Is it useful to invest in Data Science when your activity is slowing down?
We often see ads and marketing campaigns talking about how Data Science can help your activity to grow but is it also important to think about it when you are facing some difficulties?
The answer will definitely depend on the Data Literacy level of your organization to measure how much more you should invest in it. However, it is for sure an instrument you should leverage on.
As a Business for Good, having a purpose or a social mission is not enough. You need to have a healthy revenue stream coming from your goods or services to maintain and increase your impact. This is how you will be able to change the solution you are targeting in a sustainable way. So, what can you do when it is becoming more difficult?
Understand the root causes and your changing audience
Let’s say your activity is linked to tourism for example. If the overall tourism in your area is decreasing, there is a high risk your activity will too if you do not do anything. It is the first important step to understand the impact of external and internal activities. But what should you do exactly?
If you are selling tours or goods, analyze which ones are a good fit for the types of tourists that are still predominant. You will then be able to up-sell or cross-sell some products and services that are the top sellers (with relevant margins) while slowly stopping the ones that are less in demand.
Measure your efficiency better
Data Science can also help you to optimize your operations, starting from the first steps of your process to the final conversion. It can support the decision-making of your teams, bringing actionable insights and curiosity about what is working optimally or not. Your teams will be able to identify bottlenecks and the rooms for improvement.
A first analysis will be necessary and you should probably invest in monitoring solutions to track better and continuously what is working properly or not. Defining the key metrics to have alerts and an easy overview of it.
Upskill your people
Prepare your teams to be more Data-informed in their decisions so you can more easily make decisions based on facts. Empowering them to be able to argue with Data (“speak Data”) can bring your organization to the next level in the Data Economy and identify risks before they happen.
In conclusion, Data Science could help you to understand deeply what happened while predicting what could be the future of your activity. You will then be able to change quickly, particularly if you prepare a Data literate workforce to make better decisions.
Interested to develop Data Literacy skills or to empower Data Science projects? This is Dathappy focus, do not hesitate to contact us.
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