Why Your Business Must Invest in Data Science

Posted December 17, 2019

In Blog, Data Center, Managed IT Service Providers, Managed IT Services, Managed Network Services, Managed Service Provider, Managed Services

Every business owner knows that one of their most valuable assets is data. Whether it’s an email address or sales numbers, information empowers you to make smart moves for your company. But, you can have too much of a good thing. Some estimates say that by the end of next year, there will be 44 trillion gigabytes of data in the world. It’s easy for anyone to become overwhelmed. That’s why data science is so important.

It helps sort through the disorder of random data, analyzing and organizing it in ways that creates meaning. Using algorithms and intelligent processes, data scientists can use your big data to mitigate risk, provide better services to your customers, and create goals that matter.

Still wondering what data science can do for you? Here are 5 ways that data scientists can change the way that you think of information:

Bring focus and common goals to employees. When you work with people in any capacity, our own experiences, motivations, and ideas can sometimes interfere with what’s best for customers. With data science, you can create actionable plans for your employees that are both measurable and motivating. There is empowerment in knowing exactly what you’re striving for, and organized data can provide that.
Make decisions based on trends. If you’re tired of throwing darts at the proverbial wall and seeing what sticks, it’s time to hone your strategies with data science. The information that analysis and organization provides can help you understand trends and capitalize on them earlier than ever thought possible.
Analyze risk before you invest. Anytime that you pour time and resources into a risk that doesn’t pay out, it can be incredibly disheartening. With data science, you can play out any number of scenarios, as well as get insight into the intermediary data that led to that particular outcome. Many big businesses, like Starbucks, already use data science to decide where they should build new locations based on traffic, demographics, and typical customer behaviors
Target the right demographics. You won’t find many businesses that aren’t using some form of customer targeting data, but often it’s not used in a way that effectively creates subgroups that you can market to. In doing so, you are able to spend less time and resources selling to people who aren’t the right fit for your product or service.
Adapt to change before the competition knows a change is coming. The old saying goes, “The early bird gets the worm,” and the same could be said for companies that readily invest in data analytics. Data science as a tool is growing quickly, but many businesses are still hesitant to get started. Those that are already turning their data into marketable, actionable nuggets of strategy will have the competitive edge as time goes on.

Big data and the people who work with it can bring unprecedented, positive change to companies. From understanding your customers better to avoiding previously unpredictable pitfalls, there are innumerable ways that the right combination of data and organization can help you run your business better.

Kyle Vinar

Kyle Vinar is Partner / President of Verus Corporation. He oversees all business operations and coaches Verus teams to continually improve on their solutions from client experience to product development and overall solution implementation. He works with all Verus resources to increase efficiencies and excellence in every aspect of their organizational roles. Kyle believes that people are the last real competitive edge that a company can have and constructing a rich culture is a vital step in running a world-class organization. Therefore he strives to create a culture within Verus that allows everyone to show up authentically and grow both personally and professionally, which in turn allows Verus Corp team members to provide clients with top-of-the-line service. Kyle helps balance strategy, capacity, and culture in such a way that has allowed Verus Corp to achieve exponential growth since he joined the company in 2013. One of Kyle’s greatest professional achievements has been in helping lay the foundation upon which Verus Corporation could be named the 2nd Best Place to Work by the Minneapolis/St. Paul Business Journal. Kyle holds a Bachelor of Science in Marketing from St. Cloud State University. He lives in Champlin with his wife and 3 children. He has enjoyed volunteering as a soccer coach for over 6 years and was the former Director of Coaching for Rebels Soccer Club. If Kyle isn’t on the sidelines of one of his children’s soccer games or in the audience of his eldest’s musicals, he can often be found cruising scenic routes on his Harley, in a deer stand, or on the golf course.