Coming on the heels of old-school data crunching, surveys and statistical tools, data science has been teetering on the horizon of business analytics for quite some time and is now empowering millions of businesses worldwide, providing unprecedented access to understand and react to a vast and expanding network of customers. Data science not only provides precise insight into the cogs and wheels of the ever-changing marketplace but provides sure-footed predictions on what the future holds for your business and customers.
The sheer computing power available today allows data scientists and professionals to crunch individual customer feedback, their preferences as well as dislikes and what expectations they have of your products. Based on a variety of myriad factors like their history, previous engagements, locale and demographic, data science can provide with targeted and personalised results for every customer, whether existing or potential, allowing you to cater to their tastes all the time, making sure your bottom line is never hit. At the same time, it enables you to disseminate the same actionable information to your employees, ensuring a pleasant customer service experience leading to a higher retention rate among your satisfied customers.
Rapidly evolving tastes across all demographic groups make it a challenge to predict what line of products, choice of advertising medium or inclination towards certain distribution methods is going to engage your customers’ shortening attention spans in the near future. Data-fueled business analytics help your business stay ahead of the curve by telling you what advertising and distribution channels to select, which to discard, and which to build upon.
All of these methods, however, are marked with convenience of being built upon the existing, pervasive and robust structure of the internet, thus making a speedy transition for your business with absolutely no downtime. Powered by this convenience and the incredible mathematical strengths of big data, data science can be used to attract new customers, retain old ones, engage their interests and social networks and even encourage them to recommend your business to their friends and loved ones.
Author: Debaleena Debnath
Debaleena is a digital media consultant @ speradigital.
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