Decoding the secret messages to drive growth and profitability
You’ve got data—lots of it. And every day your stash grows by leaps and bounds. But did you know it’s hiding something from you? Yes, there are secret messages lurking in the mounds of information residing in the computers and servers all around your organization. The good news is that you can unravel the hidden secrets and turn this data into knowledge and insights to drive your business forward.
According to Forbes, only 0.5% of business data is ever analyzed. (Guilty as charged?) That’s because a powerful technique called data science is underutilized. Data science is the ability to apply scientific methods to all types of data, both structured and unstructured. Structured data is highly organized and easily searchable in relational databases. Unstructured data (think video, audio, images, social media posts) has no pre-defined format and is much less searchable with conventional tools.
Creating order out of chaos
Data scientists apply advanced algorithms and rules to comb through your sea of data, creating order out of chaos—enabling you to see what you’ve been missing. For the first time, you get true insight into what’s happening in the market and you can answer questions such as:
- How do I know if my prices are right?
- Why are my customers buying—or not?
- Are my incentive programs driving the desired behaviors, or just costing me money?
- Tissue and organ fabrication
- Personalized medical products and equipment
The tools for data analytics are constantly evolving. With the latest advancements, you can use scientific methods against your data to optimize the pricing and profitability of your deals. Instead of wondering if you’ve got the right price, you can be confident you’re not sacrificing the sales you need to achieve your goals. By applying data science, you also ensure that the right incentive plans are in place to drive the sales outcomes you expect without sacrificing margin.