HOW TO PREPARE FOR A CAREER IN DATA SCIENCE?

| February 17, 2020

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The continuous advancements in technology and the increasing use of smart devices are leading tremendous growth in data. Considering reports, more than 2.5 Quintilian bytes of data are generated on a daily basis and it is expected that 1.7 Mb of data will be produced every second in the near future. This is where data scientists play an influential role in analyzing these immense amounts of data to convert into meaningful insights. Data science is an overriding method today that will remain the same for the future. This drives the need for skilled talent across industries to meet the challenges of data analytics and assist delivering innovation in products, services and society.

Spotlight

Myriddian, LLC

Myriddian is a Physician, Minority-Woman Owned, and SDB-8a firm serving both the commercial and government sectors nationally. Myriddian is committed to quality and creating customized solutions. Our core competencies are tailored to challenges in Workforce, Healthcare, and Information Technology. Our suite of services include: management of projects, healthcare operations, data analytics, data visualization, cancer registry, revenue cycle, communications, acquisitions support workforce solutions, and training and delivery.

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How Should Data Science Teams Deal with Operational Tasks?

Article | April 16, 2021

Introduction There are many articles explaining advanced methods on AI, Machine Learning or Reinforcement Learning. Yet, when it comes to real life, data scientists often have to deal with smaller, operational tasks, that are not necessarily at the edge of science, such as building simple SQL queries to generate lists of email addresses to target for CRM campaigns. In theory, these tasks should be assigned to someone more suited, such as Business Analysts or Data Analysts, but it is not always the case that the company has people dedicated specifically to those tasks, especially if it’s a smaller structure. In some cases, these activities might consume so much of our time that we don’t have much left for the stuff that matters, and might end up doing a less than optimal work in both. That said, how should we deal with those tasks? In one hand, not only we usually don’t like doing operational tasks, but they are also a bad use of an expensive professional. On the other hand, someone has to do them, and not everyone has the necessary SQL knowledge for it. Let’s see some ways in which you can deal with them in order to optimize your team’s time. Reduce The first and most obvious way of doing less operational tasks is by simply refusing to do them. I know it sounds harsh, and it might be impractical depending on your company and its hierarchy, but it’s worth trying it in some cases. By “refusing”, I mean questioning if that task is really necessary, and trying to find best ways of doing it. Let’s say that every month you have to prepare 3 different reports, for different areas, that contain similar information. You have managed to automate the SQL queries, but you still have to double check the results and eventually add/remove some information upon the user’s request or change something in the charts layout. In this example, you could see if all of the 3 different reports are necessary, or if you could adapt them so they become one report that you send to the 3 different users. Anyways, think of ways through which you can reduce the necessary time for those tasks or, ideally, stop performing them at all. Empower Sometimes it can pay to take the time to empower your users to perform some of those tasks themselves. If there is a specific team that demands most of the operational tasks, try encouraging them to use no-code tools, putting it in a way that they fell they will be more autonomous. You can either use already existing solutions or develop them in-house (this could be a great learning opportunity to develop your data scientists’ app-building skills). Automate If you notice it’s a task that you can’t get rid of and can’t delegate, then try to automate it as much as possible. For reports, try to migrate them to a data visualization tool such as Tableau or Google Data Studio and synchronize them with your database. If it’s related to ad hoc requests, try to make your SQL queries as flexible as possible, with variable dates and names, so that you don’t have to re-write them every time. Organize Especially when you are a manager, you have to prioritize, so you and your team don’t get drowned in the endless operational tasks. In order to do this, set aside one or two days in your week which you will assign to that kind of work, and don’t look at it in the remaining 3–4 days. To achieve this, you will have to adapt your workload by following the previous steps and also manage expectations by taking this smaller amount of work hours when setting deadlines. This also means explaining the paradigm shift to your internal clients, so they can adapt to these new deadlines. This step might require some internal politics, negotiating with your superiors and with other departments. Conclusion Once you have mapped all your operational activities, you start by eliminating as much as possible from your pipeline, first by getting rid of unnecessary activities for good, then by delegating them to the teams that request them. Then, whatever is left for you to do, you automate and organize, to make sure you are making time for the relevant work your team has to do. This way you make sure expensive employees’ time is being well spent, maximizing company’s profit.

