So you’ve landed a position as a Data Scientist and are tasked with taking all those zeros and ones and creating something which makes sense to even the most unenlightened. Taking copious amounts of data, and putting that information into something understandable, meaningful, and relatable, translating it to something tangible for key stakeholders to quickly and easily understand, is one of the biggest challenges faced by Data Scientists today.
As if translating petabytes of data isn’t difficult enough, Data Scientists are on the hook for serving up meaningful performance indicators and identifying hidden trends in a way which is presentable. Finding those profound insights for your business is no easy task, but, when the right information is discovered, any Data Scientist becomes a hero within their organization.
So, where can Champions of Data find some of these gems?
Demand forecasting typically relies on historical and transactional data, including dates and times that the transactions or events occurred. Social media data can also be included in this metric. By looking to trends in product demand, businesses can make nimble decisions about production and distribution. Knowing when to hit hot markets, or anticipate slow times, allows executives the insights necessary to create strategies to fit their business goals, and position themselves above the competition.
Produce Accurate Sales Projections
It’s all about the sales funnel these days and ebbs and flows in a business’ funnel make projecting annual sales challenging. Through taking into account holidays, weather, and other events, and combining it with Demand Forecast data, businesses can intuitively adjust for their unique ebbs and flows to get a clearer picture of specific points in the future. Having this information ahead of the trends keeps businesses ahead of the pack and on top of market trends.
Imagine being able to predict revenue more accurately than ever. Financial managers and executives need to produce accurate forecasts for projected revenue and profitability in order for teams to successfully calibrate efforts, and ultimately meet the needs of the company. Being able to use an accurate modeling approach offers the chance to consider what-if scenarios, as well as being able to test out new ideas with unprecedented accuracy.
These three metrics provide a solid foundation for any Data Scientist to catapult their expedition into data mining, and offer ample opportunity to uncover patterns in client behavior which previously may not have been obvious or provable. So dig in, you Supermen of Data, and get to the bottom of what makes your business tick.