3 Data Science Applications (Use Cases) for Every Business!

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Deepak Pai

Compared to the prior decades, given all the advancements in the tooling around data science models, standardized data & even availability of data in abundance and ease, Data Science is not as hard as it used to be. Predicting churn, Forecasting demand, Classifying customers & Identifying customers in images etc is not just possible but easier than ever before.

A simple project to build a model and test it could take between 8-12 weeks.

“Data is the new oil” - Ibid

#1 Predict Customer Churn

Getting new customers is getting harder and harder. For any business, keeping your existing customer happy and retaining them is better than gaining 2 new customers. Competition is getting fierce. Your competitors are keen on poaching your existing customers giving them discounts and offering better customer services.

And this is where predicting customer churn can be helpful. Predicting customer churn is nothing but making educated guesses with machine learning which of your existing customer might cancel the subscription or which of them might switch to a lower plan.

“Is he thinking of cancelling?"

#2 Analyze sentiments and get alerted

Customer reviews on Trust Pilot, Yelp, Trip Advisor etc has the potential to both boost your business or to ruin it. Catch customer sentiments and create opportunities to engage and land your point of view. Sooth your customers by offer discounts or apologies for your mistakes.

We know s**t happens. Get early insights and be prepared to respond to make the maximum out of it. If you get lemons, offer lemonades. Turn every customer sourness into sweetness.

“It is very hard to predict, especially the future.” - Neils Bohr

#3 Forecast customer demand

With advanced machine learning algorithms forecasting demand for your hardware, shoes or the number of telephone calls you will get is easier than ever. Time series forecasting now can take into consideration, holidays, events and your past data to look at trends and seasonality and give you a pretty good forecast with a desired margin of error.

Better demand forecast means you have at least a chance to be prepared for it. Why not get started and capture that extra 5% boost in your top line?

Whether it is for Predicting, Forecasting or Analysing your data can give you a lot of insight into your business. Why not leverage it to earn a bit of topline and a save a bit of your bottomline?

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