Data Science, Big Data, and Analytics are three of the hottest buzzwords in technology. Competition is fierce for developers with skills in the tools used, like Hadoop and NoSQL databases. But does the promise of big data and data science live up to the hype? For companies that haven't yet made an investment in building a data science team, these three examples of real-life problems solved by data science can make the case for bringing those skills into your business.
1. Predictive analytics replace preventive maintenance.
In many industrial and commercial operations, machines undergo maintenance on a regular schedule, with parts replaced whether they show signs of wear or not in order to avoid costly failures. But that scheduled maintenance has its own costs. Predictive analytics is able to identify parts that are about to fail, meaning maintenance can be performed on a just-before-needed basis, replacing only the parts that are likely to fail in the near term. Companies like UPS are using predictive analytics to reduce their maintenance expenses.
2. Analytics help determine the best prices.
Data science and analytics can support dynamic pricing, identifying an optimum price at a moment in time. Airbnb uses a dynamic pricing algorithm to help renters set their prices.
3. Data science helps companies understand customer feedback.
Using new methods for analyzing unstructured data such as comments on social media and forums, companies are able to dig deeper into their customer's feedback and tailor customer service and product changes in response.
Building a data science team requires adding data scientists, data engineers, and data administrators to your organization. The Armada Group can help you identify talent with the data science skills needed to help you get your team up and running and solving problems. We've been helping companies hire great employees for more than 20 years and have plenty of data to inform the way we work. Our successful process starts by understanding your company and the position you need to fill. Contact us to learn how our experienced recruiters can help you find the best new hires to meet your staffing needs.