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CAN QUANTUM COMPUTING BE THE NEW BUZZWORD

Article | April 16, 2021

Quantum Mechanics created their chapter in the history of the early 20th Century. With its regular binary computing twin going out of style, quantum mechanics led quantum computing to be the new belle of the ball! While the memory used in a classical computer encodes binary ‘bits’ – one and zero, quantum computers use qubits (quantum bits). And Qubit is not confined to a two-state solution, but can also exist in superposition i.e., qubits can be employed at 0, 1 and both 1 and 0 at the same time.

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DRIVING DIGITAL TRANSFORMATION WITH RPA, ML AND WORKFLOW AUTOMATION

Article | April 16, 2021

The latest pace of advancements in technology paves way for businesses to pay attention to digital strategy in order to drive effective digital transformation. Digital strategy focuses on leveraging technology to enhance business performance, specifying the direction where organizations can create new competitive advantages with it. Despite a lot of buzz around its advancement, digital transformation initiatives in most businesses are still in its infancy.Organizations that have successfully implemented and are effectively navigating their way towards digital transformation have seen that deploying a low-code workflow automation platform makes them more efficient.

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Here’s How Analytics are Transforming the Marketing Industry

Article | April 16, 2021

When it comes to marketing today, big data analytics has become a powerful being. The raw material marketers need to make sense of the information they are presented with so they can do their jobs with accuracy and excellence. Big data is what empowers marketers to understand their customers based on any online action they take. Thanks to the boom of big data, marketers have learned more about new marketing trends and preferences, and behaviors of the consumer. For example, marketers know what their customers are streaming to what groceries they are ordering, thanks to big data. Data is readily available in abundance due to digital technology. Data is created through mobile phones, social media, digital ads, weblogs, electronic devices, and sensors attached through the internet of things (IoT). Data analytics helps organizations discover newer markets, learn how new customers interact with online ads, and draw conclusions and effects of new strategies. Newer sophisticated marketing analytics software and analytics tools are now being used to determine consumers’ buying patterns and key influencers in decision-making and validate data marketing approaches that yield the best results. With the integration of product management with data science, real-time data capture, and analytics, big data analytics is helping companies increase sales and improve the customer experience. In this article, we will examine how big data analytics are transforming the marketing industry. Personalized Marketing Personalized Marketing has taken an essential place in direct marketing to the consumers. Greeting consumers with their first name whenever they visit the website, sending them promotional emails of their favorite products, or notifying them with personalized recipes based on their grocery shopping are some of the examples of data-driven marketing. When marketers collect critical data marketing pieces about customers at different marketing touchpoints such as their interests, their name, what they like to listen to, what they order most, what they’d like to hear about, and who they want to hear from, this enables marketers to plan their campaigns strategically. Marketers aim for churn prevention and onboarding new customers. With customer’s marketing touchpoints, these insights can be used to improve acquisition rates, drive brand loyalty, increase revenue per customer, and improve the effectiveness of products and services. With these data marketing touchpoints, marketers can build an ideal customer profile. Furthermore, these customer profiles can help them strategize and execute personalized campaigns accordingly. Predictive Analytics Customer behavior can be traced by historical data, which is the best way to predict how customers would behave in the future. It allows companies to correctly predict which customers are interested in their products at the right time and place. Predictive analytics applies data mining, statistical techniques, machine learning, and artificial intelligence for data analysis and predict the customer’s future behavior and activities. Take an example of an online grocery store. If a customer tends to buy healthy and sugar-free snacks from the store now, they will keep buying it in the future too. This predictable behavior from the customer makes it easy for brands to capitalize on that and has been made easy by analytics tools. They can automate their sales and target the said customer. What they would be doing gives the customer chances to make “repeat purchases” based on their predictive behavior. Marketers can also suggest customers purchase products related to those repeat purchases to get them on board with new products. Customer Segmentation Customer segmentation means dividing your customers into strata to identify a specific pattern. For example, customers from a particular city may buy your products more than others, or customers from a certain age demographic prefer some products more than other age demographics. Specific marketing analytics software can help you segment your audience. For example, you can gather data like specific interests, how many times they have visited a place, unique preferences, and demographics such as age, gender, work, and home location. These insights are a golden opportunity for marketers to create bold campaigns optimizing