Have you embarked on your data science journey?? If not, do it now!!
The New York Times bestselling book Freakonomics changed the way we see the world, exposing the hidden side of just about everything using pure data and metrics. The book talks about freak insights and shows how we assume or take somethings for granted. For example, if you were asked a question – Which is more dangerous, a gun or a swimming pool? Your obvious answer would be gun!! But the stats speak otherwise! There are more accidental deaths in the swimming pool than by guns.
Another book on Predictive Analytics shows that drawing predictions from data is at the heart of everything whether it’s in science, politics, sports or business!
Does crime increase after a sporting event? Do vegetarians miss fewer flights? Does your inclination to buy on a site vary by the time of the day? Do Mac users book more expensive hotels? Do people with lower credit rating have higher chance of accidents?Surprisingly the answer is yes and yes!
We’ve entered the golden era of predictive discoveries. Walmart has shared interesting insights of consumer behavior post detailed market basket analysis. People stocking up on comfort foods in preparation before a hurricane! Who would have thought that Strawberry Pop-Tart sales increase about seven fold prior to hurricanes!! Men who buy milk and diapers are also more likely to have beers in their cart!
Machine learning and data analytics bring out colorful, valuable, and surprising insights.
There are mounds of data within disparate internal systems or for those who have a brand presence on the internet, there is data all around on social media platforms. Whether it is a startup organization or a Fortune 500 firm, today businesses are aware of the value of data. Businesses are investing in dedicated data science specialists and analytics team to bring back these stories from their own data to gain further insights.
Rightly so, whether it is customer, marketing, workforce or social media analytics the more insights you have about your organization brand or products, the better equipped you are to define your future road maps and drive competition away.
So, if you are beginning on your data science and analytics journey, here are a few points to consider:
Do you capture and store data that has unique behavioral elements of your consumers? If you know how and where your consumers spend their time, or what they buy, what platforms they use; a structured analysis of these how’s, what’s and when’s could bring interesting insights.
If you realize that the data is insufficient, that itself could also lead you to a road map of better capture and tracking of the right data on your website or products.
Does your data change fast? This may be an opportunity to provide streaming or real-time analytics.
Have you invested in the right tools to analyze your data? Data analytics whether it is text or image via machine learning and/or deep learning techniques can generate insightful stories which were simply impossible to conceive five years ago.
How do you plan to visualize your data? With the right interactivity and slices-dicing the stakeholders and decision makers will feel part of the story bringing a higher level of engagement.