The Internet has been called an “ocean” of content and information. It is what we call “unstructured,” because any piece of information is randomly swimming around with all sorts of other unrelated content.
Not too many years ago, data science was developed. It is a method for extracting specific data from this “ocean,” based upon categories or questions, gathering it all together, analyzing it, and presenting it in an organized manner for individuals or businesses who want it. This has become known as data research.
Consider this. You are a business that has reached a plateau in sales and revenue. You want to explore new customer markets, or you have ideas for new or modified products or services that may appeal to potential customers. How do you know if this effort will be worth your while? Do you go with your “gut,” or do you let science conduct the research that will give you real facts on the viability of what you are planning?
Our guess is you will choose the science. And this is exactly why data science is important for any business. When it is used, businesses get the information they need that will drive smart business decisions, especially when it comes to investing in new products or markets and understanding the competition within the industry/niche.
We first discuss with you what your business goal is and how data research can help determine if it has the potential for success. You may be considering a product improvement or addition; you may be considering an entirely new product or service. Or you may be thinking about widening your potential customer base by going into a new market, maybe in another country.
Once we understand your goal, we can help you formulate the right question(s) to ask for the research.
We then use the latest algorithms and tools to collect the right information from sources all over the web. For example, if you are looking for a foreign expansion, we will collect data related to the target population that, based upon purchasing behaviors, social media conversations, and other characteristics, comprise a core of potential customers. Such research might also include data on your competition and help to determine if there is enough market share for you.
Once we have churned and organized the data, we will construct a report that answers your question(s). You will then be able to determine whether the goal you want to pursue is viable and potentially profitable.
As data science continues to evolve and even integrate machine learning and artificial intelligence, we continue to refine our processes and acquisition of the most current tools and methodologies. Our data science researchers are among the top pros in the business.
Data science does not just benefit current businesses looking to make smart decisions. Here are a few additional uses for which we have been contracted:
Individuals who are considering entrepreneurial ventures must develop business plans as they seek funding, either through loans, investors, or newer accelerator models. In that business plan, they must include sections related to the industry/niche and where it is headed, and their target markets. Data research will provide the detailed information that will comprise these sections.
Politicians facing elections will often use data science to gather critical information on their constituency, their voting behaviors, and issues that are most important to those voters.
Academic researchers will use data science to collect and gather the work of their peers throughout the world, as they conduct their own research. This is especially true in the scientific and medical fields.