their return on investment. They can cluster customers into specific groups and target these segments with highly relevant data marketing campaigns. The main goal of customer segmentation is to identify any interesting information that can help them increase revenue and meet their goals. Effective customer segmentation can help marketers with: • Identifying most profitable and least profitable customers • Building loyal relationships • Predicting customer patterns • Pricing products accordingly • Developing products based on their interests Businesses continue to invest in collecting high-quality data for perfect customer segmentation, which results in successful efforts. Optimized Ad Campaigns Customers’ social media data like Facebook, LinkedIn, and Twitter makes it easier for marketers to create customized ad campaigns on a larger scale. This means that they can create specific ad campaigns for particular groups and successfully execute an ad campaign. Big data also makes it easier for marketers to run ‘remarketing’ campaigns. Remarketing campaigns ads follow your customers online, wherever they browse, once they have visited your website. Execution of an online ad campaign makes all the difference in its success. Chasing customers with paid ads can work as an effective strategy if executed well. According to the rule 7, prospective customers need to be exposed to an ad minimum of seven times before they make any move on it. When creating online ad campaigns, do keep one thing in mind. Your customers should not feel as if they are being stalked when you make any remarketing campaigns. Space out your ads and their exposure, so they appear naturally rather than coming on as pushy. Consumer Impact Advancements in data science have vastly impacted consumers. Every move they make online is saved and measured. In addition, websites now use cookies to store consumer data, so whenever these consumers visit these websites, product lists based on their shopping habits pop up on the site. Search engines and social media data enhance this. This data can be used to analyze their behavior patterns and market to them accordingly. The information gained from search engines and social media can be used to influence consumers into staying loyal and help their businesses benefit from the same. These implications can be frightening, like seeing personalized ads crop up on their Facebook page or search engine. However, when consumer data is so openly available to marketers, they need to use it wisely and safeguard it from falling into the wrong hands. Fortunately, businesses are taking note and making sure that this information remains secure. Conclusion The future of marketing because of big data and analytics seems bright and optimistic. Businesses are collecting high-quality data in real-time and analyzing it with the help of machine learning and AI; the marketing world seems to be up for massive changes. Analytics are transforming marketing industry to a different level. And with sophisticated marketers behind the wheel, the sky is the only limit. Frequently Asked Questions Why is marketing analytics so important these days? Marketing analytics helps us see how everything plays off each other, and decide how we might want to invest moving forward. Re-prioritizing how you spend your time, how you build out your team, and the resources you invest in channels and efforts are critical steps to achieving marketing team success. What is the use of marketing analytics? Marketing analytics is used to measure how well your marketing efforts are performing and to determine what can be done differently to get better results across marketing channels. Which companies use marketing analytics? Marketing analytics enables you to improve your overall marketing program performance by identifying channel deficiencies, adjusting strategies and tactics as needed, optimizing processes, etc. Companies like Netflix, Sephora, EasyJet, and Spotify use marketing analytics to improve their markeitng performance as well. { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "Why is marketing analytics so important these days?", "acceptedAnswer": { "@type": "Answer", "text": "Marketing analytics helps us see how everything plays off each other, and decide how we might want to invest moving forward. Re-prioritizing how you spend your time, how you build out your team and the resources you invest in channels and efforts are critical steps to achieving marketing team success" } },{ "@type": "Question", "name": "What is the use of marketing analytics?", "acceptedAnswer": { "@type": "Answer", "text": "Marketing analytics is used to measure how well your marketing efforts are performing and to determine what can be done differently to get better results across marketing channels." } },{ "@type": "Question", "name": "Which companies use marketing analytics?", "acceptedAnswer": { "@type": "Answer", "text": "Marketing analytics enables you to improve your overall marketing program performance by identifying channel deficiencies, adjusting strategies and tactics as needed, optimizing processes, etc. Companies like Netflix, Sephora, EasyJet, and Spotify use marketing analytics to improve their markeitng performance as well." } }] }

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Spotlight

Myriddian, LLC

Myriddian is a Physician, Minority-Woman Owned, and SDB-8a firm serving both the commercial and government sectors nationally. Myriddian is committed to quality and creating customized solutions. Our core competencies are tailored to challenges in Workforce, Healthcare, and Information Technology. Our suite of services include: management of projects, healthcare operations, data analytics, data visualization, cancer registry, revenue cycle, communications, acquisitions support workforce solutions, and training and delivery.

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