If you want a quick answer to why your company should hire big data developers, this statistic from a recent McKinsey Global Institute report: It is estimated that successful big data analysis can increase the annual Gross Domestic Product (GDP) in manufacturing and retail by up to $325 billion by the end of this decade. That particular skill set is right in the deck of data scientists.
A data scientist is someone who knows how to manage large amounts of data and extract meaning from them using mathematical, statistical, and machine learning techniques. The knowledge gained transforms the data your company collects into a valuable asset that your company can use in a variety of ways.
If you want to get a deep understanding of data science you can check out the video tutorial on one of the Data Science courses.
In the latter section, I will tell you about the major benefits of hiring a big data analyst. Let’s jump into it!
Table of Contents
Benefits of Hiring Big Data Developers
Big data is very difficult to manage for an organization. A big data company/developer can easily examine the data. There are many other benefits of big data services. Let’s start with the first one!
1. Monetize Your Data
Facebook monetizes the data that collects from its users and you can do the same. Many retailer websites have a feature that says “Customers Who Bought This Item Also Bought,” which shows items that are likely to increase sales. This type of creative analysis can assist you increase revenue for your company.
2. Minimize the Risk of Your Company
The responsibility of data scientists is to analyse client yield patterns, which allows you to respond proactively rather than reactively if you notice a trend of customers favouring competing businesses over yours. You can win back customers by sending out preview deals or other discounts, halting the shift of fleeing consumers.
Data scientists also analyse data from other companies with whom you may want to collaborate. This helps to reduce risk. A data scientist, for example, could analyse information provided by a third-party payment processor on a company you’re thinking about doing business with, and that analysis could determine the creditworthiness of the company.
3. Get Better Understanding of Customer
Customer behaviours evolve over time, and it is difficult to track that evolution without the assistance of a data scientist. For example, Airbnb, a website that helps travellers and hosts find and rent affordable lodging spaces, recently reviewed consumer behaviour during website searches and revamped its algorithm engine to provide more personalised results. As a result, both bookings and reservations flourished. A data scientist could uncover this kind of insight into your customer base’s behaviour in order to improve your business model.
4. Get Unique Insights
Assume that your scientist discovers a link between the sale of Cocoa Krispies and winter snowstorms through efficient analysis. If this were the case, a grocer could strategically place that food item in its retail location during snowstorms to boost sales. This correlation would be difficult, if not impossible, to discover on your own. That’s where a data developer comes in.
5. Easily Expand Your Business
With the help of a data scientist, you may identify new markets that are potentially interested in your product or service. Your advertising campaign may be solid, but a data scientist could review it and determine the type of new customers gained from a specific initiative so that future campaigns can be manipulated. Data science can also identify new trends or to determine which inventory items will have the greatest immediate impact on revenue.
6. Improve Forecasting
Mining your company’s data with machine learning and we have used artificial intelligence for quite some time to predict future results, and many data scientists have expertise in both areas. For example, a car repair shop could use historical data to create a better employee schedule by analyzing spikes in consumer visits over time.
7. Get the Company’s Business Decisions
Data speaks for itself. Having solid and verifiable data on hand can help you make objective decisions by removing emotions and precedence from the equation. A data scientist can assist you if egos, emotions, or a tendency to do things the same way year after year have hampered your efforts in the past.
Final Thoughts
Finding a data scientist can be difficult. But if you hire big data developersfor your company, you can get tremendous benefits from them. If you have current employees who are well-versed in IT, they may be able to quickly learn data science software programmes. Posting your open position on Indeed or Kaggle (which caters to data scientists) is another option. Just be selective so that you find someone who can competently and greatly enhance your business operations.
I hope you have understood all the essential information regarding big data developers. If you have questions, you can contact big data services for further assistance.
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