Data science methods including AI algorithms and powerful data analytics are now applied broadly, from sales analytics through to industrial processes and risk management. For example, Gartner estimates that by 2021, 30% of (net) new revenue for solutions made for specific industries will now involve AI tech.
Few sectors and applications are untouched by today’s wave of data science and analytics applications. From science and industry through to financial service, e-commerce, education, healthcare, fashion, retail, logistics, warehousing, agriculture and more, the power of data is becoming readily apparent.
In moving beyond run-of-the-mill number crunching using simple maths, companies are discovering powerful insights in their existing data sets. These insights depend on cutting edge data techniques that are incredibly flexible, leaving almost no area of business untouched. These are just some of the areas in which data science and analytics can render large benefits:
Data methods can help businesses acquire new customers while making existing customer relationships more profitable. Data analytics techniques including regression analysis and automatic data classification highlights insights that can assist with:
In an age where cyber crimes and fraud are increasingly prevalent, business and enterprise must use every tool available to mitigate the risk of losses. This is not always simple to do, and data science can lend a helping hand:
Repetitive processes, whether in an industrial or a service setting, generate reams of data. Applying data science and predictive analytics help car rental businesses, as well as enterprises in logistics and transportation, warehousing, retail and beyond, improve their processes, reducing costs and increasing customer satisfaction:
The data science revolution is underway but not yet complete. Organisations stand the chance to obtain a competitive advantage by engaging with advanced data analytics before their peers. Unsure of where to start with data?
Contact the data-savvy experts at ELEKS to get insight into the areas in which data science and analytics can improve the performance of your organisation.
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