It is expected that these sources of data will continue to grow with digitization, prompting organizations to guide their business strategies by applying various innovative Data Science applications. Harnessing the right data and its precise analysis is set to be a competitive advantage for businesses across industries and can help them improve their customer engagement and retention, gain marketing insights, and also manage and eradicate various risks.
The move into the digital era during the pandemic was accelerated when the social distancing, and lockdowns necessitated by the pandemic disrupted the normal way of life. All the crisis responses that were prompted by the onset of the pandemic, from the basics like virtualization of education, remote work, increasing reliance on online connectivity to more complex things like building a robust digital infrastructure to check the community spread of coronavirus, serves as an example of the fact that that there is no end to innovations unlocked by digitization.
“Increasing digitization is fueled by data. An intelligent digital transformation needs to be backed by data science which shows how data can be used to reveal where digitisation is required, to what extent, how to overcome the challenges, and how to derive actionable insights. Without it, digitisation falls short of affecting any meaningful progress,” remarked Ravi Kaklasaria, CEO and Founder of SpringPeople an enterprise training and certification provider for latest technologies such as cloud computing, big data and many other technology fields.
Experts say that data science is central to unlocking intelligence, and regardless of locations, ensuring seamless business transactions. With regard to the current scenario, businesses are facing a lot of uncertainty due to this VUCA (volatility, uncertainty, complexity and ambiguity) landscape. Though the demand has been rising steadily, many are left clueless on how to navigate the pandemic waters to the other side. Data Science, namely Predictive analytics, has a huge role to play in addressing these concerns.
“By making risk assessment, market analysis, and customer segmentation, businesses who use data science are empowered with Data Science tools and get an edge over their competitors, and have a tight grip on their demand, and supply. Also, with the increasing demand on healthcare, agriculture, and government services to name a few, there is a rising need to monitor, and manage capacity, and capability with data. Data science is central to this, as well as to anticipate future shocks,” added Kaklasaria.
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