With businesses from various industries tightening their belt due to pandemic-induced economic challenges, investing in data science applications and building out their teams may be taking a backseat. While the primary focus must be on preserving cash flow, what many companies don’t realize is the power evolving data science applications have on business continuity and growth during these uncertain times, and the importance of shifting data science roles in implementing effective solutions.
Applying data science to help companies achieve their business objectives during this time should no longer be considered a luxury, but a necessity to help organizations stabilize and enter a phase of strategic growth. Here are the top areas where data science is delivering value for businesses post-pandemic, and how the roles within data science teams are shifting to facilitate this.
Refine customer targeting
As consumer preferences continue to shift in ways that would have been unimaginable pre-crisis, companies can no longer go off what they have always known to be true. Whatever their preferences, customers only want to be targeted with the most accurate product recommendations and content for them. Achieving this during these economically tumultuous times requires a constant finger on the pulse of what targeted messaging will be most relevant.
For example, an e-commerce business may discover that its customers that were previously most interested in travel products are now investing in gardening tools as they gear up for a summer at home. Action: show products from gardening section. The same applies to B2B companies too: A software-as-a-service (SaaS) company might uncover insights into the different features of its product that have become mo ..