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Business Predictions with Data Science

New Delhi, Sun, 13 Sep 2020 Deepak Kumar

This world needs modern solutions to solve modern problems. The old ways are needed to be redefined after a span of time, else they stop working efficiently. Major changes keep happening in every sector of work, to keep up the speed, to create alternative ways and to match the demand with quality supply. The growth of any business depends a lot on how you understand the needs of your customer and how specific their needs are. At first, this problem got solved by using Business Intelligence. With Business Intelligence, you could get the previous and current data to then analyse and strategize accordingly. Business outcomes were predicted by using this method, but a successor of this method was right around the corner and soon it found a way to step into the market. 

Data Science comprises of complex algorithms, different tools and major involvement of machine learning to recognize specific patterns from the collected raw data. Data Science analyses the data from different perspective and gives a better understanding of future predictions. With the help of machine learning algorithms, a specific event that is going to occur in the future can be predicted without any mistake. Data Science uses perspective analytics, predictive casual analytics and machine learning expertise to make such predictions. In the perspective analytics model, taking in consideration the dynamic parameters, the decision making process can get very easy. Collecting data from various sources and then using it to create an efficient model that demonstrates all focus points. 

Businesses dealt by the analytical process of Data Science are less likely to commit mistakes. Different approaches are followed to make sure alarms are planted at specific points to keep a track of important information. Marketing strategies and advertisement ideas are analysed using Data science. A huge amount of data gets stored from the reaction of people seeing the advertisement, based on those reactions future advertisements are decided. Intelligent promotion is better promotion, having a detailed knowledge about the target audience or customer base raises the chance of gaining more profit. Organizations all around the world are following this pattern to create more attractive and direct advertisement for their customers.  

Data Science also helps in data monitoring, which in turn helps in recruiting skilled employees. A candidate's multiple performance data, along with his past experiences can be evaluated and utilized to match the specific requirements of a job. Data informed approaches lead to better employment results in every sector, it gets easier by processing available information and data oriented aptitude tests. Weather forecasting is highly dependent on past data driven results. Information is collected throughout the year, every year, and based on that data various weather changes get predicted. Every organization has their own way of implementing data, as needs of every organization is different. Data Science gives a shape to the data and makes different verticals of it easy to understand. To reach the potential customers and avoid unnecessary competition, Data Science can provide major boost in terms of business growth and profit. 

Business Predictions with Data Science

There are a couple of ways to try to use data to understand how users interact with your website or product in advance. First, you can use online surveys to gather user data and create predictions for your site or product based on their behavior online. You can also create an app that will allow users to collect data and perform actions, which can be as simple as a web form. For example, if you're building a mobile app that allows you to share content with your friends, collect data, and submit suggestions based on behavior online, then collecting data online wouldn't make sense. The app can store the data for you and use your analytics to create insight that you can use to improve the app.

With this in mind, you can also use machine learning to gain insights from data.

Data science offers you the ability to create algorithms that are predictive and can accurately predict what users will like to do next (e.g., buy one product or service over another for the purpose of comparison, so that you can make decisions based on their data). You can also use machine learning algorithms to understand the data you collect from your users and generate different predictions based on that data based on how you want your app to be perceived.

Using Machine Learning in Analytics

You can use machine learning algorithms to try to predict user behavior online. It can be as simple as an online survey, a text based algorithm, or one based in an app.

A mobile search for a specific product can be interesting because the products are often similar. You can then try to match the content that consumers want to view with the products on your site/app. The key here is to ensure that your algorithm can identify a very rare pattern in the data.

It's possible to create a predictive algorithm based in an app based on the following factors:

  • Age
  • Interest in Product
  • Time Spent Online
  • What Site you are On and
  • Many more such factors

How To Test a Machine Learning Algorithm?

It's important to test your algorithms using real user data. This is because there are a few variables that can influence people's behavior with a certain product or service. For example, in my product idea and usability testing, I used survey data but there are other variables that I don't have to worry about.

For example, you should include different types of users and different types of product. For mobile shopping, you need to add different categories as well as different keywords as a way to make sure that your customers look for different products. It's crucial that you have a well-defined test plan before you start and do the analysis. You should also include a way for users to leave feedback about your product and your website.

Ads: Do you want to learn Data Science in detail then check Data Science - Guide to Data science, machine learning, deep learning and artificial intelligence.

Author: Deepak Kumar

Deepak Kumar is Science Graduate from Delhi University with more than 18 years of experience in Technical field. Currently his interest lies in researching for Media and Journalism field. He has years of rich experience in various technological fields. With a background in Science and Media field, Deepak has been offering services in the media houses and technical research. He has worked as director and chief in many companies. As a technical writer, editor and reviewer, he is offering services to many research organizations, media houses and online educational portals.

Address: D-16/116, Sector-3, Rohini Delhi - 110085 India.
Phone: +91 9313063554

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