you want about your competitors right from your office. You can use Google trends or visit the company’s website to know more about them. You can also use social media. All this requires Big Data Analytics.
Understanding the demands of the customers
This is a very common thing. Any business that wants to flourish needs to understand the demands of its customers. After keeping track of what their customers want, the firms can alter their business strategies and service plans accordingly.
Finding the right talent
It is very difficult to go through resumes of candidates. Business companies mainly employ methods which can filter out resumes with the desired qualities mentioned. Hence they can hire the right candidate without having to go through each and every resume.
From the author’s desk
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