Updated: May 26
How does Data Science help your ERP Business??
Analytics is power in the Business, and data is the fuel that created this power. As per Gartner survey, it is estimated that there will 44 trillion gigabytes of data. And being able to harness the power of this data thru data science is extremely essential. Data Science uses different approaches to acquire data, cleanse the data, process the data, apply related algorithms, prepare data model, train the data models and then present a data in business consumable format to take several strategic decisions.
Having seen the historical data and the analytic approach presented by Data Scientists, business can leverage these insights in several areas like competitor price, product performance, employee attrition, employee training, quantifiable sales predictions, anticipated over head costs, understand the customer behavior and many more.
Data Science expert can add value to businesses in the following ways:
Efficient Business Decisions:
Data scientist applies several algorithms on the historical data to generate a model which can accept a test data and simulate a variety of possibilities. A data scientist should also need to have good knowledge on statistics which helps in choosing correct algorithm and apply a correct model. There are several model like ARIMA, Apriori and the popular regression models. After applying the correct algorithm, data scientist can present a prescriptive analysis to the business. With which business can take strategic decisions.
Product Enhancement and Evolution:
With the sales data, product consumption data and demographics of the sales, data science methodologies can explore the competitor’s product price, product usage, market analysis and recommend where and when to sell which product. Also, can recommend stopping the development of any product which is not performing better. Also, with the survey results from the customer, can also recommend a better solutions to be offered after enhancement.
Training have always been a crucial requirement to hold the existing staff. Data science can pull the employee data and can provide insights of an employee can be utilized. This can help business to place a right employee for a right task. Often there are employee who are over qualified or under qualified for a job which leads to attrition. With help of Data Science, business can leverage the right experience of the employee and reduce the attrition.
With amount of the skill sets present in the real world and various recruiting platforms, data science can utilize machine learning approaches to find a suitable candidate for a job with maximum matches. The program can browse across all the social media platforms to find the best match, seeking for a job and push the resume forward to human resource department. Human intervention is reduced by which business can reduce the time consumption in hiring process.
Data science can be help business to find the customer behavior and can recommend a super set data of audience depending on location, gender, like, expense behavior, demographics etc.
Please suggest in comments if there are any more benefits to your business?