The Importance Of Hiring Data Scientists For Your Organization
Author: Zain Imran Butt
We are living in a world where businesses generate massive volumes of data. Through harnessing data, any business can supercharge its growth. However, 80% of the data generated is unstructured, and it is important to analyze data in the right way to extract actionable insights – this is where hiring data scientists come into play.
Let’s deep dive and explore more on why every organization should consider hiring data scientists.
Data Scientists Can Help Businesses Monetize Data
Hiring data scientists can greatly benefit organizations looking to monetize their data. These specialists have the skills and expertise to properly analyze and interpret large data sets, identifying valuable insights and trends. They can also assist with implementing effective strategies for utilizing this information in a way that drives revenue growth.
Facebook is a great example of a company that monetizes data. If Facebook can do it, you can do the same. For example, you can learn more about your customer preferences based on existing data sets. This can provide a business with detailed information regarding its specific audience or audiences. Moreover, with the help of data scientists, you can create new offerings, which will eventually help improve your business revenue.
According to research, big data generated about $190 billion in revenue in 2019 and is predicted to increase to $274 billion by 2022. Businesses that use big data techniques see a 4% rise in retail sales.
Hiring Data Scientists Can Help You Mitigate Against Risks
Hiring data scientists can help organizations mitigate risks in three ways:
- Providing expertise in areas such as data storage and security. Data scientists can assess potential vulnerabilities and put measures in place to protect sensitive information.
- They can generate trends about typical bottlenecks or issues associated with your products or service
- They can monitor and analyse data to detect any anomalous or suspicious activity, allowing for efficient and timely responses to potential threats
In today’s digital age, having a dedicated team of data scientists protecting an organization’s data is essential. This reduces risks and ensure the safety of both the company and its customers.
You Can Get A Better Idea About Your Customers
If you want to take your business to the next level, you need to have a clear depiction and thorough understanding of your customers. However, this is more challenging than it seems as the customer behaviour cycle is intricate and complex. You will not be able to monitor this change without seeking the assistance of a data scientist.
Airbnb – popular for offering affordable lodging spaces for people, has recently got the help of data scientists to review their customer behaviour. Based on the results, they made some changes to the algorithm to deliver more customized results. This, in tune, helped Airbnb increase the total number of reservations and bookings. You can do the same and use data to improve your approach to scaling your business.
Data Scientists Can Help Expand Your Business
Hiring data scientists can help you with designing marketing campaigns as you try to reach out to new markets. Data scientists can use machine learning algorithms to determine the potential value of each customer segment as well as which products are likely to appeal to them. This can then be used to guide an organization’s content strategy, channel optimization, and advanced lead targeting.
Moreover, you will be able to understand new trends in the markets that you are planning to expand. If you can be the first to discover trends, and capitalize on them, as a business you will be able to create a better impact on your revenues.
Let AIQU Find Your Next Data Scientists
Hiring data scientists is an investment that will pay off handsomely for your organization in the long run. By entrusting them with the critical task of managing your company’s data, you can rest assured that your business will be well-positioned for success.
With over 15+ years of local and global IT recruitment experience, we have a team of dedicated experts spread across 6 specializations, including Business Intelligence, Big Data & Analytics. We have helped multiple large organisations in the MENA region to hire top data scientists to execute their big data strategy.
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