6 Business Trends Benefiting Data Scientists
Here are six business trends making data scientists even more in-demand.
Company leaders in various industries are increasingly concerned with tracking the business trends that could impact their profits. They often engage in more activities that need data scientists’ expertise. Here are six trends making data scientists even more in-demand.
1. Data Quality Management
Data quality management uses a combination of professional knowledge and specialized tools to continually enhance the accuracy and reliability of a company’s information. The idea is to develop and implement sets of processes to enhance an enterprise’s future data quality and eliminate current information containing errors.
A 2021 survey of more than 2,200 business intelligence professionals found that respondents chose data quality management as the most important trend of the year. The research also indicated that the topic achieved the top spot in several previous years, too.
Data scientists can help business leaders embrace this trend. Making progress requires knowing how a company currently uses data and where weaknesses exist. Once data professionals have those insights, they can help company leaders make the most of the information they have now and monitor its quality.
2. Data Storytelling
When business leaders invest in data storytelling, they blend data and narratives to break down complicated statistics into manageable formats for their audiences. For example, adding a bar graph to a company’s annual report makes it easier for stakeholders to digest and appreciate the data while seeing it in context.
Data storytelling isn’t always directly for customers’ benefit. One study showed that 56% of marketers create data visuals for their fellow team members. Then, 52% of respondents made those resources for people working in sales.
Marketers may give ongoing input when using data storytelling. However, they’ll still likely need data scientists to help source, clean, and organize the information.
Data scientists also have welcome expertise about showing the material in ways that don’t mislead people. It’s not enough to present the content in a visually appealing way. Viewers also must interpret the data correctly, even if they only look at it briefly.
3. Data-Driven Customization
It’s no longer effective to show people content intended for the masses. They want more personalization — even when seeing online product advertisements. In one 2020 study, 31% of people showed more loyalty to brands that distributed personalized ads to them. Similarly, 30% of respondents reported they’d be more likely to buy something due to a personalized ad.
Even as many consumers like increased personalization, some don’t want brands to know too much about them. However, one effective way to help people feel more comfortable is to show transparency about how companies use the data and why they need it.
Plus, data scientists can ensure company leaders follow best practices and adhere to all applicable regulations when collecting, storing, and using information. With California already having a data privacy law and state legislators considering introducing such laws elsewhere, business representatives must understand their obligations.
4. Real-Time Data
Real-time data gets sent for analysis immediately after collection rather than getting stored for examination days, weeks, or even months later. Business leaders are particularly interested in receiving timely information if they work in industries where late decisions could result in too many upset customers or lost profits.
In Walmart’s test store featuring innovative technologies, smart cameras and real-time analytics monitor stock levels and buying patterns. Then, retail associates get alerts about when to replenish the shelves before they become empty.
Real-time data is also vital in manufacturing, especially since unexpected downtime is prohibitively costly. Many brands use predictive analytics tools that give real-time data about machine performance and possible issues to address. Data scientists can help company leaders determine the best ways to use real-time data to meet business goals.
5. Email Automation
Some marketing analysts consider email automation one of the best ways to engage customers. It concerns sending people content when they take certain actions. For example, once a person signs up for an email list, they might automatically get a welcome message with a special offer.
Data scientists have the necessary expertise to dig into collections of information and confirm how company leaders could achieve business improvements through automated emails.
Perhaps the statistics show that an e-commerce company has a high cart abandonment rate. If so, an automatic email to remind shoppers that they didn’t finish their purchases could drive completed transactions.
Business leaders can also depend on data scientists to find statistics showing which email techniques work best. For example, is a person more likely to open an email with their first name in the subject line? What effect does putting a specific percentage off in the subject line have on customers’ interest in a sale?
6. Data as a Core Business Function
Many company leaders no longer see data as an optional part of their operations. They realize that ongoing access to accurate information will aid decision-making and result in a stronger business. Data scientists can evaluate the best ways for a company to become more dependent on data and scale those efforts.
Analysts at Gartner mentioned data as a core business function among the company’s list of top data and analytics trends for 2021. They clarified that data-based activities were once secondary to main business operations and often tackled by a separate team. That’s changing, with data becoming a foundational element for the enterprise.
However, they cautioned that business leaders often get overwhelmed by data and miss related opportunities. Gartner’s experts suggest involving chief data officers to set goals and strategies. Doing that could result in the consistent production of business value that increases by a factor of 2.6 times, they said.
Data Scientists Are Essential
Data can help business leaders in all industries unlock insights they’d not otherwise have. However, making sense of that information isn’t always straightforward. Data scientists have the knowledge and skills needed to help company decision-makers take advantage of the information at their disposal and use it to succeed.
Bio: Devin Partida is a big data and technology writer, as well as the Editor-in-Chief of ReHack.com.
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