Business leaders in various industries are increasingly interested in following business trends that may affect their results. They often engage in more activities that require the expertise of data scientists. Here are six trends that are making researchers more in demand.
1. Data quality management
Data quality management uses a combination of expertise and specialized tools to continually improve the accuracy and reliability of a company’s data. The idea is to develop and implement process sequences to improve the quality of the company’s future data and to eliminate existing data that contains errors.
The 2021 survey by more than 20 percent 2,200 business information professionals respondents chose data quality management as the most important trend of the year. The study also showed that the topic also reached the top spot in several previous years.
Data researchers can help business leaders embrace this trend. Progress requires knowledge of how the company is currently using the information and where there are weaknesses. Once data professionals have gained these insights, they can help business leaders leverage all of their current knowledge and monitor its quality.
2. Data storytelling
When business leaders invest in data storytelling, they mix data and stories to break down complex statistics into manageable formats for their audiences. For example, adding a bar chart to a company’s annual report makes it easier for stakeholders to digest and value information while seeing it in context.
Data narration is not always directly for the benefit of customers. One study showed it 56% of marketers create an information visual for fellow members. Then 52% of respondents made these resources available to people working in sales.
Marketers can make a continuous contribution when using data storytelling. However, they still need data scientists to help with data acquisition, purification, and organization.
Data scientists also have welcome expertise in displaying material in a way that does not mislead people. It is not enough to present content visually. Viewers must also interpret the information correctly, even if they only look at it briefly.
3. Data-based customization
It is no longer effective to show people content. They want more personalization – even when they see online product ads. In one 2020 study, 31% of people showed more loyalty to brands distributed customized ads to them. Similarly, 30% of respondents said they were more likely to buy something because of a personal ad.
While many consumers like increased personalization, some don’t want brands to know too much about them. However, one effective way Helping people feel more comfortable is to show transparency about how companies use information and why they need it.
In addition, data researchers can ensure that company executives follow best practices and comply with all applicable regulations when collecting, storing, and using information. California already has a data protection law and state lawmakers are considering introducing such laws elsewhere, so business representatives need to understand their responsibilities.
4. Real-time data
Real-time data is sent for analysis immediately after collection, rather than being stored for study days, weeks, or even months later. Business leaders are particularly interested in getting timely information if they work in industries where late decisions can lead to too many customers or lost profits.
In a test shop using Walmart’s innovative technologies smart cameras and real-time analytics Track inventory levels and purchasing habits. Retail shareholders will then be notified when the shelves need to be replenished before they are emptied.
Real-time data is also vital in manufacturing, especially when unexpected downtime is prohibitively expensive. Many brands use proactive analysis tools that provide real-time information about machine performance and potential problems. Data researchers can help business leaders identify the best ways to use real-time data to achieve business goals.
5. Email automation
Some marketing analysts are considering email automation one of the best ways to attract customers. It’s about sending content to people when they take certain actions. For example, when a person signs up for a mailing list, they may automatically receive a welcome message with a special offer.
Data scientists have the expertise to dig into data collections and validate how company leaders can achieve business improvements through automated emails.
Perhaps the statistics show that an ecommerce company has a high rate of shopping cart rejection. If so, an automated email that reminds buyers that they haven’t completed their purchase can result in completed transactions.
Business leaders can also depend on data scientists to find statistics that show which email technologies work best. For example, is a person more likely to open an email with a first name in the subject line? How does removing a certain percentage from a topic line affect customers’ interest in selling?
6. Information as a core business function
Many business leaders no longer see information as an optional part of their operations. They understand that constant access to the right information helps make decisions and leads to stronger business. Data researchers can evaluate the best ways to make a company more dependent on data and expand these efforts.
Gartner analysts cited the data as a core business company list 2021 of the main data and analysis trends. They explained that knowledge-based operations were once secondary to the core business and often handled by a separate team. It changes, and information becomes a cornerstone of a business.
However, they warned that business leaders often get drowned in information and lose the opportunities associated with it. Gartner experts suggest involving CEOs in setting goals and strategies. It could lead to consistent production of business value that increases by a factor of 2.6 times, they said.
Data researchers are essential
Information can help business leaders in all industries gain insights they would not otherwise have. However, understanding the information is not always straightforward. Data scientists have the necessary knowledge and skills to enable company decision makers to leverage available knowledge and use it to succeed.
Bio: Devin Partida is a big data and technology writer and editor-in-chief ReHack.com.