How do data scientists impact businesses in Australia? | Port Lincoln Times
Here are some of the ways data forms the backbone of today’s digital economy, and how data scientists can use their role to get the most out of the data available in corporate operations. Photo Shutterstock
In the 2020s, the role of the data scientist has rapidly emerged as one of the critical roles within modern business operations. From understanding the data structures a business may have in place, to developing and implementing solutions to drive data outcomes, courses such as the Masters in Data Science at RMIT provide an essential pathway to turning data ideas into data outcomes to connect
Let’s explore some of the ways data forms the backbone of today’s digital economy, and how data scientists can use their role to make the most of the data available in corporate operations.
Why is data so important today?
Data presents a tremendous opportunity for companies to improve business operations. With data produced at an exabyte scale, the volume, velocity and variety of data sources present can present a tremendous challenge to those looking to get the most out of data available to their business.
Understanding the data available to your business, and what potential issues it can address, can be an incredibly powerful tool for improving business operations.
In recent years, many large-scale studies have found that the vast majority of businesses want to leverage the experiences of data professionals such as data scientists to answer the questions their businesses face.
Depending on the size and scope of your business, the opportunities to use data will undoubtedly vary enormously. Whether you run a small inventory business or a multinational conglomerate, understanding what data is available to you can be a great way to improve business outcomes.
What are some potential data problems?
Fortunately, there are a wide variety of questions that can be answered with data. Depending on the type of business and the data available, there may be a range of questions that can be answered simply by using the data at hand to guide decision making.
A data scientist can help answer questions posed by working with data sources to design strategies that can then be implemented, reviewed and refined across the business. For example, some of the problems the budding data scientist might work on include:
For a logistics company, using vehicle tracking data, is there a way to identify potential operational savings (such as time spent and fuel used) to reduce the number of emissions a business emits? improvements to the supply chain be identified, possibly by assessing raw material storage and supply, and creating automated ordering systems? In terms of competitor analysis – products can be developed that allow businesses to understand the products and services that their competitors can offer, especially in deeply fragmented competitor markets such as pizza chains?
These are just some of the questions a typical data scientist might face on a daily basis – demonstrating not only the potential value they can bring to a business, but just some of the potential issues they may face in the workplace. .
Using data to improve operations: FedEx
While the COVID-19 pandemic is an inevitable facet of the 2020s, the cooperation of vaccine manufacturers and logistics specialists is something that can simply be marveled at.
With COVID-19 vaccines requiring specific ultra-cold shipping conditions to ensure they don’t spoil, global shipping firm FedEx needed to develop a way to ensure the vaccine product was transported safely, on time and with as little delay as possible.
Fortunately, FedEx was able to use its experience in data analytics strategy to develop a plan that would make it possible to transport vaccines safely, transparently and quickly, at a time when these vaccines made the difference.
By developing a data strategy including AI, machine learning and new data points (through specialized temperature sensors on all COVID-19 vaccine products), FedEx created a platform that would keep all stakeholders engaged and informed about the status and safety of the vaccines during transport.
With this strategy in place, many billions of doses of the COVID-19 vaccine could be distributed safely and efficiently, with as few disruptions as possible.
Data can have a massive impact on businesses, and data scientists are a crucial part of understanding all elements of the data at play, and the issues stakeholders may have in interpreting the data in the workforce.
If you’re looking to pursue a career in data science, consider contacting a careers counselor—you never know, it might just be the jumpstart to a rewarding career you’ve been looking for.