Data is becoming gradually very essential to success in the digital economy. Most of the organizations rely on data for multiple processes—from product management and fraud detection to finance, HR, and manufacturing. Computers have always played an essential role in the business world, and today’s digital economy, data now provides the new aid that fuels competitive advantages. Big data, artificial intelligence, machine learning, the cloud, mobility, and data mining are some of the technologies that served as analyst for data science. It’s imperious to find a way to control these technologies to manage the vast data sets your business is already collecting. Data science covers the spectrum of all requirements of decision making. And help decision-makers and the IT teams make smarter decisions. The responsibilities of all the teams has changed with time.
Now with the aid of data analytics managers are making more effective and intelligent decisions than ever before. Here are some of the examples.
Smarter Spare Parts Placement
To support normal maintenance procedures, capital equipment manufacturers often have to deploy spare parts to geographically dispersed distribution centers. In the past, the spare parts would be positioned to regional areas for staging based on engineering approximations and feasibly the number of machines in each location. But consider if data was available regarding how past equipment had performed in each of the specific locations. Perhaps the maintenance manager could control and regulate that certain parts are consumed more often in certain geographies due to the local climate. And as a result, parts have to be sent from other depots for replacement—at a further expense. Using this data, spare parts could be staged to support this predisposition and avoid future shipping expenses. This would also reduce total maintenance expenses.
Direct Marketing
Let’s take the example of commercial real estate sector, agents have to find multiple properties that will be bought by potential investors. This makes it difficult to automate bundling and marketing strategies. However, agents can use an investor’s purchase to improve the tendency to purchase by offering smarter bundles of properties with similar features. It also decreases the time properties are in inventory and lowers marketing expenses.
Smarter Medical Treatments
When new medical technology enters the patient care field, the only information available to doctors are the training materials relating to the treatment, which are based on the patient testing phases. Data science makes it possible for doctors to use suitable, anonymized data acquired within the patient medical information system. This helps in better decision-making in terms of patient treatment options. This will improve the accuracy of treatment selection, accelerate the delivery of care, and improve the lives of the affected patients.