Benefits of Data Science and Machine Learning
Did you know that 53% of businesses already have data analytics departments? It’s increasingly clear that good data management that can be leveraged by data scientists is the secret behind high performing company success. By implementing Data Science, companies can leverage incredible results, such as innovation, competitiveness, risk management, refined procedures, and data literacy.
Top 4 Benefits of Data Science and Machine Learning
Increase competitiveness through Machine Learning
By implementing data science into your business, you’ll be more competitive as machine learning allows you to:
- Simplify data management
- Product marketing and sales forecasts
- Detect fraud
- Strengthen their cybersecurity
- Create selling strategies
- Optimize customer relationships.
A clear example of the benefits of data science is route optimization and cost reduction for logistics companies. According to ATRI’s report, the trucking industry could have 73.5 billion in traffic congestion costs, representing substantial productivity losses that affect supply chain balance throughout an entire year.
Lean Solutions’ Data Science Department
Our Tech division has created a Data Science department that has been working with AI to design applications and algorithms that can take care of the following:
- Calculate more effective routes.
- Execute orders quicker.
- Traffic forecasts.
- Apply predictive analytics to increase performance.
- Avoid time-consuming operations and delays.
- Achieve business goals.
Business Process Optimization
It’s well known that every internal or external process has bottlenecks and issues we wish to avoid; this is where data science comes in to reduce production inconveniences and ensure high-quality products.
Mitigating risks is essential for any company to avoid financial and functional issues. Thanks to Data Science strategies, it is possible to identify and solve customer churns, predict economic movements, detect trends, improve security, and avoid fraud.
Data science allows a company's staff to understand business processes in a better way to increase results and remain competitive. According to a Gartner Annual Chief Data Officer (CDO) Survey, poor data literacy is one of the main roadblocks to the CDO's success and a company's ability to grow. To combat this, 80% of organizations will have specific initiatives to overcome their employees' data deficiencies by 2020, Gartner predicts.
Our Data Science Department was created to design a strong data initiative that has accomplished remarkable progress facing our client's and project requirements this year. In 2022, our Data Science team grew and is currently working on future proposals to optimize our market solutions.
How does the Lean Data Science department work?
Thanks to significant research, a deep understanding of our client’s needs, and the Tech industry, our Data Science Department transformed and improved its coverage and performance to fulfill our clients’ requirements and increase satisfaction.
Our Data Science department leads internal data literacy efforts which allows us to:
- Choose high-quality candidates for our clients based on data.
- Create more accurate workflows and strengthen strategies focused on results.
Why is Data Science Important?
Companies worldwide are beginning to create strategies focused on data and analytics to generate better results and engagement with internal and external stakeholders.
A data-driven enterprise identifies business opportunities, refines target audiences, recruits the right people to reach expectations, and ensures that managers, teams, and companies empower internal processes.
Our tech division has successfully restructured our operations department's database, guaranteeing total control over costs, billing procedures, and getting rid of data silos for centralized information. During 2023, we’ll continue providing high-quality data strategies for our clients like the Warrior Network, a data-based product that matches the best tech talent for client requests and an innovative application that centralizes Placement information previously stored in Google Sheets and dashboards for a better user experience.
At Lean Solutions Group, we believe that collecting and organizing metrics improves management and allows for better decision-making. This has a positive impact on our company and the projects we deliver to our clients.
Want to start leveraging data to improve your business performance?
Laura is a Social Communicator and Journalist with broad experience in social media strategies, besides previous expertise with content creation and management, including chronicles, historical reports, and articles for multiple industries such as tech, communications, health, and retail. Passionate about traveling, trekking, telling stories, and researching literature, music, and cinema history. Aspires to be a high-quality editor and novel writer.